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…

Payments made through the three retail payment systems managed by Pay.UK reached an all-time high in 2019, with businesses and individuals making 9.2 billion transactions with a combined value of £7.4 trillion. Pay.UK is the UK’s independent payment system operator, responsible for the Bacs Payments System (which processes Direct Credits and Direct Debits), the Faster…

The Financial Conduct Authority, Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data. The statement said that they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal…

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 new guide has been published to help financial firms — and other creditors — better understand and support customers struggling with both debt and mental health problems. Research by the Money and Mental Health Policy Institute shows that half of all people in problem debt in England also have a mental health problem, which…

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…

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