Credit, Collections & Insolvency News
Working families remain under significant financial pressure as they struggle to cover their most essential living costs, with family members of all ages increasingly aware of these challenges. UK families continue to grapple with balancing the books as living costs increase. These increases ever more frequently offset any rises in regular pay, rates for which…
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I don’t know about you, but whenever I hear someone talk about AI or Artificial Intelligence, I feel somewhat sceptical, even scathing. When I was quite a bit younger, I remember watching Tomorrow’s World on the BBC, learning all about something new called an ‘Information Superhighway’ that had been invented and was going to change…
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There are a number of key employment law changes that are coming in this April that businesses need to be aware of. Flexible working rights A significant change to worker rights set to be introduced in April will ensure flexible working is more accessible than ever before and demonstrates the traditional 9-5 working pattern is…
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While some indicators have shown small positive signs of improvement, these are not yet at the point where they can decrease the financial pressures on many UK households. Increasing wages and falling inflation bring some welcome indications of improvement for the UK’s economic outlook this month, but neither are yet significant, or long-lasting, enough to…
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Lenders are waking up to the fact that Consumer Duty is not going to be a ‘one and done’ project. Unlike other aspects of financial regulation that they have had to adopt in the past, complying with the FCA’s latest regulatory advancement looks set to be a year-round challenge. The reason for this is that…
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As we approach the 2024 general election, both sides of the political divide clearly want to stake their claim to be the party of law and order. However, when we look at the political narratives around crime, it is clear that politicians (and indeed the public) view ‘crime’ primarily through a very limited lens of…
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In spite of a minor decrease in the last month of £62 in the total average amount of debt held by UK adults, average personal debt remains almost exactly equal to one year’s average earnings at 99.9%. In the year to December 2023, outstanding credit card debt increased by 9.2% (£5.8 billion), with the average interest rate on credit card…
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The new Consumer Duty rules for retail financial services, which came into force in July 2023, marked a considerable shift in the regulatory expectations on firms for consumer protection. As noted by the Financial Conduct Authority (FCA), who will supervise firms for compliance, the Consumer Duty “sets higher and clearer standards of consumer protection across…
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UK household spending on energy and fuel is falling but these reductions seem driven by people looking to cut down their expenditure against a steadily growing backdrop of debt. Energy and fuel spending are down for the average UK household, but while some of this is due to falling prices, the majority of the change…
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The Financial Ombudsman Service (FOS) is currently consulting on its plans and budget for the new financial year. Though this happens every year, the proposals included this time could make a big difference to the alternative lending market in the future. The consultation includes plans to reduce the fees and levies paid by firms and…
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Businesses have faced a series of financial challenges and generational disruption crammed into the space of a few years: the pandemic; the impact of Brexit on supply chains and market access; and the toughest squeeze on living standards and consumer spending power since the 1970s. Corporate insolvencies are already at their highest levels since the…
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In the months and weeks leading up to the end of 2023, the UK’s financial numbers give an overview of the difficult landscape being faced and the effects this may have on many people’s Christmas spending plans. According to the Office for Budget Responsibility’s November 2023 forecast, household debt of all types is forecast to…
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There are times when it feels like fate is finally stepping in to lend a hand, and the release of the Ministry of Justice consultation on the benefits of adding claimant data to the public Register, swiftly followed by the FCA’s publication of their Credit Information Market Improvements definitely feels like one of those times.…
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