Over 250,000 homeowners are expected to struggle to refinance their properties over the next five years, according to research conducted by Kensington Mortgages. The data shows that 15 per cent of borrowers will have reached the end of their repayment date by 2024 and will be unable to find a new deal, which Kensington says…

Consumers are making significant financial errors which could be damaging their credit rating according to new research from comparethemarket.com, the majority of people (55%) don’t know what their credit rating is and 43% would have no idea how to improve it. The research suggests that the UK has many blind spots when it comes to…

Nearly half (47%) of people who have sold an item or service online have fallen victim to fraud according to new Fraud Tracker data from Shieldpay. This totals some 7.5 million1 people and the financial impact is not to be underestimated; the average amount lost to fraudsters is £2,054, with 10% of sellers defrauded by…

Nationwide Building Society has selected seven fintech companies to take part in its Open Banking for Good challenge. The fintech firms will develop Open Banking based apps and services to help financially vulnerable people. The seven companies have been chosen from more than 50 applicants. Those selected into each of the three categories are: Income…

Leek United Building Society has appointed Rob Broadbent as its new Finance Director (FD). Broadbent has over 15 years’ experience in financial services, including positions at board and executive level. His most recent role was Chief Risk Officer at Wesleyan Bank, an organisation which he originally joined as Head of Finance in 2013. Prior to…

The Credit Services Association (CSA), has responded to the ongoing debate around future funding of the debt advice sector which will see some £172 million of funding provided to providers in 2019. The CSA says that it is right that Financial Services firms should be a significant contributor to debt advice funding, but they should…

The Financial Conduct Authority (FCA) has published a Feedback Statement summarising the responses received to its Discussion Paper – ‘A duty of care and potential alternative approaches’ – published in July 2018, and setting out next steps. As a result of the feedback the FCA received and its early analysis, it has identified options for…

Over one million consumers who do not have a bank account pay on average £485 for household services according to new research by Pockit. The digital current account provider found that around 1.23 million ‘unbanked’ individuals are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. The…

Advanced Collection Systems’ (ACS) collaboration with the University of Hertfordshire is trialling the use of artificial intelligence (AI) based virtual agent that can take on a real-time customer facing role in debt recovery and autonomously negotiate debt repayment. The trial has led to the design of an ‘Adaptive Virtual Agent (AVA)’ through the KTP, four…

The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…

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