Image copyright Reuters Image caption Chief executive Alison Rose was appointed in 2019 Banking giant NatWest Group has put aside another £2.1bn in case more people and firms default on loans because of the pandemic. That meant it reported a £770m loss for the first half of 2020. Last year it made a £2.7bn profit. Earlier this month, chief executive… Read more →
Image copyright Getty Images Car loans that hand salespeople more commission if they charge higher interest rates are to be banned from next year. The Financial Conduct Authority (FCA) reckons the ban will save customers £165m a year in total, or around £100-£200 on a loan. The ban is long overdue, said debt experts, with Citizens Advice Scotland dubbing the… Read more →
Image copyright Getty Images Lenders are set to reduce the availability of mortgages, loans and other credit in the coming weeks despite greater demand from consumers. Mortgage and loan providers have told the Bank of England that the supply of these products will fall in the summer months owing to coronavirus pressures. It comes as the gradual reopening of the… Read more →
Image copyright Getty Images People struggling with high-cost credit or car finance are to be given more time to pay, under proposals from the UK’s financial watchdog. The Financial Conduct Authority plans to extend the deadline to apply for a payment freeze until 31 October. People who have already applied for support will be able to ask for a further… Read more →
Image copyright Jaguar Land Rover Image caption Production resumed at Jaguar Land Rover’s plant in Solihull last week Jaguar Land Rover (JLR) is in talks with the government to secure a loan of more than £1bn, following a drop in sales during the coronavirus pandemic. According to reports, the carmaker has been in discussions for weeks about a support package.… Read more →
Image copyright Getty Images Big UK banks received more than 45,000 applications in a single day for a new loan scheme for small businesses. The Bounce Back Loans scheme went live on Monday, with Barclays seeing 200 applications in the first minute and Lloyds 5,000 within three hours. It offers loans up to £50,000 and is designed to be simpler… Read more →