28th June 2023 - Credit Connect

Higher inflation and interest rates increasing financial volatility

28th June 2023 Banking and Loans | #credit card spending

Latest analysis of credit card data from FICO has painted a picture of considerable consumer financial volatility as the dual pressures of higher inflation and higher interest rates squeeze funds. FICO says the ongoing inflationary challenges faced by consumers continue to be reflected in higher levels of credit card spend, compared to 2022 – with…

One in three facing hardship in retirement

28th June 2023 Consumer Collections | #financial hardship

Scottish Widows has today released new data, that shows that one in three (35%) of adults currently aged 22-65 risk having less than the minimum needed to pay for essentials when they retire. The research found that many societal groups –such as renters and young people –are disproportionately facing hardship, while others such as millennials…

Ofgem announces measures to strengthen prepayment meter protections

28th June 2023 Consumer Collections | #prepayment meters

Energy regulator Ofgem has publishing measures to strengthen rules to protect struggling prepayment meter (PPM) customers, and address the issue of debt related costs. All energy suppliers signed up to a voluntary Code of Practice earlier this year after alarming evidence surrounding enforced PPM installations came to light. Now, today, the regulator is launching a…

32 lenders agree to be part of new Mortgage Charter

28th June 2023 Consumer Lending | #mortgage charter

Around 85 per cent of lenders operating in the UK’s mortgage market have signed a government charter agreeing to support borrowers. The Charter was published following the Chancellor’s meeting with lenders on Friday to discuss the impact of rising mortgage rates on homeowners. Chancellor Jeremy Hunt says the new Mortgage Charter signed by lenders will…

Freedom Finance Mortgages appoints Managing Director

28th June 2023 Appointments |

Second charge mortgage distributor, Freedom Finance Mortgages has announced the appointment of Richard Sharp as Managing Director. Sharp has over twenty years of executive experience in the consumer lending sector and joins FFML from Tandem Bank, where he was Managing Director of Unsecured loans and Customer Proposition Director. He previously held operational and leadership roles…

One fifth of teachers reliant on BNPL

28th June 2023 Alternative Consumer Lending | #BNPL

One fifth (18%) of teachers have been forced to rely on buy now, pay later (BNPL) payment options to afford their weekly shop, according to new research from responsible lender, Creditspring. More than a quarter of teachers (26%) say they wish they’d never used BNPL options, with 14% admitting they’d were unable to meet repayments…

Lloyds Bank appoints new Managing Director

28th June 2023 Appointments |

Lloyds Bank Corporate & Institutional Banking has announced that appointed Lisa Francis as Managing Director, Institutional Coverage. Francis career spans more than 30 years in leading financial institutions. She joined Lloyds Bank earlier in the year to lead a project on strategic delivery for Corporate & Institutional Banking. Prior to joining Lloyds, Francis most recent…

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