The Lending Standard Board (LSB) has published its Access to Banking Standard summary report. The Access to Banking Standard aims to help minimise the impact of bank branch closures on customers and local communities. It is designed to ensure that customers affected by branch closures receive sufficient communication and clarity on the reasons for the…

The gap between monthly rental costs and mortgage payments is at its smallest in a decade, but renters are still paying almost 20% more of their income on housing costs in parts of the country. Nationwide, rents are now just 3% more expensive than mortgage repayments, which save homeowners £227 a year, according to a…

IHS Markit’s UK Household Finance Index (HFI) hit 47.6 in February, from 44.6 in January, as UK households’ perceptions of their financial wellbeing rose to its highest-ever levels. The Household Finance Index rises to 47.6, from 44.6 in January as UK households foresee a solid improvement in their financial health over the next 12 months.…

A third of undergraduates are using loans, overdrafts and credit cards to pay rent at university, the National Student Accommodation Survey 2020 has found. Some are even taking out payday loans to pay their landlords. The annual research by money advice site Save the Student polled 2,168 students, and reveals widespread borrowing among undergrads. Although 36% turn…

The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…

Eight in ten businesses believe data is one of their most valuable assets, but a high degree of inaccuracy is hindering critical initiatives, new research from Experian has revealed. The annual Global Data Management report, which surveyed 1,100 data practitioners and data-driven business leaders globally, found that businesses are still struggling to incorporate meaningful data…

Improving data and the quality of decisions are two of the top strategic priorities for credit management professionals in the next three years. A new study of credit management professionals from Equifax Ignite reveals nearly three quarters (72%) believe there is scope for future improvement of data analytics at their current companies. The study, in…

More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…

The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…

A new investigation from Admiral Car Finance has revealed a range of hidden and unexpected costs consumers could unwittingly be hit with when purchasing their next car on finance, which could see them spending almost £1,200 more than they need to. With 2.4 million people spending a total of £37.6 billion on car finance last year, consumers…

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