Credit, Collections & Insolvency News
New research by TotallyMoney has found that for the average balance of £2,906 on a credit card, somebody with a poor credit score could pay an extra £872 per year (£73 p/m) in interest compared to somebody with a good credit score. Half (49.2%) of credit card customers pay interest on their borrowing every month…
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Andy Mielczarek has stepped down as Chief Executive Officer (CEO) of Chetwood Financial almost ten years on from having co-founded the company/ Paul Noble has been announced as his replacement, subject to regulatory approval. Founded in 2016, Wrexham-based digital bank Chetwood Financial received a restricted banking licence in late 2017 before being granted a full…
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With energy prices set to rise 10% in October, new research from Go.Compare Energy has revealed that half of consumers (51%) would consider switching energy providers to manage the cost of their bills, with one in four (25%) actively looking for a new tariff. The new Price Cap will increase from £1,568 to £1,717. Ahead…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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Challenger credit reference agency, Infact has announced a £4 million seed funding round after securing FCA authorisation to establish the first real-time credit bureau for the digital financial services market. The funding was led by AlbionVC, with participation from 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures. Infact is also backed by leading angel…
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The Payment Systems Regulator (PSR) has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. The PSR says that having given careful consideration to all the feedback and information received, the board has decided that the maximum reimbursement limit for Faster Payments will be £85,000. The PSR’s requirements will provide protections…
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The Financial Conduct Authority (FCA) has announced new measures to better protect customers when payments and e-money firms go out of business. The use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms. Funds held by payments and e-money firms are not directly…
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