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FCA extends payment holiday

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The Financial Conduct Authority (FCA) has told banks and credit providers to extend payment holidays on overdrafts, loans and credit cards until October as people continue to feel the financial impact of the COVID-19 pandemic. While a policy that allows those whose income has been hit by the lockdown...

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Small businesses raid savings to stay afloat

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A survey by Redwood Bank has found nearly half of small businesses have had to raid their savings to stay afloat during the coronavirus pandemic. It estimates as much as £22.4bn has been withdrawn from corporate deposit savings accounts to pay bills. Gary Wilkinson, chief executive and co-founder of...

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Pay levels fall at record rate

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Office for National Statistics (ONS) figures show that April saw pay levels fall at the fastest rate on record, with workers taking home an average of £503 per week in regular pay during the month, representing a drop of over £6 in real terms compared to the previous month....

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Insurers paying out over coronavirus

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Facing the prospect of a High Court battle with the Financial Conduct Authority (FCA), a number of insurers have opted to pay out on business interruption claims that they had previously refused to. The FCA has filed a legal action against eight insurers over disputed claims that came amid...

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British households facing mounting debt crisis

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Bank of England figures show UK households repaid a record £7.4bn of debt on credit cards and personal loans in April while household bank deposits also rose £16.2bn, more than triple the usual monthly figure. However, research by the Resolution Foundation indicates only one in eight low-income households experienced...

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