Credit, Collections & Insolvency News
Real consumer spending growth will moderate from around 3% in 2016 to around 2% in 2017 and 1.7% in 2018, according to PwC which summarises that the impact of Brexit on consumers will also vary by category of spending. In an extract from the UK Economic Outlook, which launches in full on 21st March 2017,…
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The UK government is setting up a new body that will tackle money laundering and criminal financing. The Office for Professional Body Anti Money Laundering Supervision (OPBAS) will deal with potential weaknesses in the supervisory system and aim to improve its standards. It will also ensure supervisors and law enforcement work together more effectively, the…
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Despite the rising importance of affordability assessments’ for UK organisations, less than half (40%) of risk leaders rate themselves as very effective at identifying customers who are financially vulnerable, according to a new study from Callcredit Information Group. The New Affordability study of UK risk and customer experience managers finds that organisations increasingly see it…
Read moreEuropean Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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The Department for Work and Pensions (DWP) has published the latest official statistics on household incomes, covering the financial year 2015–16. IFS researchers have summarised the headline trends observed in the new data and placed them in historical context in order to understand better changes in living standards in recent years. Key findings include: Average household…
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The Department for Work & Pensions (DWP) has downplayed the impact of the problems in the roll out of Universal Credit on claimants and local councils, claiming that rent arrears associated with Universal Credit “are likely to be of a short duration” and “should not present an insurmountable obstacle to landlords”. This is despite its…
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In 2016, the UK lost £2 million each day as a result of financial fraud, according to official figures released by Financial Fraud Action UK (FFA UK). The figures show the overall scale of financial fraud was £768.8 million, an increase on the £755 million lost in 2015. The figures are published as all major…
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