The average consumer doesn’t begin to worry about their debt until it hits £6,012, a new study has found. The research also revealed many only consider themselves to be ‘in debt’ once they are £3,882 in the red. But they only begin to see the deficit as a ‘serious concern’ when they owe more than…

The latest UK card stats reveal that the growth in credit card spending is down to 4.9% in February. In February 2018 the corresponding figure was 8.3%. However, the use of credit cards continues to increase as a payment method in the UK. There were 246 million transactions on cardholders’ credit cards in February 2019,…

The number of complaints to the Financial Ombudsman Service (FOS) about fraud and scams has surged to record highs, figures show. The 40% rise in grievances after people have been tricked out of their money has pushed the overall number of complaints to its highest level in five years. For the first time in ten…

New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.…

The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in March compared with the same month last year. In Q1 2019 as a whole, new business was at a similar level to Q1 2018. Retail store and online credit new business increased by 4% in…

New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018.  The corresponding value of new business was at a similar level to March 2018. The POS consumer new…

Homeowner mortgages in arrears figures remain at historically low levels according to the latest figures from UK Finance. The figures published reveal that there were 76,580 homeowner mortgages in arrears of 2.5 per cent or more in the first quarter of 2019, four per cent fewer than in the same quarter of 2018. Whilst the…

The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make…

M&S Bank has announced that Paul Spencer has been appointed Chief Executive Officer (CEO) of M&S Bank, following his appointment as interim CEO, M&S Bank, in February 2019. Prior to this, Spencer was Chief Control Officer for HSBC’s Retail Banking and Wealth Management business. He also previously held the position of CFO for Marks &…

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