Credit, Collections & Insolvency News
A new study by Juniper Research has found that the global spend on AML (Anti-money Laundering) systems from non-financial institutions will grow 170% over the next four years; rising from $2.3 billion in 2024. The analysis says that the substantial growth will be driven by a tightening of regulatory requirements; necessitating areas such as legal…
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New figures obtained by Mazars from the Financial Conduct Authority show the value of loans made by UK pawnbrokers has increased by 13% in the past 12 months, reaching £252 million. The value of pawnbroker loans increased from £224 million in 2022 to £252 million in 2023, as the cost of living crisis put stress on household…
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New research published by LINK has found that almost half of people think the UK is heading towards a cashless society. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers…
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Digital bank Chetwood Financial has announced it has completed the acquisition of the buy to let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl (Barossa). Chetwood entered a competitive bidding process to acquire the lender, which trades as CHL Mortgages, to grow a well-regarded business and access its experienced mortgage lending…
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New data from Iwoca has shown that three in every ten (29%) small business owners in the UK have received financial backing from a family member – with three-quarters (74%) saying it was essential for setting up their business. Over a third (36%) said they had received more than £25,000 from their relatives, with a…
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New research by Hargreaves Lansdown has found that young people have put high-risk investments ahead of debt repayments. Hargreaves Lansdown says that there are 1.8 million households in arrears but also found that 16% of those in arrears are also investing at the same time. Separate research from the FCA found there’s a risk younger…
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UK Finance has published its latest card spending data which has found that outstanding balances on credit card accounts have grown by 9.5 per cent over the twelve months to February 2024 and 50 per cent of outstanding balances incurred interest compared to 51.2 per cent in February 2023. The data showed that there were…
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A new report by the Payment Systems Regulator (PSR) has found that Mastercard and Visa, the two biggest card schemes, do not face effective competition when dealing with merchants and acquirers. The report found that in respect of core scheme and processing services, there is currently no effective competition to Mastercard and Visa. In some…
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A criminal has been sentenced after using stolen post to commit over £32,000 of fraud. Adrian Brown, from South London, has been sentenced at Inner London Crown Court to 18 months for stealing at least £32,000. He stole post from letterboxes which enabled him to commit fraud through gaining access to banking customer information. Sentencing…
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