18th January 2024 - Credit Connect

It’s time CMCs pay their fair share

18th January 2024 Industry opinion |

The Financial Ombudsman Service (FOS) is currently consulting on its plans and budget for the new financial year. Though this happens every year, the proposals included this time could make a big difference to the alternative lending market in the future. The consultation includes plans to reduce the fees and levies paid by firms and…

Inflation rises – business industry reaction

18th January 2024 Commercial Credit Management | #inflation

Latest data from the Office of National Statistics, that showed the annual rate of CPI inflation increased from 3.9% in November to 4.0% in December 2023. Commenting on the inflation figures ONS Chief Economist Grant Fitzner said “The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently…

Adults spend hundreds of pounds to keep up with friends’ lifestyles

18th January 2024 Consumer Lending |

New research reveals 12.7 million adults (a quarter of the population) have spent more than £200 in the last 12 months trying to keep up with the spending habits of friends and family. On average across the country, adults spent £165 trying to match up to their friends’ lifestyles, equating to over £8 billion and…

Telecoms firms urged to scrap ‘unconscionable’ mid-contract price hikes

18th January 2024 Consumer Collections |

Which? is calling on telecoms firms to halt any plans to press ahead with ‘unconscionable’ broadband and mobile price hikes in April, even after the industry regulator found the practice harms consumers and set out proposals to ban it Ofcom recently proposed a ban on the practice of inflation-linked mid-contract price rises, saying that they…

Inflation increases to 4% – consumer credit industry reaction

18th January 2024 Consumer Collections | #inflation

Latest Office for National Statistics (ONS) data showed that inflation increased to 4% in December up from to 3.9% in November. The rise in inflation is attributed to tobacco and alcohol prices increasing. These prices were up 12.9% in December compared to the month before, with tobacco prices rising due to recent tax hikes on…

Businesses underprepared for reputational risks

18th January 2024 Consumer Lending |

The majority (84%) of UK executives think reputation management is more important for businesses now than it has been previously according to research by Amp Corporate Communications. The research found that less than half (47%) of the C-suite leaders surveyed believe their business is fully prepared to deal with reputational challenges. Regulatory compliance, cyber attacks…

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