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E-money accounts can be a convenient and accessible way to use banking services, but the financial services watchdog has warned providers they need to make clear they are not a bank.
The Financial Conduct Authority (FC) recently wrote to the Chief Executives of e-money firms to remind them of the need to be clear in how they present themselves to customers.
E-money accounts and the “business banking services” offered by electronic money institutions can appear an attractive option, particularly at a time when it has been difficult to open a business bank account. E-money firms can also provide a valuable service to consumers who have difficulty in opening a traditional bank account and may otherwise be financially excluded.
Businesses are being contacted by their banks about repayment of Bounce Back Loans. If repayments are not affordable, businesses should consider their options and take action.
At the end of March this year when the Bounce Back Loan Scheme ended, 1.5m businesses had borrowed £46.5bn under the scheme. Loan numbers are fairly evenly spread across the UK and the average value of loans is also consistent. Average loan values are highest in London, at £33,369, and lowest in Wales at £27,677.
However, sector-by-sector analysis tells a different story, with wholesale and retail trade, repair of motor vehicles and motorcycles, and the real estate sector borrowing in proportionately higher numbers and larger loan amounts of just over £35,000.
GameStop: Redditors give Wall Street a run for its money 2 February 2021: The financial markets were stormed by an online army last week, which targeted the stocks of a struggling gaming retailer, boosting its share price by 700% in just a week.
This story first caught headlines as the stock price of struggling US gaming retailer – GameStop (GME) – saw its shares surge from $20 to values of around $350 per stock between 25-27 January.
This explosive rise in value was the work of amateur investors banding together through online community website Reddit and buying the low GME stock to boost the price and sell at the top for a quick financial gain.
18 January 2021: The UK government is to expand its ability to free up forgotten or dormant funds to help the country recover from the coronavirus pandemic.