We have been in discussions with a number of local retail banks to make sure they have measures in place to support customers who may experiencing financial difficulties due to Covid-19.
After considering the action being taken by other governments and regulators, we can confirm that the Jersey branches listed below are adopting a combination of measures put in place by the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA):
- Barclays Bank plc, Jersey Branch
- HSBC Bank Plc, Jersey Branch
- Lloyds Bank Corporate Markets plc, Jersey Branch
- Santander Financial Services plc, Jersey Branch
- The Royal Bank of Scotland International Limited
These measures include:
- Offering a level of flexibility to customers whose financial circumstances have changed due to Covid-19, in line with the FCA’s guidance. For example:
- payment holidays on mortgages
- deferrals on capital repayments
- Restructuring of loans over longer terms
- Access to deposits without imposing breakage fees.
- Offering similar flexibility for business customers to free up working capital. For example:
- offering repayment holidays
- increasing overdraft facilities
- offering trade finance facilities.
- Ensuring customers’ credit ratings are not negatively impacted if they are have been financially affected by Covid-19
- Ensuring that loans are not automatically classified as ‘past due’ for borrowers who are impacted by Covid-19
These changes are to help customers who need immediate and short-term financial assistance.
We have prioritised these measures due to the potential impact on the public. We are open to exploring further action to support banks and consumers as and when necessary.
We are monitoring the situation and will consider any further developments relating to Covid-19 and/or changes in approach by the UK regulatory bodies.
If you are experiencing any financial difficulty, we strongly recommend that you speak with your bank to discuss the support options available to you.