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News — Payments

Small firms thrown lifeline in insurance test case ruling

Mary Talbot-Rosevear BBC Financial Conduct Authority Insurance Payments Small firms

Image copyright: GETTY IMAGES Small businesses have been thrown a lifeline after the High Court ruled some insurers should have paid out for losses caused by lockdown. Judges ruled that the disease clauses in some business interruption policies should have meant they were covered. Following lockdown, a host of businesses had to close and many looked to insurers to cover their losses. But many insurers disputed the claims, arguing policies were never meant to cover such unprecedented restrictions. The test case was brought by the Financial Conduct Authority and had the potential to affect 370,000 mostly small businesses. The insurers can appeal...

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Name Checks to begin on bank payments

Mary Talbot-Rosevear Banking Banks Name Checks Payments

From July 2019, name checks will be used on bank payments. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account.  Currently, the account holder’s name is not needed to make a money transfer. All that is required is a sort code and account number. As of July 2019, the account name will be added to transactions requiring the sender to provide the account name, account number and sort code.  If the name does not match the account holder’s details, the sender will be alerted. The revisions are designed to...

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