The bank holiday “will allow individuals, businesses and other organisations to pay their respects to Her Majesty and commemorate Her reign, while marking the final day of the period of national mourning,” the government said.
Following confirmation of the date of the funeral, organisations have been quick to announce their plans for Monday 19 September.
Here’s a round-up of what’s happening and how it could affect business as usual:
The Association of Mortgage Intermediaries (AMI)
The AMI released the following statement: “With a national bank holiday on 19 September to mark Her Majesty Queen Elizabeth II’s passing, a small number of mortgage customers may be affected if they are due to complete on this date. This is because banking systems (see below for more details) will be closed, meaning completions may not be possible, and individuals working in the industry may wish to take time off to pay their respects.
“Mortgage intermediary firms are not required to take any action, as legal companies should be in the process of addressing completions planned for Monday.
“Options for affected customers include postponing to 20 September or another suitable date (check with removal company first). Or, if all parties are happy, the move can go ahead on the Monday, however monies will either need to have been transferred on the Friday or a licence could be granted and the monies transferred on the Tuesday.
“It will not be possible to carry out any simultaneous exchanges and completions on 19 September. It is also worth being aware that customers may incur additional costs including mortgage interest when redeeming the mortgage, if completion is delayed.”
Bank of England
The September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week. The Committee’s decision will now be announced at 12pm on 22 September.
The BoE will also delay the publication of its monthly bank and building society lending data by a day until 30 September. It was making the change to give lenders an extra day to submit data, and release dates from October onwards would remain unchanged.
Banks and building societies
UK Finance said bank and building society branches will be closed but most telephone banking and online services will be open like a normal bank holiday.
The Building Societies Association, added: “We would recommend that building society customers plan accordingly and visit branches on alternative days.”
Salary payments
UK Finance said as with other bank holidays, such payments won’t be made on Monday 19 September.
It said: “Payments due on this date should instead appear in your account no later than the following day, Tuesday 20 September. On other bank holidays, some employers choose to make salary payments earlier than normal. Please speak to your employer if you have any questions regarding your salary payment.”
Direct debits, standing orders, cheques and faster payments
Direct debits and standing orders will not be processed on Monday 19 September. UK Finance said such payments should be processed no later than the following day, Tuesday 20 September.
Faster payments will continue to operate 24/7 while cheques will take an extra day to clear.
CHAPS and home moving/completions
The same-day cash settlement system (CHAPS) which is often used for high-value and time-critical payments will be closed, opening on Tuesday 20 September.
UK Finance said: “This includes where CHAPS payments are used for house purchase completions. Other organisations involved in the moving process may also be closed on Monday 19 September. Consumers due to move on 19 September should get in touch with relevant organisations such as their mortgage provider, conveyancer, removal firm etc. to understand the impact of the additional bank holiday on their planned move.”
Benefit payments
The Department for Work and Pensions (DWP) has put in place arrangements to ensure all benefits and credits that were due to be paid on Monday 19 September are credited to accounts by Friday 16 September, ahead of the bank holiday.
The full list of payments affected are:
- Attendance Allowance
- Carer’s Allowance
- Disability Living Allowance
- Employment and Support Allowance
- Income Support
- Industrial Injuries Disablement Benefit
- Jobseeker’s Allowance
- Pension Credit
- Personal Independence Payment
- State Pension
- Universal Credit
- Child Benefit/Guardian’s Allowance
- Working Tax Credits
- Child Tax Credits
Income Protection Awareness Week
Income Protection Awareness Week (IPAW) will now take place from the 17 – 21 October, moving from the originally planned dates of the 19 – 23 September.
