Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a further marginal decline in overall household spending at the start of the second quarter. Expenditure fell -0.5% on an annual basis during April, which was slightly quicker than the -0.2% reduction seen in March. Consumer spending has now fallen in each of the…

Banks cannot delay tackling transfer fraud a single day longer, according to new research by Which? The research shows that a staggering £674 a minute is lost to this devastating crime. The consumer champion is calling for all banks to urgently reassure their customers that they will be better protected against fraudsters by signing up…

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…

Three in ten (28%) consumers ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes. One in six consumers (17%) spent up to £100 more than they received in income over the past month; 7%…

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…

The Payment Systems Regulator (PSR) has published its follow-up consultation for Confirmation of Payee (CoP) – an important tool to further protect people from Authorised Push Payment scams and prevent payments being accidentally sent to the wrong account.   It is understood that this initiative will provide customers with better protection from authorised push payment (APP)…

The Bank of England has published its latest Money and Credit statistics, showing consumer credit growth slowed to 6.4 percent in the past year as consumer credit increased by £0.5 billion in March, the lowest increase since November 2013. The weakness was largely due to a fall in new lending for car finance. Outstanding balances…

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