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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 06/04 11:29:57 am
123.95 GBX   -1.09%
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UK watchdog to add car finance to pandemic loan relief measures

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04/09/2020 | 05:38am EDT
Cars are displayed outside a showroom in west London

The Financial Conduct Authority said on Thursday it would add car financing to the temporary relief measures aimed at supporting households facing sudden financial hardship as result of the coronavirus epidemic.

The FCA's move is an instruction to banks under which they must offer freezes to all customers that want one.

As expected, the FCA also confirmed proposals set out last week requiring banks to offer three-month payment freezes on loans and credit card debt.

"We know there is still more work to be done, and we will be announcing further measures to support consumers in other parts of the credit market in the future, including in the motor finance sector next week," FCA Interim Chief Executive Christopher Woolard said in a statement.

"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," Woolard said.

The full range of measures will apply by April 14 to allow banks time to ensure they have enough resources in place to handle customer requests, the FCA said.

Banks have already been inundated with calls from worried customers as the number of people forced to claim welfare in a largely shuttered economy rocket.

UK Finance, which represents banks that will apply the measures, urged consumers to use online chat, social media and mobile and banking apps where possible to obtain information about the relief.

"If customers do need to speak to their lender, we ask customers to be considerate of those most in need of immediate relief to ensure phone lines are available for this group and if possible consider waiting until after the Easter weekend to contact their lender," UK Finance said.

In response to the consultation, the FCA clarified that guarantor loans, logbook loans, home collected credit, a loan issued by Community Development Finance Institution, and some loans issued by regulated credit unions also come under the temporary relief measures.

"All firms will be ready to receive customer requests by 14 April, although some firms including the major banks and building societies, will be adopting the changes today," the watchdog said.

The measures will allow customers hit by coronavirus and who already have an arranged overdraft on their main personal current account, to have up to 500 pounds charged at zero interest for three months.

The FCA said that consumers using any of the temporary payment freezes will not have their personal credit rating affected.

By Huw Jones

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. 3.19% 2.2325 End-of-day quote.-40.15%
BARCLAYS PLC -0.59% 123.84 Delayed Quote.-30.24%
HSBC HOLDINGS PLC -0.62% 398.7 Delayed Quote.-32.12%
LLOYDS BANKING GROUP PLC 0.23% 33.845 Delayed Quote.-45.98%
NATIONWIDE BUILDING SOCIETY -0.25% 101.5 Delayed Quote.-7.50%
THE ROYAL BANK OF SCOTLAND GROUP PLC 0.56% 126.0002 Delayed Quote.-47.77%
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Financials
Sales 2020 21 148 M 26 506 M 26 506 M
Net income 2020 341 M 427 M 427 M
Net Debt 2020 - - -
P/E ratio 2020 79,8x
Yield 2020 1,62%
Capitalization 21 726 M 27 374 M 27 229 M
EV / Sales 2019
Capi. / Sales 2020 1,03x
Nbr of Employees 80 800
Free-Float 99,6%
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Technical analysis trends BARCLAYS PLC
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 141,76 GBp
Last Close Price 125,32 GBp
Spread / Highest target 87,5%
Spread / Average Target 13,1%
Spread / Lowest Target -73,8%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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