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…

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 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…

Fraud prevention service, Cifas, has released startling new figures showing a marked increase in the number young people falling victim to identity fraud. The new figures reveal that Cifas members identified a 24% increase in cases of under-21-year-olds falling victim to impersonation fraud in the first nine months of this year, a significant rise from…

Citibank Europe has been fined €1,330,000 and reprimanded by the Central Bank of Ireland in respect of six breaches of its Code of Practice on Lending to Related Parties. The Code requires credit institutions, including banks and building societies, to have the proper systems, controls, independent oversight and regulatory reporting processes in place to support…

New statistics published by StepChange Debt Charity have laid bare the alarming scale and changing nature of problem debt in the UK. They show that 326,897 people contacted the charity for help with their debts in just the first six months of 2018. Of the 180,644 who received full debt advice and a recommended debt…

New online research from Equifax has revealed nearly one third (31%) of people believe they won’t be able to pay off debt within their lifetime, and over one in 10 (12%) say they won’t even be able to reduce their debt levels. The survey, conducted with Gorkana, indicates those aged 18-24 are the most pessimistic about…

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