New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020. The retail store and online credit sector reported a fall in new business of 6% in February compared with the same month in 2020.  The credit…

A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of  ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…

High-cost short term lender Amigo Loans will press ahead with a rescue plan to cap compensation payments for nearly 1 million customers after the high court rejected concerns the proposed scheme would unfairly harm them. Amigo Loans has been made aware that the Financial Conduct Authority did not support the Scheme and has set their…

The Financial Conduct Authority (FCA) has expanded its probe into how Amigo Loans handled mis-selling complaints from customers. The regulator has been looking into how the lender assessed its clients’ creditworthiness since May 2020 and has now announced that it is extending the scope of the investigation to include the company’s complaints handling process. The…

New research by free debt advice provider Financial Wellness Group, shows that people using Buy Now Pay Later (BNPL) loans are getting into problem debt younger. The average age of customers seeking debt advice with BNPL debts is 34, compared to 37 for those without BNPL debts. In fact, 40% of BNPL customers seeking debt…

Caroline Wayman, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service (FOS) has announced that she is stepping down from the role on 16 thApril, after 22 years in the service and nearly 7 years as Chief Executive. Announcing her departure to ombudsman service staff, Wayman said “After nearly seven years as chief ombudsman…

Sercle, the Credit Union arm of Omnio Group has announced its partnership with Nivo to integrate its services with Omnio’s platform. Through the partnership, every Sercle Credit Union can offer members a market-leading mobile experience with full access to Nivo’s secure messaging and onboarding technology. Nivo’s mobile messaging has already achieved dramatic results with existing…

Latest date from the Financial Ombudsman Service (FOS) has shown that guarantor loans were the most complained-about product during the three months period between October to December 2020. The new figures mean that Guarantor loans have overtaken Payment Protection Insurance (PPI) as the most complained about product that the Financial Ombudsman Service adjudicates on. Complaints…