UK Banks Forced to Ditch Dividends

Latest blow to UK income seekers as UK's biggest banks forced by regulators to cancel 2019 and 2020 dividends

James Gard 1 April, 2020 | 11:35AM

Lloyds

Shares in UK banks have fallen sharply after regulators forced them to cancel dividends for 2019 and 2020 in response to the coronavirus crisis.

The Prudential Regulation Authority (PRA), an arm of the Bank of England which oversees UK banks and building societies, wrote to seven “systemically important UK deposit-takers” asking them to suspend dividends payemtns and share buybacks until the end of 2020, and cancel the payment of any outstanding 2019 dividends. Bank bonuses are also being halted during the period.

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James Gard  is content editor for Morningstar.co.uk

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