Contact Us

The Financial Conduct Authority (FCA) has introduced a series of measures to help customers with loans and credit cards during the coronavirus outbreak. 

The financial watchdog said the measures have been designed to give banks and lenders the flexibility to offer temporary financial relief to those facing payment difficulties during the Covid-19 pandemic

Banks and lenders are expected to offer small businesses and individuals a temporary payment freeze on loans and credit cards for up to three months for those who have been impacted by coronavirus. 

RBS, HSBC, Barclays Lloyds, Santander and Nationwide have all said they will be offering payment freezes from 14th April.  

From the same date, other banks and lenders offering guarantor loans, community development finance store cards, catalogue credit, logbook loans, home-collected credit and credit unions will offer payment freezes. 

The FCA said those hit by the pandemic who already have an overdraft on their main current account should be allowed an overdraft of up to £500 charged at 0% interest for three months. 

Lenders have been advised that they should ensure all overdraft customers are no worse off on price when compared to the prices they were charged prior to the recent overdraft pricing changes came into force. 

The FCA added that customers should not have their credit history negatively affected by using any of the new measures. 

Christopher Woolard, interim Chief Executive at the FCA, said: “We know many people are suffering financial pressures brought on as a result of the coronavirus pandemic. The measures we’ve announced are designed to provide people affected with short-term financial support through what could be a very difficult time. The changes will provide support for consumers with credit cards, loans and overdrafts, facing temporary financial difficulties because of the pandemic.” 

“Customers should think carefully before making use of these measures and only do so if they need immediate help. Where they can still afford to make payments, they should continue to do so.” 

We are here to help 

At TaxAssist Accountants, our entire focus is providing accountancy services and advice to small businesses and self-employed individuals.  

If you are confused about what steps to take to protect your business during the COVID-19 pandemic, we can work with you to give you a clear picture of your financial situation, including any government grants, loans or tax savings available to you.  

To arrange a free initial consultation, please don’t hesitate to call our friendly and experienced team today on 020 8883 5258 or drop use our online enquiry form

Date published 14 Apr 2020 | Last updated 23 Sep 2020

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

020 8883 5258

Or contact us