Credit, Collections & Insolvency News
The Financial Ombudsman (FOS) has predicted that cost of living pressures drive will create a surge in consumer complaints over the next year. In December 2023 FOS estimated that it we would receive around 181,300 new cases in 2024/25. Following discussions with businesses and consumer groups that figure has since been elevated to 210,000. The…
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The Federation of Small Businesses (FSB) has said that the Financial Conduct Authority (FCA) is at risk of losing the confidence of small businesses in its investigation into bank lending. The FSB has criticised the FCA’s handling of a ‘super-complaint’ it filed, specifically regarding personal guarantees requested by banks from company owners. In a letter…
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New data from Klarna has highlighted new data that suggests that interest-free Buy Now Pay Later (BNPL) offers consumers better outcomes when compared to traditional credit methods, with 95% of BNPL purchases being paid off early or on time. The research also found that in contrast, 50% of credit card users miss monthly payments and…
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Skipton Building Society has announced the appointment of Manj Dhinsay as Senior Intermediary Lead. Dhinsay career journey, which spans nearly two decades with Coventry Building Society, began in the branch network where she honed her skills as a mortgage advisor before transitioning into management roles. In 2013, Dhinsay moved into the intermediary sector, leading inbound…
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Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…
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