Credit, Collections & Insolvency News
The total value of fines handed out by the Financial Conduct Authority (FCA) has increased nearly four-fold, hitting £577 million in 2020/21 according to analysis by RPC. The figures are up from £156m last year and £423m in 2018/19. RPC says that when regulated businesses commit serious failings, the FCA is prepared to levy severe…
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Wealthier people are more likely to be targeted by fraudsters according to research by Saltus Wealth. The research found that half of high-net-worth individuals have been victims of financial crime, rising to almost two-thirds of those with assets of more than £2 million. The Saltus Wealth Index surveyed more than 1,000 people in the UK…
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The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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More than half (55%) of consumers believe that the increased contactless limit could encourage people to spend more money this festive season. NerdWallet’s Consumer Borrowing Index, a nationally representative study of 5,000 UK adults, has revealed two in ten admitted to spending with less thought since the limit rose to £100 from £45 on 15…
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