Credit, Collections & Insolvency News
Several proposed reforms were announced by King Charles as he laid out the government’s priorities for the year ahead at the State Opening of Parliament. Joanna Elson CBE, Chief Executive of Independent Age said “With more than two million older people living in poverty and at least another million living on the edge, systemic change…
Read more
The Financial Conduct Authority (FCA) has expressed disappointment with banks’ anti-crime systems and their treatment of fraud victims. The FCA’s review found that banks were not fully considering customer vulnerabilities when handling fraud claims and complaints. Customers were provided with unclear and confusing decision letters, with some containing accusatory language. The FCA is working with…
Read more
A number of proposed reforms were announced by King Charles as he laid out the government’s priorities for the year ahead at the State Opening of Parliament. Responding to the announcements, Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce said “The King’s Speech opened with an aspiration to increase economic…
Read more
New research by StepChange Debt Charity has revealed women are more likely to have energy debt, pay more on household essentials and have been disproportionately impacted by the cost of living crisis. The charity’s new report Bearing the burden, looks at how the gendered picture of debt differs, exploring why women are more vulnerable to…
Read more
New research by. by Opinium for Hargreaves Lansdown has found that half of people are borrowing to cover the cost of nasty surprises – including two thirds of young people, parents, and high earners The research found that people are much less likely to have avoided expenses out of the blue (46%) than we were…
Read more
The number of purchase fraud cases seen by TSB increased by 35%, largely driven by social media platforms., between January and October 2023, with an average loss of over £500 per case. Ahead of the busy Christmas shopping period, TSB is warning consumers about the increased risk of purchase scams, as the bank reveals a…
Read more
A group of fraudsters have been sentenced after they conspired to access customer accounts and steal their money, leading to just over £1 million in known fraudulent transactions. Organised crime group members Tosin Aminoritse, Matthew Abass and Emmanuel Chukwumeka Okafor recruited bank insiders Tyrone Ayodele Odesanya, Ishmeal Jack and Hasses Khan, creating a sophisticated criminal…
Read more
More than eight in ten (85%) personal insolvency experts expect to see a rise in personal insolvency numbers in 2024, according to new research from R3, the UK’s insolvency and restructuring trade body. When asked about the scale of the increase, 58% of respondents expect personal insolvency levels to rise moderately in 2024 compared to…
Read more
The Lancashire-based lender and credit broker Oasis Motor Finance has announced a partnership to utilise data specialist LendingMetrics’ ADP decisioning platform for screening loan applications and onboarding customers. David Wylie, Commercial Director of LendingMetrics said“Oasis Motor Finance has considered the alternatives and decided that ADP offers the ideal future-proofed solution for their needs.” “We’re very…
Read more
SME business owners have revealed that cash flow is the biggest challenge for nearly half of the respondents. Almost half (48%) of small to medium enterprises cited cashflow as the largest single challenge their business was facing, according to research by Millbrook Business Finance. This was followed by the cost-of-living crisis (32%) and energy prices…
Read more
The retail industry has seen a bigger rise in suspected digital fraud attempts coming from the UK than any other industry in the first half of 2023 based on the recent insights from TransUnion. The data shows that the rate of suspected digital fraud, when a consumer or a fraudster is in the UK during…
Read more