Credit, Collections & Insolvency News
Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for failing to manage financial crime risks from October 2016 to July 2021. The FCA found that Nationwide lacked adequate anti-financial crime systems, allowing customers to misuse personal accounts for business activities. This oversight led to missed opportunities in detecting £27.3m…
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Households are planning to spend significantly less this Christmas, as the impact of recent Budget announcements prompts millions to tighten their belts, according to new research from Yorkshire Building Society. Planned festive spending now averages £596 per household, down from £774 last year. The number of people planning to spend over £1,000 has plummeted from 51%…
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The Financial Conduct Authority (FCA) has announced new plans to reform the mortgage market to widen access to affordable mortgages for consumers. The four areas of focus include simplifying mortgage rules for first-time buyers and underserved consumers; reviewing retirement interest-only requirements to make them more accessible; improving innovation and disclosure rules and working with…
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The British Retail Consortium (BRC) has published its annual BRC Payments Survey, which shows how people make payments in 2024. This year’s survey reveals a significant decline in credit card use, from 14.2% of transactions to 12.6%. With higher interest rates making credit cards a more expensive way to shop, consumers turned to debit cards, where…
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The UK economy unexpectedly contracted by 0.1% in October, data from the Office for National Statistics (ONS) shows, matching the 0.1% decline recorded in September. Economists had anticipated growth of 0.1%. Quarter-on-quarter, the economy shrank by 0.1% in three months to October, primarily due to a decline in manufacturing and stalled services growth. Production output…
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Consumer payments platform, Zilch has announced that it has secured a payments services licence from the Financial Conduct Authority (FCA). The licensing marks a significant milestone for Zilch, removing the reliance on third-parties and enabling the business to build more payments methods in-house, develop and bring new products to market even faster and innovate quickly…
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The Finance & Leasing Association (FLA) has submitted its response to the Financial Conduct Authority’s (FCA) consultation on a proposed Section 404 Motor Finance Consumer Redress Scheme. While lenders fully support a robust and credible redress programme for customers who have suffered loss, the FLA warns that the scheme as drafted cannot deliver the fairness,…
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