Credit, Collections & Insolvency News
The mispricing of risk in consumer credit is a threat to all lenders, particularly those that lack flexibility. Years of low interest rates and fierce competition in the UK credit market has created a price war. Lenders are using cheaper loan products with wider consumer appeal to retain existing customers and capture new market share.…
Read more
When the Treasury announced that £5.67 million of funding will be provided to Britain’s Illegal Money Lending Teams (IMLT) and bodies in Northern Ireland to tackle illegal lending, this was of course met with a welcome response, representing a 16% increase compared to the previous year. This sum will be used to crack down on…
Read more
New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender more 2 life estimates that over 65s will have amassed a record £86bn of debt in 2018, up from £78 billion in 2017. Last year’s research predicted that the total debt of over 65s would only reach £65 billion…
Read more
New research by Consumers’ Association brand Which has revealed that the most expensive overdraft fees cost seven times as much as a payday loan. Which says it first raised the alarm over these fees in 2016 and is concerned that, despite scrutiny from the regulator, not enough has been done to protect consumers from these sky-high fees.…
Read moreUK Finance has published a new report in association with EY which indicates that today’s social media savvy consumer taking advantage of more banking webchat services than ever before. The Way We Bank Now report, reveals that the popularity of services such as Twitter, Facebook Messenger and WhatsApp, is encouraging banks to invest in similarly fast and…
Read more
The Financial Conduct Authority (FCA) and the Insolvency Service have signed a Memorandum of Understanding committing the two organisations to increased collaboration. The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities. In it’s 2016 Corporate Governance reform: green paper, the government outlined measures…
Read more