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COVID-19
As the situation with Covid-19 in the UK evolves rapidly many consumers and businesses have questions about how the banking and finance industry will be able to support them to access the finances, support and guidance they need.
This area aims to provide businesses and consumers with up to date details of the support available, whether in the form of business loans or assistance with mortgage payments, and where to go for advice.
Press Releases
UK Finance responds to FCA proposals on financial relief for customers impacted by Covid-19
2 April 2020
Contactless limit in UK increases to £45 from today
1 April 2020
Letter: UK’s banking and finance industry is committed to supporting its customers
30 March 2020
Scam alert: criminals using COVID-19 smishing text messages to target consumers
30 March 2020
Lenders to give three-month mortgage offer extension for home movers impacted by Covid-19
26 March 2020
UK Finance responds to joint HMT, BoE and FCA letter on bank lending and Covid-19
25 March 2020
UK Finance responds to NCA warning on Covid-19 related scams
25 March 2020
Contactless limit in UK to be increased to £45
24 March 2020
New coronavirus business interruption scheme launches to support SMEs
23 March 2020
Banking and finance industry pledges support for customers
21 March 2020
UK Finance responds to Bank of England measures to address impact of Covid-19
20 March 2020
Mortgage lenders announce further support for homeowners and landlords
18 March 2020
UK Finance responds to statement by the chancellor regarding support for mortgage customers
17 March 2020
UK Finance responds to FCA information for firms on Coronavirus (Covid-19) response
17 March 2020
UK Finance responds to chancellor and Bank of England banking industry summit for support for small and medium sized business affected by Coronavirus
12 March 2020
UK Finance responds to the chancellor's announcement of additional support for SMEs impacted by COVID-19
11 March 2020
UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020
Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020
UK Finance comments on industry preparedness and operational resilience for COVID-19
2 March 2020
Following the Chancellor’s business support announcement yesterday relating to the Covid-19 outbreak, we are keen to ensure that you have access to Gov.uk information as soon as it is available.
Read the relevant Gov.uk page here
Coronavirus Business Interruption Loan Scheme
The scheme has been designed to help businesses manage their finances given the unprecedented situation many are currently facing. It aims to support those SME businesses that were trading successfully before Covid-19 but which may now experience lost or deferred revenues, or disruptions to their cashflow.
Corporate Financing Facilities
The Covid Corporate Financing Facility (CCFF, the Facility) will provide funding to businesses by purchasing commercial paper of up to one-year maturity, issued by firms making a material contribution to the UK economy. It will help businesses across a range of sectors to pay wages and suppliers, even while experiencing severe disruption to cashflows.
Press Releases
UK Finance responds to chancellor and Bank of England banking industry summit for support for small and medium sized business affected by Coronavirus
12 March 2020
UK Finance responds to the chancellor's announcement of additional support for SMEs impacted by COVID-19
11 March 2020
UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020
Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020
Let’s Talk Business - Useful Links
- Our Let’s Talk Business page has information and guidance for businesses who may be disrupted by the impact of the coronavirus.
- There is a range of coronavirus information and advice online:
- Information about the UK government’s response coronavirus is available here.
- Guidance for businesses from the Department for Business, Energy & Industrial Strategy (BEIS) and Public Health England is available here.
- There is information about government support for businesses is available here. Information on support for businesses in Scotland is available here.
- The Better Business Finance website has a finance finder tool.
- The British Business Bank’s Finance Hub provides information about finance options for businesses, as does the ICAEW and BBB’s Business Finance Guide.
- There is also information regarding Covid-19 from the Federation of Small Business, the CBI and the British Chambers of Commerce.
- The Chartered Institute of Credit Management (CICM) and BEIS have a series of guides to help businesses manage their cashflow. These guides cover a range of issues from knowing your customer and payment terms to treating suppliers fairly.
- The Small Business Commissioner also provides a range of information helpful to businesses and now oversees the Prompt Payment Code and is able to take action against poor payment practices. Further information about the SBC and what it can do is available here.
While the full impact of the coronavirus has yet to be known, understandably many people will be worried about their ability to cope financially, in the face of potentially prolonged economic uncertainty. The banking and finance is working hard to support all customers and minimise the impact of Covid-19 for households and businesses across the UK. Please see below for detailed guidance.
UK Finance responds to FCA proposals on financial relief for customers impacted by Covid-19
2 April 2020
Scam alert: criminals using COVID-19 smishing text messages to target consumers
30 March 2020
Mortgage lenders announce further support for homeowners and landlords
18 March 2020
UK Finance responds to statement by the chancellor regarding support for mortgage customers
17 March 2020
UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020
Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020
- Financial Conduct Authority
- Money Advice Service
- StepChange Debt Charity
- Citizens Advice
- Department for Health and Social Care
UK Finance information on Chargeback and Section 75
Paying with a debit or credit card can provide customers with additional protection if something goes wrong.
It can often be quicker and easier to sort out any problem with the company you bought the goods or services from. Most retailers and service providers have well established returns, refunds and complaints procedures. However your debit or credit card issuer may also be able to help.
Take Five COVID-19 scam alert
4 March 2020
Take Five on Social Media
Twitter: @Take Five
Facebook: @TakeFiveStopFraud
Find support from your bank or finance provider
With the impact of coronavirus being felt across the country, the aim of every bank, building society and credit union is to ensure your peace of mind when it comes to your money.
The new £45 limit is being introduced in recognition of the growing popularity of contactless payments among consumers. Last year, £80.5 billion was spent using contactless payments, an increase of 16 per cent on the year before.
Many customers may be experiencing difficulty with their mortgage payments as a result of Covid-19, but support is available for those affected.
These measures include a three-month repayment ‘holiday’ to enable customers directly affected by to manage their finances, as well as other options.
Details of the support currently available can be found in the Q&A below and this will be regularly updated as the situation evolves and further information added over the coming days and weeks. Please do use this website as a first point of call to find out how your lender may help you, rather than calling directly.
Stephen Jones, UK Finance CEO, said:
“Mortgage lenders will support customers who are experiencing issues with their finances as a result of COVID-19 and the options include a payment holiday of up to three months.
“Monthly mortgage payments tend to be the largest outgoing for the vast majority of households and lenders are keen to reassure homeowners that the industry is working hard to put measures in place to support them during these uncertain times.
“Customers who are concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss if this is a suitable option for them.”
Following ongoing concern about the economic impact of Covid-19 on homeowners and renters, it was announced that the three-month repayment holiday available to borrowers affected by Covid-19 will be extended to buy-to-let landlords whose tenants are experiencing issues with their finances, as either a direct or indirect result of the coronavirus.
Lenders to give three-month mortgage offer extension for home movers impacted by Covid-19
26 March 2020
LET’S TALK BUSINESS - COVID-19
Banks and other finance providers recognise that the cashflow of small and medium sized businesses may be disrupted by the impact of the coronavirus (Covid-19). The banking and finance industry is committed to supporting viable businesses in continuing to trade while they implement contingency plans. This guide is a starting point for businesses looking for assistance.
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