30th November 2021 - Credit Connect

FCA calls on lenders to amend criteria to help mortgage prisoners

30th November 2021 Arrears and Recoveries | #mortgage regulation

The Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…

FCA to scrap 90-day open banking rule

30th November 2021 Consumer Lending | #open banking

The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…

Vulnerability Registration Service and Illegal Money Lending Team agree partnership

30th November 2021 Consumer Collections | #vulnerable customers

The Vulnerability Registration Service (VRS), has announced that it partnered with the Illegal Money Lending Team (IMLT), an organisation that investigates and prosecutes illegal money lenders, commonly known as loan sharks, while supporting those who have been affected by the crime. An estimated 310,000 people are in debt to illegal money lenders in the UK.…

Consumers struggle with financial literacy in the wake of the pandemic

30th November 2021 Arrears and Recoveries | #financial education

Consumers are failing to measure up when it comes to understanding their finances, according to a survey of 24,000 European consumers by credit management group Intrum. While 58 per cent say they want to ensure they are in a stronger financial position before another global crisis, more than a quarter have less visibility of their…

2021 Credit & Collections Technology Company Power List announced

30th November 2021 Alternative Consumer Lending | #technology

Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…

Demand for consumer credit surges to £706m in October

30th November 2021 Banking and Loans | #credit cards #mortgages

Latest Bank of England data has shown that October saw a surge in credit card borrowing. Consumers borrowed a net additional £706 million last month, with new credit card borrowing accounting for £637 million of the credit, the largest amount of card borrowing since July last year. Between the start of the pandemic and April…

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