Bounce back loans update
We have seen unprecedented demand for Bounce Back Loans and are working hard, including over the weekends, to process applications and get these much-needed loans to our customers. Loan offer letters are being emailed to customers and funds are being received within a couple of working days of them being accepted. As the British Business Bank has advised, in the first instance, businesses should approach their existing bank for a loan. Should a business apply to HSBC UK and bank with another bank, they will need to become a HSBC UK customer to access a Bounce Back Loan. The account opening process includes full Know Your Customer, anti-money laundering and fraud checks which take time to undertake and need to be concluded before a business can then progress with an application.
CBILS lending update
At as 10 May, we have approved 7,198 loans, with our total lending under CBILS standing at £1.18 billion.
Maintaining access to banking services
We understand the importance of ensuring access to our branch network and currently 96% of HSBC UK branches remain open, with protocols in place to allow colleagues to help customers while maintaining social distancing. We have proactively spoken to 425,000 customers who we have identified as vulnerable, to discuss their banking needs during the crisis. We have also handled more than 384,000 inbound calls from key workers and vulnerable customers through our dedicated fast track service since it was launched on 25MAR20.
Mortgage valuations
We have restarted physical property valuations, meaning we can now start to process some mortgage applications which had been paused. The safety of our surveyors and customers is of paramount importance, and we are taking steps to ensure both are protected. Surveyors will be provided with PPE including hand sanitiser, gloves, masks, antibacterial wipes and overalls. In advance of a valuation, the occupier will be asked to prop open all doors and open any loft hatch, and to vacate the property while the valuation is being carried out.
Returning to the Workplace
In line with the updated Government guidelines on returning to the workplace, our position remains that all colleagues who can work from home will continue to do so. Colleagues who are keyworkers, supporting customers in branches or from offices, will continue to do so while adhering to social distancing measures. Decisions about our return to the workplace will be based on guidance from the Government, HSBC workplace recovery plans, and feedback from colleagues.
