While banks have been granting payment holidays and handing out billion of loans to small companies, this has been driven largely by government (that is, taxpayer) guarantees. “The way the industry responds to the crisis in the next phase will determine how it is seen, ” says Antony Elliott of the Fairbanking Foundation, a charity that aims to improve financial well-being
LIKE the rest of us, the world’s finance industry is still wrestling with the huge uncertainty of a pandemic that doesn’t yet have an end. The sector’s reputation took a battering after the financial crisis, and it’s too early to say how things will go this time.
One area in the spotlight is insurance, with myriad claims being pursued by small businesses seeking redress for their Covid-related losses.
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