The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…

Here is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…

Rent-to-own firm BrightHouse has entered administration. Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton have been appointed as Joint Administrators. BrightHouse is the trading name of Caversham Finance. The company provided rent-to-own and cash lending services to the consumer market. The company also included Caversham Trading Ltd (CTL) operates a logistics and engineering…

High-cost short term lender (Payday lender) Uncle Buck has entered administration. The Financial Conduct Authority (FCA)  had concerns that Uncle Buck Finance was failing to meet the adequate resources Given the severity of these concerns, the FCA has required Uncle Buck to stop lending to customers. Following on from this action, the members of Uncle…

Doorstep lender, Morses Club has announced that Andrew Hayward has left his role as Chief Financial Officer (CFO) with immediate effect. Andy Thomson, a Non-Executive Director (NED) of Morses Club and Morses Club’s previous CFO, will take on the position of CFO on an interim basis and will step down from his current role on…

Non-standard financial services provider, Morses Club, says it expects its adjusted pre-tax profits to fall by 18% to 23%. The company says the performance of the Home Collect Credit (HCC) division during the period has been very strong in a sector that continues to face headwinds and is expected to maintain like-for-like profitability.  Total credit…

Buy Now Pay Later (BNPL) debts included on debt solutions have jumped by over 300% in the past six months, according to new data from debt advice provider Financial Wellness Group. The average BNPL debt added to a debt solution is around £250 and customers will typically have more than one BNPL account (and in…

Provident Financial has announced its preliminary results for the year ended 31st December 2019 with Group adjusted profit before tax up 1.6% to £162.6m (2018 (restated): £160.1m), as the business continues to adapt to the evolving regulatory environment and successfully defended the hostile NSF bid. Malcolm Le May, Group Chief Executive, said “I am pleased…

The use of “buy now, pay later” products in the UK set to more than double by 2023, according to a new report by Worldpay. The newly released Worldpay from FIS 2020 Global Payments Report has found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13…

Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…