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Coronavirus and financial services

Guidance and insights from ICAEW, regulators and other resources on how the financial services sector is responding to the coronavirus COVID-19 pandemic.

ICAEW insights

Credit card debt is soaring how worried should we be?

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Are bad habits are starting to return with people moving their debt from one 0% balance transfer deal to the next?

Pushing back on Bounce Back loan fraud


ICAEW’s Emily Seiorse and Alex Russell describe a common scenario around fraud in COVID-19 support schemes, and explain how auditors can maximise the likelihood of fraud detection.

Chart of the week: Bounce Back Loans


Our chart this week is on Bounce Back Loans, one of the principal sources of financial support for businesses during the first year of the pandemic and the subject of a recent investigation by the National Audit Office.

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Guidance from regulators

FCA information for firms on coronavirus (Covid-19) response

FCA 31-03-2020

Regularly updated page collecting the latest news and information for financial services firms from the FCA, with links to specific guidance. The page covers the FCA's expectations of payment and retail banking firms; SM&CR responsibilities; regulatory change; impact on consumers; insurance products; mortgages; unsecured debt products; access to cash; operational resilience; market trading and reporting; delayed consultation papers and calls for input; delays to publications and other activity.

Business loans to which the Coronavirus Business Interruption Loan Scheme applies

FCA 20-03-2020

Guidance from the FCA for firms participating in the government's Coronavirus Business Interruption Loan Scheme on assessing the affordability of loans, stating that lenders may take into account appropriate evidence (including historic trading figures as well as future forecasts) and that lenders should consider deferring repayments if forecast income does not materialise.

Insurance and coronavirus (Covid-19): our expectations of firms

FCA 31-03-2020

Guidance from the FCA for insurance firms highlighting specific issues regarding operational resilience and business continuity, travel insurance, motor and home insurance, guidance on MOTs, private medical insurance, product suspension, renewals, mid-term adjustments, and expectations of brokers. It reminds insurers to consider very carefully the needs of their customers and show flexibility in their treatment of them.

Mortgages and coronavirus: our guidance for firms

FCA 25-03-2020

Guidance from the FCA for mortgage lenders, mortgage administrators, home purchase providers and home purchase administrators. The advice focuses on payment holidays and repossessions, stating that lenders should grant customers experiencing difficulties a payment holiday for an initial three-month period and ensure that there is no additional fee or charge (other than additional interest) as a result of the payment holiday.

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