20th May 2025 - Credit Connect

Buy Now Pay Later lenders to face same rules as banks

20th May 2025 Alternative Consumer Lending | #BNPL #FCA #regulation

The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…

Skipton appoints new board director

20th May 2025 Appointments |

Skipton Building Society has announced that it has appointed Graham Lindsay as the new Senior Independent Director, following the retirement of Mark Lund. Lindsay brings more than 45 years of wide-ranging executive-level experience in retail, wealth and commercial banking, until 2015 all within Lloyds Banking Group. With hands-on experience from frontline to boardroom, he has…

Outstanding debt on credit card accounts grows by 5.6%

20th May 2025 Arrears and Recoveries | #credit card arrears

Latest UK Finance card spending data has found that outstanding balances on credit card accounts have grown by 5.6 per cent over the twelve months to February and 48.8 per cent of outstanding balances incurred interest compared to 50 per cent in February 2024. There were 334.3 million credit card transactions in February, 1.4 per…

80% of SME owners are concerned about inflation and the cost of living

20th May 2025 Alternative Business Lending | #SME worries

Nearly eight in ten (78%) of SMEs are worried about inflation and the cost of living, according to Shawbrook’s latest research amongst senior decision makers, an increase from 69% in 2024. SMEs are particularly concerned about the rising cost of running their business (76%), with three quarters (75%) of decision makers listing economic uncertainty a…

Value of secured lending hits £470m

20th May 2025 Consumer Lending | #secured lending

New findings from Pepper Money that that over half (51%) of UK adults are now aware of secured lending as an avenue to raise capital. This figure rises to 54% amongst homeowners who may be considering ways to borrow without interrupting their favourable, primary mortgage rate. The latest data marks a notable rise from previous…

Chorley Building Society and LendingMetrics agree digital partnership

20th May 2025 Company News |

Chorley Building Society has announced it has completed the phase-in of LendingMetrics’ Auto Decision Platform (ADP) and is now fully on stream. The Society chose LendingMetrics’ ADP after considering a range of alternatives. Key factors determining the selection were ADP’s ability to deliver a sophisticated semi-automated customer assessment in milliseconds, reducing the level of manual…

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