Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed changes to its rules to allow for an increase in the single transaction contactless payment threshold from £45 to £100. The contactless threshold for multiple transactions will also increase from £130 to £300. The FCA saya that these changes will allow the industry to increase the limit for…
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The Covid-19 pandemic has prompted a sharp increase in one-off purchases, with more than half of consumers (53%) spending out on an item worth over £200 that they wouldn’t have normally bought, according to research from Indesser, a joint venture between the Cabinet Office and TDX Group. A further third of people (31%) treated themselves…
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PwC has joined up with software specialist Flexys to provide banks with a smart solution to manage loans offered to their customers as part of the government’s initiative to enable businesses to maintain financial stability during the Covid-19 pandemic. Flexys and PwC have developed a platform that will help banks manage customer requests for ‘Pay…
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New research from Hitachi Capital Business Finance has revealed that 44% of UK small businesses are still concerned about the immediate impact Covid-19 pandemic. The concerns relate to restrictions on business, social distancing and working from home, whilst one in two (50%) are worried about the long-term impact the legacy of the pandemic could have…
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Millions of consumers are at risk of being unable to afford their monthly phone bills as a result of mid-contract price hikes according to new research by Tesco Mobile. The findings come as some mobile providers have announced price hikes of up to 4.5 per cent for some SIM-only and pay monthly customers from April.…
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New analysis shows that over 1 million more people will be living on an income with which they can’t afford to meet everyday needs by May compared to last September, even if the £20 uplift to Universal Credit is extended in the budget according to New Economics Foundation (NEF). The report says that, in May,…
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Energy regulator Ofgem has announced that 18 supplier firms failed to correctly protect customers’ tariff prices when they decided to either switch suppliers or tariffs after a price increase. The investigation found that over 1 million customers were overcharged over £7.2 million for the failings. Collectively, the suppliers are issuing refunds and redress payments worth…
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