Credit, Collections & Insolvency News
Which? is calling for Buy Now, Pay Later (BNPL) firms like Klarna and Clearpay to be fully regulated to provide greater protection for consumers, as new research from the consumer champion finds concerning industry practices encourage people to spend more than they planned to. The consumer champion’s findings show that these slickly designed, easy-to-access credit…
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The number of people experiencing destitution increased by more than 50% to 2.4m between 2017 and 2019, according to the Joseph Rowntree Foundation (JRF), which is calling for the Government to make permanent and extend a £20 uplift to the basic rate of benefits, along with other reforms to make the welfare system more generous.…
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New research produced by the Open Banking Implementation Entity (OBIE), together with Ipsos MORI shows that since the start of the pandemic, the UK’s small business community is increasingly utilising the services offered by open banking providers as they look to future-proof their business operations (50% of those surveyed). Improved resilience: Of those who had leveraged…
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61% of consumers are worried that the high street as we know it is at risk of disappearing, with store closures permanently changing the retail landscape, according to research by KIS Finance. The company says that with the news of the collapse of the Arcadia Group, Debenhams and Bonmarche hitting the headlines, the future of…
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New research has found that 45.5% of people have been forced to take out some kind of financial facility or borrow money from friends/family due to the pandemic according to KIS Finance. Alongside this, a further 43.2% of people expect to seek out more financial help before the end of the year. Young adults between…
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The rate of personal insolvencies in England and Wales rose for the fourth year in a row in 2019, to 26.1 per 10,000 adults according to new analysis of Government figures by insolvency trade body R3. Women (27.8 per 10,000) had a higher personal insolvency rate than men (24.1 per 10,000) whilst the North East…
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The Lending Standards Board (LSB) has published a summary report evaluating firms’ implementation of provision SF1(2) – Effective Warnings of the Contingent Reimbursement Model (CRM) Code for Authorised Push Payment (APP) scams today. The voluntary code, launched in May 2019, sets out consumer protection standards to detect, prevent and respond to APP scams and provides…
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