A new agreement on how deposit-takers communicate about FSCS protection has launched today. This will enhance consumer awareness of the Financial Services Compensation Scheme’s (FSCS) guarantee for deposits in banks and building societies and reassure them that their money is protected under the scheme no matter how they choose to bank. This protects deposits up…

The results of a year-long machine learning trial conducted by Callcredit Information Group point to potentially significant positive benefits in predictive accuracy across a range of established data models. The study looked at a number of different scenarios, ranging from identifying potentially fraudulent applications through to the accuracy of underwriting decisions in predicting a customer’s…

Rising debt levels and the continued struggle to meet essential household bills are among the key findings from the latest statistical research released today by StepChange Debt Charity. The Statistics Mid-Year Book which examines the latest trends from the charity’s client data, highlights how increasing numbers of the under-40s, lone parents and people in rented…

The UK’s high street banks have been ranked among the poorest performers for customer satisfaction and complaints handling, according to new analysis by Which?. Lloyds was the worst performing big bank with an overall score of 58% – is in joint bottom place with Danske Bank. The results make disappointing reading for many of the…

The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2). PSD2 is an EU Directive which sets requirements for firms that provide payment services, and will affect banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer…

Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…

Following on from Equifax’s announcement last week that the US arm of the company announced a cybersecurity incident. Equifax has now identified unauthorised access to limited personal information for certain UK consumers. Equifax UK has confirmed that UK systems are not affected. Equifax UK and TDX Group systems and platforms are entirely separated from those impacted…

Women are more likely than men to switch to an online-only bank, but both genders support new payments innovation, figures released by international law firm Paul Hastings show. The survey of over 2,000 consumers in the UK, part of a study into the future of alternative payment methods, shows that 24% of men and 30%…

UK Finance has released the latest remortgaging date which shows that lending for house purchases in July was lower than in the preceding month but higher than a year earlier. Highlights from the statistics show: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016.  They took out…

Challenger Bank, Instabank has announced a partnership with Provenir.  Instabank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision. Robert Berg, CEO, Instabank said “Our entire approach is built on simplifying banking, making…

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