Credit, Collections & Insolvency News
Barclays Bank has announced it has entered into an agreement to acquire the retail banking business of Tesco. The sale only includes its banking operations in credit cards, loans and savings. Tesco bank has around five million customers. The acquisition and partnership are subject to regulatory approval and expected to complete in the second half…
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Latest UK Finance data has indicated that homeowner mortgages in arrears rose by 7 per cent (93,680) in the final quarter of 2023 compared to the previous quarter. Buy-to-let mortgages in arrears also increased 18 per cent to 13,570 compared to the previous quarter. 540 homeowner mortgaged properties were taken into possession in Q4, down…
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Proposals from a financial services watchdog to protect and widen access to cash are a ‘good start but could go further’ that is the view of the Federation of Small Businesses (FSB), in response to the Financial Conduct Authority (FCA)’s consultation on access to cash. The FCA was given the task in the Financial Services…
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A survey on the state of small business finances by Purbeck Personal Guarantee Insurance has uncovered that despite a turbulent year in 2023 with high inflation and geopolitical unrest knocking consumer confidence, almost a third of small businesses (31%) are making a good profit and 45% are in profit by a small margin. 18% say they are…
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Over 11.5 million, or four in ten (39%), financially vulnerable people, have no option but to turn to credit to afford everyday expenses, over double the UK average (15%) according to research by analytics firm Fuse. Three in ten (28%) also say that they are reliant on credit to pay for their mortgage or rent…
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UK Finance has announced new board appointments. Thierry d’Argent, CEO, Societe Generale UK; Saif Malik, CEO, UK, Standard Chartered; and Mickey Schiller, CEO, Leumi UK, have all been appointed. TS Anil, CEO, Monzo and Kelly Devine, Divisional President UK & Ireland, Mastercard, stepped down from the board on 1st February. Anne Marie Verstraeten, Vice Chair…
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As the Money Saving Expert encourages consumers to claim for potentially unfair motor vehicle credit arrangements, RSM UK is warning that credit providers could face increased operational pressures. In January, the Financial Conduct Authority (FCA) announced it was undertaking a review of historic car finance arrangements, and would take regulatory action if widespread misconduct means…
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