LENDERS CONTINUE TO SUPPORT CUSTOMERS AFFECTED BY COVID-19

The latest data from UK Finance demonstrates the banking and finance industry's continued support to minimise the coronavirus? economic impact on customers. Figures published today show that 127,000 mortgage payment deferrals were in place in mid-November, down from a peak of 1.8 million in June. Additionally, there were 55,000 credit card and 22,000 personal loan payment deferrals in place for customers facing financial difficulty, reduced from 84,000 payment deferrals on credit cards and 50,000 on personal loans at the end of October.

Eric Leenders, Managing Director of Personal Finance at UK Finance, said:

?The banking and finance industry remains committed to helping customers get through these challenging times.

?Millions of people struggling with Covid-related income shocks have been supported through payment deferrals, and lenders will ensure customers continue to receive the help they need.

?It will always be in the long-term interest of borrowers who are able to do so to resume making payments, but for anyone who is still struggling ongoing tailored support will be available. The industry stands ready to provide assistance to those in need.?

Moreover, UK Finance's Household Finance Review for the third quarter of 2020, published today, showed that support provided by the banking and finance industry and the government kept arrears and possessions to a minimum, while house purchase activity recovered strongly from the collapse in Q2.

CONSUMERS WARNED TO BE INCREASINGLY VIGILANT AGAINST SCAMS THIS WINTER

GCHQ's National Cyber Security Centre (NCSC) is today launching a new Cyber Aware campaign warning consumers of the risks of online fraud during the festive season. Customers are increasingly shopping online, particularly due to social distancing restrictions, which the NSCS says has created heightened risks from cyber crime (BBC News). The campaign gives six key pieces of advice for consumers to protect themselves against fraud:

• use a strong and separate password for your email
• create strong passwords using three random words
• save your passwords in your browser
• turn on two-factor authentication (2FA)
• update your devices and apps
• back up your data

The NCSC has also warned of a potential surge in criminals seeking to exploit the imminent roll out of the first coronavirus vaccine by sending fraudulent emails purporting to offer the chance to be first in line for inoculation (Daily Mail, p9). Dr Ian Levy of the National Cyber Security Centre said: ?'I would expect to see vaccine-related scams saying things like, 'If you want to get ahead of the queue, click here for the £100 special VIP ticket for your local vaccination rollout.?

Customers are urged to follow the advice of the Take Five to Stop Fraud campaign.

NEWS IN BRIEF

The prime minister has announced that Britain will set a more ambitious target to reduce carbon emissions to help meet international climate goals, aiming for at least a 68 per cent reduction from 1990 emissions levels by 2030. The previous target was a 57 per cent decrease across the same timeframe (Reuters).

Negotiations between the European Union and United Kingdom on the UK's withdrawal from the bloc will continue today, after yesterday's talks were reported to have reached a challenging point over the so-called ?level playing field? of competition on state subsidies and standards post-Brexit (Sky News).

In a report by the Commons Public Accounts Committee, MPs called on the Bank of England to account for the whereabouts of £50 billion of bank notes. The value of banknotes in circulation has increased this year, which the Bank has said is probably because more people started hoarding cash during the Covid-19 pandemic (The Guardian, p35).

According to a Bank of England survey of almost 3,000 business leaders, major advances in the development of coronavirus vaccines has lifted business confidence during the last month (The Times, £, p48).