The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…

Open Banking platform and applications provider OpenWrks has been selected by the Money and Pensions Service (MaPS) to provide digital affordability assessments as part of their digital enhancement to debt advice. With the aim of streamlining and increasing the volume of debt advice sessions consumers receive, The Money and Pensions service selected OpenWrks to supply…

The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…

A new Ofcom review means that broadband customers who choose not to sign up to contract deals will make total savings of £270 million annually from pricing changes after it was found that broadband firms are failing to protect customers from excessive out-of-contract prices. The communications regulator says that in September, it secured commitments from…

Ofgem has unveiled plans to tackle unscrupulous energy brokers so millions of micro-businesses can get a better deal. Two out of three micro-businesses use an energy broker when choosing their current energy contract and many of them benefit from the advice of a reputable broker. However, an Ofgem review found that in too many cases,…

Small and medium-sized (SME) business leaders have issued a warning that late payments have reached new heights since the COVID-19 pandemic crisis and it is putting their recovery at risk. New research from Intuit QuickBooks has revealed that while chasing late payments has always been a challenge for SMEs, one in five (21%) believe the…