Credit, Collections & Insolvency News
A cross-party committee of MPs has launched an enquiry into the pre-pension income gap ahead of the impending State Pension age increase to 67. The enquiry found that 60-64 year-olds are the joint poorest age group among working-age adults aged 25 and over, as some people leave work early to care for partners or on…
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More than one in eight people (13%) believe they would personally need more than £100,000 each year for a good standard of living in retirement, according to new research from Royal London. The figure is significantly higher than the £43,900 industry body Pensions UK’s Retirement Living Standards estimates that a comfortable standard of living will…
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PKF Smith Cooper has announced that it has appointed Lucinda Matkin as its new Business Recovery and Restructuring Director. Matkin joins the firm with over 25 years of experience in the industry, including time at a Big Four firm, and is the founder and owner of Midlands-based LM Insolvency. Since establishing in 2012, Lucinda has…
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Specialist lender, Afin Bank has appointed Rob Lankey as Director of Credit. Lankey has been in the industry for over 35 years, including executive roles at Norwich and Peterborough Building Society, Shawbrook Bank and GB Bank. He was also a founder and start-up team member of Aldermore and has served as Chief Executive Officer of…
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New Financial Conduct Authority (FCA) research has warned that people should review and avoid using certain credit builder products. The review looked into credit builder products and the harm that they can cause to consumers, particularly if they are struggling with debt. Credit builder products claim to help people build a record of making payments,…
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Retail footfall has declined for the sixth consecutive month, according to the British Retail Consortium (BRC). Total activity fell by 0.7% in October, led by drops in shopping centre and retail park footfall. Helen Dickinson, Chief Executive of the British Retail Consortium, said “While overall footfall fell for the sixth consecutive month, there was some…
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Almost half of parents (46%) say they’ll prioritise their children’s Christmas experience over every other area of household spending this year, according to new research from Thinkmoney. After another year of rising prices and stretched budgets, many families are determined to keep the festive magic alive, even if that means cutting back elsewhere. Nearly a…
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Hodge Bank has announced that it has appointed Scott Hill as its new Chief Technology Officer (CTO). Bringing with him a wealth of experience from some of the world’s leading technology and financial services organisations, Hill will lead Hodge’s technology strategy and digital transformation as the bank continues to invest in innovation and customer experience.…
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The Bank of England has held the base rate at 4% which affects a wide range of consumer loan agreements from credit card to mortgage payments. Commenting on the MPC’s decision not to change the Bank Rate from 4%, Andrew Gall, Head of Savings and Economics at the Building Societies Association (BSA) said “Many aspiring homebuyers…
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The Bank of England has maintained interest rates at 4% following a close vote by the Monetary Policy Committee (MPC). The rate-setting Monetary Policy Committee voted in a 5-4 split in favour of holding the rate, with four members preferring to cut rates by 0.25% to 3.75%. Commenting on the Bank of England’s decision to hold…
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Energy regulator Ofgem is assigning a new supplier for 8,400 customers after energy provider Tomato Energy collapsed. Ofgem intervened to protect supply for all affected, confirming that energy provision and funds, including credit balances, are secured under its ‘supplier of last resort’ safety net. Tomato Energy was banned from taking on new customers in April…
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New research by the Anti-Scam Alliance (GASA), in partnership with Cifas and Tietoevry has found that scammers stole an estimated £9.4 billion from consumers over the past 12 months with the report highlighting that one in five (20%) adults say they were targeted and had money taken, with the average victim having £878.60 stolen. The…
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Thousands of people at risk of experiencing homelessness will be able to open bank accounts for the first time through a new pilot between Shelter and five major banks, which will allow Shelter to support people without a fixed address removing a major barrier which stops people being able to get paid work. Lloyds, NatWest,…
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