£101m of fraud prevented by finance industry funded police unit

A specialist police unit which targets the organised criminal gangs behind fraud prevented a record £101 million from being stolen in 2021, the highest amount in the unit’s 20-year history. The Dedicated Card and Payment Crime Unit (DCPCU) which is funded by the banking and finance industry, is made up of officers from the City…

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87% of 11-18-year-olds have limited knowledge about managing money

17th May 2022 Consumer Lending | #featured

New research by Yorkshire Building Society has found that nearly nine out of ten (87%) 11-18-year-olds have limited knowledge about managing money with 14% say they know nothing at all about money management. Only around a third (36%) of 11-18-year-olds in the UK surveyed say they have learnt about finances at school despite it being…

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Consumer finance new business grows by 19%

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 19% in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business was 34% higher than in the same quarter in 2021. The credit card and personal loan sectors together reported…

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Consumer car finance new business volumes increase by 2%

17th May 2022 Consumer Lending | #car finance

New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported new business volumes up in March 2022 by 2% compared with the same month in 2021. The corresponding value of new business grew by 8% over the same period. In Q1 2022 as a whole, new business…

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Second charge mortgages grow by 42%

New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grow by 42% Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “New business…

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Asset finance new business grows by 13%

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2022 by 13% compared with the same month in 2021. In Q1 2022 as a whole, new business was 7% higher than in the same quarter in 2021. The IT…

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Time Finance appoints Head of Compliance

17th May 2022 Appointments | #appointments

Time Finance has announced that they have appointed Sean Hughes as Head of Compliance. Hughes brings over 10 years’ experience to the role having built a credible career within the financial services sector. During his time at firms including Thistle Initiatives Group, BNY Mellon, Atlanta Group and Time Finance Sean has played a hands-on role…

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Third of drivers take on additional debt to keep driving

New research by comparethemarket.com has found that a third of drivers (31% think they will need to take on additional debt to afford to keep driving One in four motorists (25%) has struggled to afford the cost of driving in the past month, whilst one in three drivers (33%) are worried that they won’t be…

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Ofgem proposes quarterly price cap reveiws

Energy regulator Ofgem, has proposed that the energy price cap on bills should be reviewed every three months instead of twice a year to help households. Ofgem says that at a time when consumers are being squeezed financially from all sides, it is looking at how it can use its powers to make the market…

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Rogue IVA provider shut down

A rogue volume IVA provider has been wound-up by the Insolvency Service. Vanguard Insolvency Practitioners (along with three connected companies: MDN Consultancy Limited, Newtco Limited and KIS Financial Consultancy Limited) were wound-up in the public interest at the High Court in Manchester before His Honour Judge Hodge. Petitions were submitted to the court by the…

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Lending to small businesses hits all-time low, with six in ten impacted by late payment   

New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…

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Over a third of small business owners predict growth

Over a third (37%) of small business owners predict growth for the next three months, the highest figure since the pandemic started more than two-years ago. The new quarterly data from Novuna Business Finance also reveals that the percentage of small businesses predicting contraction has also hit a two-year low (falling to just 7%). Despite…

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Value of business loans written off by banks almost doubles

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…

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