New research from NS&I has revealed that 14% of Britons (7 million people) think they may have lost track of a financial product, highlighting the staggering amount of money left dormant with UK financial services providers. And it’s not just savings accounts, with a fifth (20%) admitting there is a possibility that they have lost…

UK Finance, the trade organisation representing around 300 firms in the finance and banking industry operating in the UK, has today announced the appointment of David Postings, Global Chief Executive, Bibby Financial Services and Mark Barnett, President of Mastercard UK, Ireland, Nordics & Baltics, to its Board. David and Mark will be joining the 22-strong…

CYBG has completed the acquisition of Virgin Money, creating the UK’s sixth-biggest bank. Commenting on completing the Virgin Money acquisition, CYBG Chief Executive David Duffy, said “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers…

Personal finance ‘paralysis’ costs UK consumers £18.7 billion per year, according to new research from Freedom Finance. Freedom Finance, the fintech lending platform, worked with a senior economist from Strathclyde Business School to calculate the cost of personal finance indecision. The study found a failure to switch or consolidate credit card debts costs UK consumers £10.5 billion a…

The Financial Conduct Authority (FCA) has issued a warning to the high-cost short-term credit (HCSTC) sector amid a rise in complaints about unaffordable loans. The FCA has said it has sent a so-called “Dear CEO” letter to providers of high-cost short-term credit asking them to assess whether their creditworthiness assessments are compliant and whether borrowers…

The Treasury Committee has published its response to the Household Finances Report from July. Commenting on the response, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said “In its report, the Committee expressed concern about the over-zealous debt collection practices of public authorities. The Government’s rehashing of existing policies in its response adds…

The financial services industry has committed to providing further support to victims of financial abuse with the introduction of a voluntary Code of Practice. In recent years the financial services industry has recognised the need to address financial domestic abuse and this new Financial Abuse Code of Practice, designed to take forward the Financial Services Vulnerability Taskforce recommendations,…

The Financial Conduct Authority (FCA) has published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period.  It also set out its approach to the regulation of Credit Ratings Agencies, Trade Repositories and Data Reporting Services Providers. The two consultation papers…

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