Credit, Collections & Insolvency News
The Court of Appeal has sided with consumers against banks and lenders in a motor finance test case, ruling that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment. Consumers who complained about ‘secret’ commissions on car loans, in a landmark ruling. Lawyers…
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The Government has launched a new Fraud Taskforce with insurance companies uniting to step up efforts to crack down on fraudsters seeking to manipulate the insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the ABI, a 16%…
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GfK’s consumer confidence index has fallen by one point from -20 in September to -21 in October, the lowest reading since March. The fall is thought to be due to anxieties over potential tax rises at the Budget next week outweighing optimism over falling inflation. However, GfK’s major purchase index rose by two points to…
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Latest figures from the Office for National Statistics (ONS) in its Crime Survey for England and Wales (CSEW) showed that consumer and retail fraud increased by 19%, reaching approximately 963,000 incidents. Chad Reimers, General Manager of Fraud & ID at TransUnion said “The latest Crime in England and Wales figures from the Office for National…
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