Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 13% in October 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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The Credit Services Association (CSA), the only national trade association in the UK for organisations active in the debt collection and purchase industry, has appointed Daniel Spenceley as their new Head of Policy. Working closely with CSA Chief Executive Chris Leslie and the senior management team, Spenceley will shape the policy development work on behalf…
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The monthly Bank of England base interest rate announcement causes increased anxiety to two thirds of SME business owners according to a new study from Recognise Bank. The SME Mental Health Report 2023 surveyed the areas of business and events that have a significant impact on mental health, with the monthly announcement affecting 66.4% of…
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Households and businesses have been resilient in the face of rising interest rates, the Bank of England said in its latest Financial Stability Report. However, households and businesses remain under pressure from higher borrowing costs, as interest rates are expected to remain higher for longer. The report says that households continue to face pressures from…
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Six in ten (62%) people in the UK have a credit card, however nearly two thirds (65%) don’t fully understand how their credit card use can impact their credit score, according to research from Compare the Market. The research found that although nearly a third (31%) of people say they have a “strong” credit score,…
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The number of credit invisible adults in Britain has reached almost 5.6 million, according to new research from personal finance comparison site finder.com. The study analysed how many Brits have engaged in any of the actions required to build a credit score in the UK over the last 6 years, in order to identify how many UK…
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Proposals to expand protections to drive excellent customer service for businesses have been set out by Ofgem. The energy regulator has launched a statutory consultation on proposals to ensure businesses get the highest standards of service and provide more clarity on the costs being paid to third party energy brokers. Business groups have repeatedly told…
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Banks and building societies in Britain will be required to assess gaps in access to cash under new rules proposed by the Financial Conduct Authority (FCA) to protect access to cash for businesses and consumers. The move follows new powers granted to the FCA by the Financial Services and Markets Act 2023. Under the FCA’s…
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A new report titled, ‘Getting the Message’ by StepChange Debt Charity has found that people’s ability to access and then act on debt advice hinges on the language, tone and presentation of communications. The debt charity also argues that firms across the financial services landscape need to continually test and learn with how they interact with…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in October 2023 by 11% compared with the same month in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in October 2023 was at a similar level to the same month in 2022. In the ten months to October 2023, new business was 3% lower than in the same period in 2022. The credit card and personal loans…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell by 3% in October 2023 compared with the same month in 2022. The corresponding value of new business was 2% lower over the same period. In the ten months to October 2023, new business volumes remained…
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