In amongst a lot of bad news, my pick of the week is Marcus Rashford: PM climbdown over free meals in school holidays.
Tweet of the week
— RTÉ News (@rtenews) November 7, 2020
FCA proposals to extend payment breaks for some people:
- Mortgages and coronavirus: updated and additional guidance for firms FCA: Not yet final, consultation closed on Thursday.
- Consumer credit and coronavirus: additional guidance for firms FCA: Not yet final, consultation closed on Friday.
- lots of press coverage, not all of it accurate or clear. I will link to some late when it is finalised.
FCA chiefs fail to explain why borrowers were not told payment holidays would affect lending decisions Mortgage Solutions: neither FCA chief executive Nikhil Rathi or chairman Charles Randell explained why it took so long for consumers to be told about the impact of taking a payment holiday.
Covid: Finance firm refusing car loans to hospitality sector BBC: Hitachi sent a letter to brokers and dealers across the UK saying it would not now lend to people working in the hospitality industry.
High cost credit:
- 500,000 Sunny customers owed refunds will get little or nothing My article. Half a million people mis-sold payday loans, now let down by the FCA.
- Amigo pauses new loans until 2021 as it faces flood of complaints Guardian: its provision for complaints will increase from £116.4m in the first quarter to more than £150m.
- Don’t let the spin from Amigo Loans wag the dog; claims management companies exist because lenders rip us off Evening Standard: the implication Amigo makes is that these are chancers picking up on bogus claims. Patently, they’re not.
Barclays ordered to repay millions on timeshare loans in Malta The Malta Independent: The repaid and waived interest amounts to an estimated £26m, about half of the value of the £48m of loans in question, according to Malaga-based law firm, M1 Legal, which represents the borrowers whose cases were reviewed by the FCA.
Parking firm that harassed a veteran Times (paywall) Judge criticises One Parking Solution’s campaign against a former army engineer whose car nosed into a parking bay by accident.
Homeless Scots dad saved from Dubai streets by expats with can of Irn Bru returns home Daily Record:
Malcolm David Farren was unable to leave Dubai or work after his passport was seized by officials because of a bounced cheque.
Review into change and innovation in the unsecured credit market FCA: call for inputs to the Wollard review.
Benefits & other news
- ‘You shouldn’t be worrying about how you feed your child’: The growing hunger crisis caused by COVID-19 Sky
- Marcus Rashford: PM climbdown over free meals in school holidays BBC: a £170m ring-fenced fund will be distributed through councils until the end of March.
Self-employed avoid big cut to universal credit after return of the ‘minimum income floor’ delayed until April MSE: Without the floor in place, those earning less than that level are assessed on actual income – so get more help.
Removal of disability benefits safeguards Mind: The DWP has removed a safeguard which until that point protected disabled people from having their benefits stopped if they were unable to take part in a phone assessment for ESA or UC.
Race, poverty and school exclusions in London Just For Kids Law: Children who are eligible for free school meals in London are … more than three times as likely to be permanently excluded.
Gamblers’ losses could be capped at £100 a month to force betting firms into combating addiction under new Government plans Mail: The proposed regulations, being explored by the Gambling Commission, have been set out to ensure that gamblers are not spending beyond their means.