28th November 2024 - Credit Connect

Fraud complaints hit record high

28th November 2024 Consumer Lending | #fraud

Complaints regarding banks’ handling of fraud have reached a record high, with the Financial Ombudsman Service (FOS) reporting 9,091 cases from July to September, a significant increase from 6,264 in the same period last year. This surge includes 4,956 cases related to authorised push payment (APP) scams, where consumers mistakenly send money to fraudsters. In…

Concerns rise over UK economy

28th November 2024 Commercial Credit Management | #economy

Recent data indicates that households are increasingly anxious about the state of the economy, particularly following Rachel Reeves’s Budget, which has raised concerns about a potential UK recession. The BRC-Opinium tracker shows a decline in consumer confidence, with only 19% of respondents feeling optimistic about the economy in the next three months, down from 21%.…

LSB adds SME lender Iwoca to business standards registration

28th November 2024 Commercial Credit Management |

The Lending Standards Board’s (LSB) has announced Iwoca, as the latest firm to achieve full registration to the Standards of Lending Practice for business customers. The LSB’s business Standards set the best practice benchmark for SME lending in the UK and can be applied across a range of financial services firms, from digital or challenger firms to…

One-third of consumers say financial mistakes have caused increased stress

28th November 2024 Consumer Collections | #social media

Recent research by Aqua revealed that nearly one-third of consumers (30%) say that financial mistakes have caused increased stress and that 41% of consumers feel negatively about their financial situation. With a challenging financial backdrop in the UK, it’s more important than ever to ensure that people receive financial information from trusted sources. The data…

Nearly half of parents shocked by school-related expenses

28th November 2024 Consumer Collections | #childcare

New research by Legal & General study has found that nearly half of parents (47%) report being shocked by school-related expenses. Unexpected expenses are a common challenge for parents, with 44% dipping into savings to cover surprise childcare costs and 39% relying on credit cards for additional support. During school holidays, nearly half (47%) of…

Target Group and Provenir agree platform partnership

28th November 2024 Company News |

Target Group has announced that it has partnered with Provenir meaning that the compan will use its data-driven Mortgage Hub platform to reduce the time between application and offer. Melanie Spencer, Sales and Growth Lead at Target Group, said: “In today’s climate, it has never been so important for lenders to be able to make…

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