24th January 2023 - Credit Connect

Freedom Finance appoints Head of Data Science

24th January 2023 Appointments |

Freedom Finance has announced that it has appointed Richard Parfitt as Head of Data Science. Parfitt will lead Freedom Finance’s data products initiative, building and managing a multi-disciplinary team to develop new services for customers and enhance data-driven capabilities driving further automation and intelligence. Parfitt joins Freedom Finance after 8 years at 118 118 Money…

Open Banking Implementation Entity appoints new Chair

24th January 2023 Appointments |

The Open Banking Implementation Entity (OBIE) has announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1st February 2023. King’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee,…

Consumer confidence improves after 15-month period of decline

24th January 2023 Consumer Lending |

Deloitte’s consumer confidence tracker reveals that sentiment rose in the last three months of 2022 as consumers became slightly more positive about the state of the economy with consumer confidence rising in the final quarter of 2022 improving by half (+0.6) a percentage point. Whilst small, the uptick marks the reversal of a 15-month period…

One in three over-55s say cost of living has impacted mortgage repayment plans

24th January 2023 Consumer Collections | #mortgage repayments

Latest tracking research from equity release adviser Key highlights that 30% of over 55s believe that their ability to repay their mortgage will be hindered due the cost-of-living crisis, equating to around 879,000* people’s mortgage plans being derailed. Of those 3.3 million over-55s who have yet to repay their mortgage, 16% say they plan to…

Recession predicted to be deeper than expected

24th January 2023 Arrears and Recoveries | #recession

Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…

High cost of living forces one in six over-50s to sell their homes

24th January 2023 Arrears and Recoveries | #house sales

One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…

Call for Banks to extend support to vulnerable customers

24th January 2023 Arrears and Recoveries | #covid-19 support

New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…

Metro Bank launches Ratesetter branded digital car loan product

24th January 2023 Consumer Lending |

Metro Bank has launched a digital car loan product under the RateSetter brand to enter vehicle financing UK market. The loans are hire purchase loans for used cars and are currently available through motor brokers using market-leading RateSetter technology. CarFinance 247 and Motion Finance are the first brokers to pilot the product with more partnerships…

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