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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 - 10/30 04:46:37 am
106.2 GBX   +1.47%
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UK watchdog warns banks over treatment of customers in debt

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09/16/2020 | 10:54am EDT
FILE PHOTO: The logo of the new Financial Conduct Authority in the Canary Wharf business district of London

Britain's Financial Conduct Authority told banks and other lenders on Wednesday not to crack down on customers who will struggle after repayment holidays come to an end.

When the economy went into lockdown in March to fight the pandemic, regulators set out how providers of credit to consumers like personal loans, overdrafts, motor finance, buy-now-pay-later and pawnbrokers should offer payment deferrals.

Millions of consumers have requested three-month payment holidays. People can request a holiday until Oct. 31, meaning it could stretch to the end of next January.

The FCA set out guidance on Wednesday on how it expects banks and others to provide tailored support for those still struggling once a second three-month payment holiday ends.

Banks should provide support before a payment is missed, be flexible, such as by offering lower interest rates, or agreeing staged reductions in overdraft limits to minimise stress and anxiety for customers, it said.

They must not pressurise customers into repaying their debt within an unreasonably short period of time, the FCA said.

"Our proposals are designed to help people who have been facing payment difficulties because of the pandemic get back on track with tailored support from firms," FCA interim CEO Christopher Woolard said.

"For those who can restart payments, it is in their best interests to do so."

UK Finance, which represents lenders, said the industry has provided over a million credit card payment deferrals, 738,000 personal loan payment deferrals, and over 27 million interest-free overdrafts since the pandemic began.

Lenders stand ready to offer tailored support and flexibility to customers in difficulty due to the coronavirus, UK Finance said.

Firms regulated by the FCA are required to treat customers fairly at all times, and breaching this rule under the proposed guidance could lead to enforcement action.

By Huw Jones


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.82% 105.6 Delayed Quote.-41.74%
HSBC HOLDINGS PLC -0.37% 323 Delayed Quote.-45.26%
LLOYDS BANKING GROUP PLC -0.19% 28.24 Delayed Quote.-54.75%
NATWEST GROUP PLC 5.29% 122.7841 Delayed Quote.-51.25%
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Financials
Sales 2020 21 526 M 27 779 M 27 779 M
Net income 2020 1 044 M 1 348 M 1 348 M
Net Debt 2020 - - -
P/E ratio 2020 16,7x
Yield 2020 1,24%
Capitalization 18 158 M 23 435 M 23 434 M
Capi. / Sales 2020 0,84x
Capi. / Sales 2021 0,87x
Nbr of Employees 80 800
Free-Float 99,6%
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Technical analysis trends BARCLAYS PLC
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 145,09 GBX
Last Close Price 104,66 GBX
Spread / Highest target 125%
Spread / Average Target 38,6%
Spread / Lowest Target -30,2%
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
Sector and Competitors
1st jan.Capitalization (M$)
BARCLAYS PLC-41.74%23 435
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BANK OF AMERICA CORPORATION-33.16%203 892
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CHINA MERCHANTS BANK CO.. LTD.6.95%148 201