8th March 2023 - Credit Connect

Consumer credit rates show signs of peaking

8th March 2023 Consumer Lending | #consumer credit

Analysis of the latest Bank of England data on average quoted household rates from Freedom Finance has raised hopes that the cost of consumer credit may now be starting to fall. Coinciding with decreases in inflation, the data shows that rates on all major forms of consumer credit have declined between the end of 2022…

Government encouraged to overhaul Ofgem powers amid energy squeeze

8th March 2023 Business Utilities | #energy regulation

Chief Executive of UKHospitality, Kate Nicholls, has warned the energy secretary that the industry regulator needs to be handed powers urgently to tackle the treatment of business customers by suppliers. In a letter to Grant Shapps MP, the Secretary of State for Energy Security and Net Zero, UKHospitality has reiterated the pressing need for OFGEM…

Consumer spending grew just 5.9 per cent in February

8th March 2023 Consumer Lending | #consumer spending

Consumer card spending grew just 5.9 per cent year-on-year in February, below the latest CPIH inflation rate of 8.8 per cent, owing to a reduction in discretionary purchases amidst the ongoing the cost-of-living squeeze according to latest data from Barclays. Growth rates were also impacted by the lifting of Omicron Plan B restrictions last year,…

Citizens Advice calls for energy bills social tariff

8th March 2023 Consumer Collections | #energy bills

Citizens Advice is calling on the government to introduce an energy social tariff by 2024. The charity believes targeted financial support in the form of a social tariff is the long-term solution to millions of people spending excessive amounts on their bills, both now and during what could be a decade of record prices ahead.…

Call for pre-payment meter amnesty

8th March 2023 Consumer Collections | #pre-payment energy

Age UK is leading calls for a pre-payment meter (PPM) amnesty amid concerns that forced installations are leading to vulnerable older people ‘self-disconnecting.’ The research shows that well over half a million older households one in four of pre-payment meter customers are now dependent on this form of pricier, pay-as-you-go energy Older households account for…

Three fintechs merge to create new lending software brand

8th March 2023 Company News |

EQ Credit Services, EQ RiskFactor and EQ KYC Solutions have announced that they are to merge into a single entity under a new leadership team. The merger will create a new brand called Lenvi. The new leadership team will be spearheaded by Richard Carter, founder of Nostrum Group which was acquired in 2017, and…

Reg tech specialist launches vulnerability assessment

8th March 2023 Company News |

Reg tech provider, Comentis has announced the launch of its new customer vulnerability assessment for lenders and brokers working in consumer finance. Comentis provides an online vulnerability assessment to identify vulnerable customers and provide tips and advice on how best to support them as they go through the finance process. Jonathan Barrett, CEO of Comentis…

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