UK consumers are being put at risk of fraud because banks are “seriously lagging behind international competitors” when it comes to security according to new research by GBG. The research also finds that UK financial services organisations are failing to invest and not keeping up with digital investment seen in other sectors. While other countries…

There were more County Court Judgments (CCJs) against consumers in England and Wales during 2017 than any other year since current records began in 2005, according to figures released today by Registry Trust.  In 2017, 1,138,058 judgments were registered against consumers in England and Wales. Rising almost a quarter on 2016, the total number of…

Tesco Bank has cancelled some of its customers’ credit cards, after concerns that a number of accounts may have been compromised. The bank said that only a tiny number of its three million credit card users would be affected, and apologised for the inconvenience. A Tesco Bank spokesman said “We take the security of our customers’ accounts…

Fraud prevention service, Cifas, has released new figures showing stark increases in the number young people acting as ‘money mules’ and those falling victim to identity fraud.  The data has been released to coincide with the launch of new anti-fraud lessons plans, developed by Cifas, in association with the PSHE Association, the national body for…

The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. Commenting on the latest figures Money Advice Trust Joanna Elson OBE, Chief Executive said “Whilst the…

Credit reference agencies are using traditional credit scoring methods that are out of sync with modern financial life and that fail to accurately capture the creditworthiness of many people according to research released by trade body Responsible Finance. As a result, consumers are either completely financially excluded or pay a premium for credit. Responsible Finance…

The Payment Systems Regulator has announced the outcome of its consultation on introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. An industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection. The consultation, which ran from November 2017 to January 2018,…

A one percent interest rate rise would add £10billion to the UK’s mortgage bill, ultimately adding £930 a year to the cost of servicing the average mortgage, according to new analysis from international property adviser, Savills. Four in 10 borrowers on variable rate mortgages would be first to feel the pain.  Their annual mortgage bill would…

UK Finance has published its latest lending figures for 2018 that spending on cards was 5.8 percent cent higher than in January 2017, although higher repayment levels meant that the pace of borrowing saw little change, growing at 4.8 per cent annually. Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance said: “January…

Family incomes are set to start slowly rising again next year but low and middle-income households risk missing out with three years of stagnating living standards lasting until 2020, according to the Resolution Foundation’s annual living standards outlook. The report brings together the OBR’s latest economic forecasts with policy impact assessments to show what’s in…

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