2nd August 2024 - Credit Connect

Call for Ministers to lead fight against fraud

2nd August 2024 Consumer Lending | #fraud

Ministers have been called on to show leadership in the fight against fraud by helping businesses to better share intelligence to detect the crime and to protect customers. A coalition of businesses led by the consumer group Which? have committed to sharing data to combat fraud and appealed to the Government to prioritise the fight…

APP fraud totalled almost £341m last year

2nd August 2024 Consumer Lending | #APP fraud

The Payment Systems Regulator (PSR) has warned that reimbursement for those tricked into transferring money to fraudsters still largely depends on who the victim banks with. PSR data on authorised push payment (APP) scam reimbursement show that victims reported 252,626 cases of APP scams in 2023, with these totalling nearly £341 million. Under the existing…

Lenders prepared to manage higher mortgage interest rates and increased default levels

2nd August 2024 Industry opinion |

Lenders have never been in a stronger position to manage higher mortgage interest rates and increased default levels. Many mortgage holders have been eagerly awaiting the next Bank of England rate cut in the expectation that it will lead to significantly lower monthly mortgage payments for them. Unfortunately, they are largely wasting their time. Truth…

Interest rates cut for the first time in four years – consumer credit industry reaction

2nd August 2024 Consumer Lending | #interest rates

The Bank of England has voted to cut interest rates for the first time since March 2020, with the Monetary Policy Committee (MPC) choosing to cut the base rate, which has stood at 5.25% since August last year, to 5%. The decision comes with inflation having held at the Bank’s target rate of 2% in…

Interest rate reduced to 5% – business industry reaction

2nd August 2024 Commercial Credit Management | #interest rates

The Bank of England’s Monetary Policy Committee (MPC) has voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%. Inflation has held at 2% for 2 months, although it is expected to rise to 2.75% in the second half of…

Development of building projects are most likely to result in insolvency

2nd August 2024 Business | #business insolvencies

A new study from AptPay has revealed the most common types of companies going bust. The study analysed data from Companies House based on each business’s primary nature of business, using the Standard Industrial Classification (SIC) code they registered under. The research revealed that businesses dealing with the development of building projects (41100) are the…

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