Credit, Collections & Insolvency News
Scottish Power Energy Retail says it will pay £1.5 million in refunds and compensation after it charged customers above the price cap during the height of the energy crisis. Ofgem agreed the redress package after the supplier confirmed that between 2015 and 2023, it mistakenly overcharged 1,699 direct debit customers a higher rate, which should…
Read more
Lloyds Bank Business & Commercial Banking has announced it has appointed Linda Weston as Head of Commercial Cards. Weston will start the role in June, Linda will be based in London and report into Chris Loring, Managing Director, Lending & Working Capital. Weston’s career spans 25 years in the cards and payments industry and she…
Read more
Latest figures from the Hargreaves Lansdown’s Savings & Resilience Barometer have shown that on average, households spend £2,081 on essentials each month. The cost of 3 months’ worth of essentials is up £1,028 in two years – and the cost of 3 years’ worth is up £12,339. Spending on essentials varies wildly with income. The…
Read more
A new study from Juniper Research, found that by 2028, the Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…
Read more
UK Finance has today announced work on a new UK Regulated Liability Network (RLN) experimentation phase with eleven of its members. The UK RLN is envisaged as a common ‘platform for innovation’ across multiple forms of money, including existing commercial bank deposits and a shared ledger for tokenised commercial bank deposits. Through a collaboration of…
Read more