3rd November 2022 - Credit Connect

FOS records 10% rise in new complaints

3rd November 2022 Consumer Lending |

The Financial Ombudsman (FOS) has announced that it received a 10% rise in received complaints between July and September. FOS received 38,470 new complaints compared to 35,029 between April and June. Between July and September 2022, we received 67,694 new enquiries and 38,470 new complaints about financial products The most complained-about product was current accounts,…

Credit & Collections Technology Think Tank and Awards announces line up

3rd November 2022 Consumer Collections | #awards #Think Tank

Credit Connect has confirmed the line-up for the Credit & Collections Technology Think Tank and Awards which takes place at the Midland Hotel in Manchester in two weeks’ time on Thursday 17th November. The awards are judged by a panel of industry experts who have reviewed technological excellence in four different sections: creditor and lender,…

FEATURE: What it means to be on the cutting edge of fraud technology

3rd November 2022 Commercial Risk | #credit risk #featured #fraud

With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…

Equity release loans top £1.5bn

3rd November 2022 Alternative Consumer Lending | #equity release

New equity release lending hit £1.5bn in the third quarter with the average customer borrowing more than £114,000, according research by adviser company, Key. Plan sales grew by 29% in the three months to September 30th to 13,341 compared with the same quarter last year while the value of new equity released rose to £1.525…

Identity fraud complaint figures remain high

3rd November 2022 Consumer Lending | #Identity fraud

Complaints to the Financial Ombudsman Service (FOS) regarding identity fraud soared over the Covid-19 pandemic, finishing 2020 at 44% higher than 2019, according to data obtained through a Freedom of Information (FOI) request by ID-Pal, a leading global identity verification provider. Despite seeing a decrease the following year as normality returned post pandemic, numbers in…

One in four children of care workers living in poverty

3rd November 2022 Consumer Collections |

One in four (28.4%) children with care worker parents are growing up in poverty according to research by the TUC. The analysis carried out by Landman Economics shows that 220,000 kids with at least one social care worker as a parent are in poverty. The union body warned this number is on course to rise…

MaPS appoints two hires for Advisory Group

3rd November 2022 Appointments |

The Money and Pensions Service (MaPS) has appointed two new people to its Advisory Group. Bernie Hickman, Chief Executive of Legal & General Retail and Steve Hughes, Chief Executive of Coventry Building Society, have joined twelve other top-level executives from the finance, consumer rights, research and technology sectors. The Advisory Group, established in May 2020,…

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