16th June 2022 - Credit Connect

Nearly half of large financial institutions have adopted Open Banking

16th June 2022 Consumer Lending |

Nearly half (43%) of all large financial institutions have already adopted Open Banking according to a new report from API-driven identity management company Curity. The research shows that nearly half of all large institutions in the finance industry have already adopted Open Banking, with almost three-quarters (70%) planning to adopt it in the next 18…

Student living cost support cut to lowest level in seven years

16th June 2022 Consumer Collections | #student debt

The value of government support for living costs for university students from the poorest families will fall to its lowest level in seven years in the coming academic year, as maintenance loan entitlements will fail to keep up with inflation. As a result, even students entitled to maximum maintenance loans will have to make do…

Rising cost of living sees majority of consumers cutting back on spending

16th June 2022 Arrears and Recoveries |

As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending figures from the Building Societies Association (BSA) With inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three…

FCA reminds lenders to support consumers struggling with the cost of living

16th June 2022 Arrears and Recoveries | #consumers

The Financial Conduct Authority (FCA) has written to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. With household bills expected to continue to rise into the autumn, it is important that firms act now to make sure…

Money Advice Trust publishes its latest outcomes report

16th June 2022 Arrears and Recoveries |

The Money Advice Trust has published its Outcomes Report 2021, which outlines the impact of the charity’s activity across its National Debtline and Business Debtline services, training and influencing work. In 2021 the charity helped 170,420 people through its National and Business Debtline services with 1.63 million visits to its advice websites. National Debtline, which…

Bank lending decreases as CBILS and BBLS end

16th June 2022 Business Lending | #business lending

Outstanding bank lending to small businesses in the hospitality sector has fallen by more than £1.4 billion since the end of the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). Overall Bank lending dropped to £14.6bn in April 2022, down from £16.08bn in March 2021, according to analysis by Hazlewoods. There…

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