1st October 2024 - Credit Connect

Consumer credit increases

1st October 2024 Consumer Lending | #consumer credit

Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…

Half of consumers plan to ration energy use this winter

1st October 2024 Consumer Collections | #energy bills

With energy bills are set to rise again, by 10%, from today (Tuesday 1st October), a new survey by fuel poverty charity National Energy Action and YouGov has found almost half (46%) of adults say they are likely to ration their energy use this winter – using less than they should for maintaining comfort and wellbeing. A…

Business confidence falls further in September

1st October 2024 Commercial Credit Management | #business confidence

The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy continued to fall in September to -38, from -12 in August 2024. This is the lowest result that the Index has registered since December 2022 (-58). Business leader confidence in their own organisations also fell from to +23…

FCA and PRA appoint new Chair of the FSCS

1st October 2024 Appointments |

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme’s (FSCS) board. Passey will take up the role on 1st October 2024. Over a 30-year career, Passey held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley. She…

Heat or eat challenges loom for many

1st October 2024 Industry opinion |

The ongoing challenges around the cost of living remain front and centre of minds for many UK households as increasing prices and debts push people towards stark choices of heating or eating. Heading into the end of the year, signs are that the cost of living continues to occupy a lot of people’s thoughts, with…

With the best of intentions: The potential consequences of mandatory reimbursement

1st October 2024 Industry opinion |

The 7th October 2024 will be a landmark day for the banking industry and the wider fraud prevention community. The Payment Systems Regulator’s long-anticipated rule changes – to make reimbursement for fraud losses mandatory – officially go live. In what is arguably the most polarising policy initiative in the history of the UK counter-fraud industry;…

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