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Share Price:
Up 404.85p
Change Today:
7.00p
Market Cap:
82,458m
Sector:
Banks

FCA tells lenders to give extra help to mortgage borrowers

By Sean Farrell

Date: Wednesday 26 Aug 2020

LONDON (ShareCast) - (Sharecast News) - The Financial Conduct Authority has told lenders to provide extra support for mortgage customers in difficulty after payment holidays run out in October.
The FCA said deferring mortgage payments had helped millions of borrowers through the initial shock of the Covid-19 crisis but that many people would stay in financial difficulty.

These people include those who have already asked for help and borrowers whose finances are newly affected as the economic effects of the crisis persist, the FCA said.

The regulator said it expected lenders to contact customers in good time before the end of a payment holiday and work with them to devise a plan to keep them on track. This could include extending the payment holiday or restructuring the mortgage, the FCA said.

The FCA told lenders in March to offer payment holiday's to mortgage borrowers struggling during the Covid-19 crisis. It extended the initial three-month deadline by three months in June, giving borrowers until the end of October to apply.

Many economists expect a new wave of people in financial difficulty as unemployment rises when Chancellor Rishi Sunak withdraws most state support for jobs, also at the end of October. The FCA warned lenders not to take a "one size fits all" approach to struggling borrowers.

Christopher Woolard, acting FCA chief executive, said: "It is important that consumers who can afford to resume mortgage payments should do so. However, we understand that borrowers facing payment difficulties because of the pandemic will continue to face uncertainty and may also experience temporary interruptions in income."

Woolard told firms to help customers manage their finances and to refer them to debt advice services if appropriate. He gave banks and other interested parties until 1 September to comment on the new guidance.







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HSBC Holdings Market Data

Currency UK Pounds
Price 404.85p
Change Today 7.00p
52 Week High 600.20p
52 Week Low 283.35p
Volume 69,867,048
Shares Issued 20,368m
Market Cap 82,458m

Performance Indicators

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What The Brokers Say

Strong Buy 2
Buy 4
Neutral 8
Sell 0
Strong Sell 10
Total 24
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

HSBC Holdings Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 10-Oct-19 15-Aug-19
Paid 20-Nov-19 26-Sep-19
Amount 10.00¢ 10.00¢

Trades for 27-Nov-2020

Time Volume / Share Price
16:37 42,000 @ 404.85p
16:35 41,080,908 @ 404.85p
16:29 750 @ 405.65p
16:29 750 @ 405.65p
16:29 500 @ 405.65p

HSBC Holdings Key Personnel

CFO Ewen Stevenson
CEO Noel Quinn