26th July 2023 - Credit Connect

7.4m people have unsuccessfully attempted to contact the financial services sector

26th July 2023 Arrears and Recoveries | #consumer duty

A new Financial Lives survey from the Financial Conduct Authority (FCA) has found that 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, while less than half of adults said they had confidence in the UK financial services industry in general. With…

Paylink Solutions appoints new CEO

26th July 2023 Appointments | #appointments

Paylink Solutions have announced that Susan Rann has stepped down from her role as Chief Executive Officer (CEO) with Jake Ranson appointed as successor. Rann steps down from the role after after five years of service in that role. In statement the company said “That while we are saddened to see Susan leave, we are…

MotoNovo Finance announces three leadership team appointments

26th July 2023 Appointments | #appointments

MotoNovo Finance (MNF) has announced the expansion of its senior leadership team with three senior external appointments. Leanne Christmas who has been appointed as Conduct and Business Risk Director Motor, joins the business from BMW Financial Services and Alphabet, where she has spent seven years as Chief Compliance Officer, and more recently, she was responsible…

Rate hikes stall business confidence

26th July 2023 Commercial Credit Management | #business confidence

The UK Small Business Index (SBI) from the Federation of Small Businesses (FSB) has shown that business confidence has fallen by 14.2 points in Q1 2023, down 11.4 points from Q1 2023. The decline reflects the downbeat economic conditions small businesses had to navigate over the quarter, with stickier-than-expected inflation, while two base rate hikes…

Value of pawnbroker loans increases 41%

26th July 2023 Arrears and Recoveries | #pawn broker loans

The value of loans taken out from pawnbrokers has increased 41% in just a year, from £158 million in 2021 to £223 million in 2022 according to research by international audit, tax, and advisory firm Mazars. The figures also show that arrears on pawnbroker loans, high-interest loans secured with a personal item held as a…

Soaring mortgage rates impact 14m people’s mental health

26th July 2023 Arrears and Recoveries | #mental health

New research has revealed the impact rising mortgage costs are having on people’s mental health, as well as their finances. Findings from Mind, the mental health charity, show almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs…

Credit history gap impacts two in three immigrants

26th July 2023 Consumer Lending | #credit eligibility

Immigrants to the UK have poorer experiences from their would-be financial services providers than UK-born counterparts as a result of their lack of available credit history, according to new research by Nova Credit. The research finds that, for two in three (66%) immigrants, the process to receive credit products takes longer than it should due…

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