Credit, Collections & Insolvency News
The Government has announced that the Payment Systems Regulator (PSR) will be abolished and its remit absorbed by the Financial Conduct Authority (FCA). The move comes amid concern that the financial regulatory system is overly complex. The PSR, which looks after payment systems like Faster Payments and Mastercard, will mainly be consolidated into the Financial…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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Energy UK has warned that urgent action is needed to bring down energy bills in line with Government targets. The Government has set an ambition of reducing energy bills by ‘up to £300’ by 2030. A new report has highlights that reducing reliance on international gas prices is the only long-term solution. Being at the mercy…
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