Numbers released this morning by the Financial Ombudsman Service  (FOS) show that complaints during Q1 of the FOS complaints year (starting 1st April 2019) are down considerably on the same period last year. In the first three months of this financial year, FOS received 136,681 new enquiries and 70,304 new complaints – with 12,538 complaints…

Non Standard Finance (NSF) posted a pre-tax loss of £22.8 million in the six months to the end of June. The decline was driven by a £12.7m charge related to its attempt to buy rival subprime lender Provident Financial. Profits were down 790% compared to the previous year, reported pre-tax losses dropped from the £2.5…

Consumers struggling to make ends meet are being urged to avoid loan sharks at all costs as latest figures show debt advice enquiries have hit a record high. The Local Government Association (LGA), which represents councils in England and Wales, is urging people desperate for a loan to steer clear of illegal money lenders who…

The Bank of England has published its annual Credit Union statistical report based on annual return data for the credit union financial year. The report showed that total Credit Union members has surpassed 2 million in the UK for the first time, driven by a rise in Adult members in 2018 (3%). Whilst Loans to…

The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…

Provident Financial has highlighted “good recovery” in its interim results for the six months ending on 30 June 2019. The listed doorstep lender, which serves 2.4m customers, reported pre-tax profits of £74.9m for the first half of 2019, the same as the equivalent period for last year. Malcolm Le May, Chief Executive Officer, said “Despite…

The Financial Conduct Authority (FCA) has urged expansion of Credit Unions as an alternative to payday lenders as part of a new report. The new FCA report sets out actions and recommendations to improve the availability and awareness of alternatives to high-cost credit. The review suggests that high-cost credit is identified as significant harm to…

Nearly half of Muslim consumers have never used Shariah-compliant products, marking a wake-up call to the UK Islamic banking industry, new research by Home Purchase Plan provider and Shariah-compliant bank Gatehouse reveals. 46% of Muslim consumers say they have never used Shariah-compliant products, according to the study. The figure — which rises to 53% among Muslim women…

Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…

The number of payday loans being taken out by consumers has collapsed by third according to a freedom of information request, made to the Financial Conduct Authority (FCA) by income streaming app Wagestream. The latest statistics for Q1 2019 show that there were 861,781 payday loans taken in the first three months of the year.…

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