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

Lenders commit to ongoing support for mortgage borrowers impacted by Covid-19
2 June 2020

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Lenders confirm support for commercial landlords
29 May 2020

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Lenders approve almost 1.5 million payment holidays on credit cards and personal loans
29 May 2020

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Lenders are committed to providing ongoing support to those borrowers that are impacted by Covid-19
22 May 2020

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Lenders offer hundreds of thousands of customers payment holidays on credit cards and personal loans
7 May 2020

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UK Finance responds to the publication of bounce back loan scheme data
6 May 2020

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Lenders grant 1.6 million payment holidays to mortgage holders
28 April 2020

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£2.8 billion provided to SMEs through Coronavirus lending scheme
23 April 2020

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Banking and mobile industries unite to tackle Covid-19 text message scams
22 April 2020

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Banking industry-funded police unit cracks down on Covid-19 text message scams
19 April 2020

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UK Finance responds to the Chancellor’s announcement of the expansion of the Coronavirus loan scheme for larger businesses
17 April 2020

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Banking and finance sector provides over £1.1 billion to SMEs through Covid-19 lending scheme
15 April 2020

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1.2 million mortgage customers given payment holidays by lenders
14 April 2020

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UK Finance responds to the chancellor's announcement of additional support for SMEs impacted by Covid-19
14 April 2020

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UK Finance responds to FCA package of measures enabling temporary relief for customers affected by Covid-19
14 April 2020

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UK Finance responds to HMT announcement on further support for businesses impacted by Covid-19
14 April 2020

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Banking industry-funded fraud squad prevents and disrupts £31.2m of fraud in 2019
14 April 2020

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UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
14 April 2020

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Advice for self-isolating customers seeking access to cash and wanting to pay for essential items
13 April 2020

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UK Finance responds to FCA proposals on financial relief for customers impacted by Covid-19
2 April 2020

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Contactless limit in UK increases to £45 from today
1 April 2020

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Letter: UK’s banking and finance industry is committed to supporting its customers
30 March 2020

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Scam alert: criminals using COVID-19 smishing text messages to target consumers
30 March 2020

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Lenders to give three-month mortgage offer extension for home movers impacted by Covid-19
26 March 2020

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UK Finance responds to joint HMT, BoE and FCA letter on bank lending and Covid-19
25 March 2020

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UK Finance responds to NCA warning on Covid-19 related scams
25 March 2020

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Contactless limit in UK to be increased to £45
24 March 2020

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New coronavirus business interruption scheme launches to support SMEs
23 March 2020

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Banking and finance industry pledges support for customers
21 March 2020

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UK Finance responds to Bank of England measures to address impact of Covid-19
20 March 2020

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Mortgage lenders announce further support for homeowners and landlords
18 March 2020

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UK Finance responds to statement by the chancellor regarding support for mortgage customers
17 March 2020

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UK Finance responds to FCA information for firms on Coronavirus (Covid-19) response
17 March 2020

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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

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UK Finance responds to the chancellor's announcement of additional support for SMEs impacted by COVID-19
11 March 2020

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UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020

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Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020

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UK Finance comments on industry preparedness and operational resilience for COVID-19
2 March 2020

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Following the Chancellor’s business support announcements 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

 
 

Support for commercial landlords

Commercial finance providers are supporting business customers through these difficult times, providing assistance to deal with the disruption arising from the Covid-19 pandemic. This includes making available new and extending existing finance, restructuring facilities, providing capital payment holidays and covenant waivers.

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Bounce Back Loan Scheme

Under the scheme, businesses can apply for loans of between £2,000 to £50,00 from an accredit lender, up to a maximum of 25 per cent of a firm’s annual turnover. There are no repayments required on the loan for the first 12 months, with the government making a Business Interruption Payment to the lender to cover the first 12 months of interest payments and any lender-levied charges. After this twelve-month period, interest will be payable at the government-determined rate of 2.5 per cent. BBLs have a six-year term, with no early repayment charge. The government provides a 100 per cent guarantee to the lender.

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Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) enables an alternative solution for those viable larger businesses with a turnover above £45 million which are suffering Covid-19 disruption. It aims to support those mid sized businesses that were trading successfully before Covid-19 but which may now experience lost or deferred revenues, or disruptions to their cashflow.

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Coronavirus Business Interruption Loan Scheme (CBILS)

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.

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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.

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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

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UK Finance responds to the chancellor's announcement of additional support for SMEs impacted by COVID-19
11 March 2020

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UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020

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Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020

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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.

 

Advice for self-isolating customers seeking access to cash and wanting to pay for essential items
13 April 2020

Read here

 
 

UK Finance responds to FCA proposals on financial relief for customers impacted by Covid-19
2 April 2020

Read here

 
 

Scam alert: criminals using COVID-19 smishing text messages to target consumers
30 March 2020

Read here

 
 

Mortgage lenders announce further support for homeowners and landlords
18 March 2020

Read here

 
 

UK Finance responds to statement by the chancellor regarding support for mortgage customers
17 March 2020

Read here

 
 

UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
11 March 2020

Read here

 
 

Banking and finance industry announces support for customers and SME businesses impacted by COVID-19
5 March 2020

Read here

 
 

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.

 

Read here

Take Five COVID-19 scam alert
4 March 2020

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Take Five on Social Media

Twitter: @Take Five

Facebook: @TakeFiveStopFraud

Find support from your bank or finance provider

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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.

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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.

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These FAQs set out some frequently asked questions about chargeback rights and rights under Section 75 of the Consumer Credit Act in the context of holiday cancellations and difficulties following the recent outbreak of the coronavirus.

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Over the coming months, at some point some of you may find yourself unable to leave your home for basic supplies – such as groceries or medical products. This may be for a short time, or it may be for an extended period if you are in a high-risk category, as specified by the UK government. Regardless, there are several ways for you to pay for these items whether you have access to the internet or not.

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Use our interactive tool and find out what options are available to you.

Take Questionnaire

Personal Loan Payment Holidays FAQ

Frequently Asked Questions regarding the FCA’s recently published guidance, where a lender allows a customer to make no repayments under a regulated credit agreement for a period of up to three months, without being considered as being in arrears.

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Credit Card Payment Holidays FAQ

Frequently Asked Questions regarding the FCA’s recently published guidance, where a lender allows a customer to make no monthly repayments, or for some lenders a token payment, for up to three months, without being considered as being in arrears.

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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.”

Read Q&As here

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.

Read Q&As here

Lenders to give three-month mortgage offer extension for home movers impacted by Covid-19
26 March 2020

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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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