Morses Club has seen pre-tax profits hit due to the coronavirus pandemic, saying a decline in customer numbers during the six months to August 29 had been considerably steeper than expected. Restrictions on lending to new customers in place from March until mid-July meant it saw 25,000 fewer new customers. The company has also seen…

Which? is calling for Buy Now, Pay Later (BNPL)  firms like Klarna and Clearpay to be fully regulated to provide greater protection for consumers, as new research from the consumer champion finds concerning industry practices encourage people to spend more than they planned to. The consumer champion’s findings show that these slickly designed, easy-to-access credit…

New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age.  31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…

The Consumer Credit Trade Association (CCTA) has announced the launch of a strategy to reshape the organisation and create a stronger voice for alternative lenders. Ahead of the CCTA’s Annual General Meeting and the start of its new membership year, the CCTA explained it is making changes to its structure, carrying out a review of…

Specialist home credit provider Morses Club, says its revenue increased by 14.3% to £133.7 million (FY19: £117 million) in its preliminary results for the 53 weeks ended 29 February 2020. The listed business also reports a statutory pre-tax profit of £11.5 million (FY19: £20.2 million). Total credit issued to Home Collected Credit (HCC) customers was…

Consumer Credit Trade Association (CCTA) Chief Executive Officer (CEO) Greg Stevens has announced that he will be stepping down to take over the role of Council Chair. In a statement, Stevens said “After the most peculiar and difficult business year that I can remember, I will be handing over the reins of the CCTA to…

FinTech startup Zilch has become one of the first Buy Now Pay Later (BNPL) to secure consumer lending authorisation from the Financial Conduct Authority (FCA). The company says that it aims to redefines the BNPL market by placing consumer financial wellness at the heart of its operations and recently announced an Open Banking data partnership…

The Financial Conduct Authority (FCA) has confirmed updated guidance to firms setting out enhanced support that should be available to consumer credit customers experiencing payment difficulties as a result of coronavirus. The guidance covers users of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawnbroking, motor finance and…

Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…

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