FCA introduces credit card and loan freeze to help consumers through coronavirus April 9, 2020 The Financial Conduct Authority (FCA) announced a package of measures today to help customers with credit cards and loans during the coronavirus lockdown. The City watchdog said the measures would help provide temporary financial relief to people with commonly used consumer credit products. Firms are expected to offer customers a temporary payment freeze on loans [...]
Nearly half of UK companies have scrapped dividend payments April 9, 2020 Nearly half of UK companies have scrapped dividend payouts as the coronavirus crisis batters business. The pace of dividend cuts has accelerated since the FTSE 100 slumped to its lowest point in over 25 years last month. Link Group’s UK dividend monitor shows 45 per cent of UK companies have scrapped payments, worth £28.2bn. It [...]
Coronavirus business loans hit £450m but doubts about scheme remain April 8, 2020 UK banks have now lent £453m through the government’s coronavirus business loans scheme as it picks up following an overhaul, although a large number of firms are still struggling to access the cash they need. The Treasury said today that more than 2,500 loans for business had been approved as of yesterday via the coronavirus [...]
Insurance: Hiscox, Aviva, RSA and Direct Line suspend dividends following Bank of England pressure April 8, 2020 Insurance companies Hiscox, RSA, Aviva and Direct Line have this morning announced the suspension of their dividends after regulatory pressure from the Bank of England. Sam Woods, deputy governor of the Bank’s Prudential Regulatory Authority wrote to chief executives of major insurers on 31 March asking them to “pay close attention to the need to [...]
Prince Andrew’s former private secretary quits troubled Pitch@Palace April 7, 2020 The Duke of York’s former private secretary is said to have quit her role as chief executive of his embattled Pitch@Palace initiative. Amanda Thirsk, who served as Prince Andrew’s aide for 15 years, has resigned to take up an undisclosed role in the private sector, Sky News reported. It comes as the initiative, which offers [...]
HSBC Hong Kong shareholders mull legal action after dividend halted April 6, 2020 HSBC shareholders in Hong Kong are considering legal action and calling for a meeting with the bank’s management after it scrapped its dividend last week. HSBC and the UK’s other leading banks announced last Wednesday that they were cancelling their dividends after pressure from the Bank of England to conserve cash. Some of HSBC’s Hong [...]
Investors seek greater clarity from boards amid coronavirus outbreak April 3, 2020 Investors are calling for greater clarity from boards as the coronavirus crisis wreaks havoc on the markets and upends financial guidance and AGMs. Investors are expecting more communication, whether through public disclosures or direct contact with management, to weather the storm over the next few months. Some investors have highlighted the lack of communication coming [...]
Nationwide U-turns on business banking debut over coronavirus April 3, 2020 Nationwide has abandoned plans to enter the business banking market, blaming coronavirus for making it commercially unviable. The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak. “The impact of Covid19, including assumption changes [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Coronavirus: Could the crisis accelerate the need for ESG communications? April 2, 2020 As Britain digests daily press conferences about Covid-19, the words and actions of business leaders are starting to come under increased scrutiny. As small businesses across the country seek banking loans to stay afloat and employees face being furloughed or even made redundant – what leaders do today and how they communicate will have a [...]