Inflation falls to lowest level in nearly 3 years – consumer credit industry reaction

The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows that the rate of inflation fell to 2.3 percent in the 12 months to April 2024, down from 3.2 per cent in March.     Prices were up 0.3% in a month (compared to 1.2% a year earlier). CPI is the…

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Inflation falls to 2.3% – business industry reaction

Latest ONS data has found that inflation came in at 2.3% in April, lower than the 3.2% reported in March. The rate is at its lowest in two and a half years, and down from the peak at 11.1% in October last year. Commenting on the inflation data for April, ONS Chief Economist Grant Fitzner…

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More than £1 billion stolen through fraud in 2023

Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022 according to UK Finance’s annual fraud report. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £708.7 million this year, down three per cent compared to 2022. The total number of recorded…

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Over 3.5m remortgaged their homes last year

22nd May 2024 Consumer Lending | #remortgages

New analysis commissioned by the Liberal Democrats has revealed that over 3.5 million households in England and Wales remortgaged their homes last year, causing a combined £8.8 billion in additional mortgage payments a year as a result. The Liberal Democrats said it shows Rishi Sunak’s boasts on inflation would ring hollow for families facing eye-watering…

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Education Select Committee announces financial education proposals

The Education Select Committee is set to propose that financial education should be introduced in primary schools as part of PHSE classes. Research by Hargreaves Lansdown carried out last year found that three quarters of 18-year-olds don’t understand the rules around borrowing or what a share is whilst two in three 18-year-olds don’t understand inflation,…

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Almost one in two over 55s face £400 rise in mortgage payments

Almost one in two homeowners aged 55 or over will pay an additional £400 a month on their mortgage after their current fixed rate deal expires according to research by Key Later Life Finance. A total of 47% of homeowners in this age bracket said they expected repayments to rise by an average of £5,000…

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Optimum Finance appoints Relationship Manager

22nd May 2024 Appointments |

Invoice Finance specialist, Optimum Finance, has announced it has appointed Jessica Okonoboh as its latest Relationship Manager. Okonoboh joins the team with prior experience in Invoice Finance and the wider financial services sector, holding particular skills in client services, credit management and business development. Ant Persse, CEO of Optimum, said “Optimum exists to support our…

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Anti-Money Laundering spend expected to grow by 170% in the next four years

A new study by Juniper Research has found that the global spend on AML (Anti-money Laundering) systems from non-financial institutions will grow 170% over the next four years; rising from $2.3 billion in 2024. The analysis says that the substantial growth will be driven by a tightening of regulatory requirements; necessitating areas such as legal…

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Pawnbrokers see 13% increase in loans

New figures obtained by Mazars from the Financial Conduct Authority show the value of loans made by UK pawnbrokers has increased by 13% in the past 12 months, reaching £252 million. The value of pawnbroker loans increased from £224 million in 2022 to £252 million in 2023, as the cost of living crisis put stress on household…

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UK is still not ready to go cashless

New research published by LINK has found that almost half of people think the UK is heading towards a cashless society. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers…

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Chetwood Financial acquires CHL Mortgages

21st May 2024 Consumer Lending |

Digital bank Chetwood Financial has announced it has completed the acquisition of the buy to let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl (Barossa). Chetwood entered a competitive bidding process to acquire the lender, which trades as CHL Mortgages, to grow a well-regarded business and access its experienced mortgage lending…

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Three in ten small businesses receive financial support from family members

21st May 2024 Business Lending | #business

New data from Iwoca has shown that three in every ten (29%) small business owners in the UK have received financial backing from a family member – with three-quarters (74%) saying it was essential for setting up their business. Over a third (36%) said they had received more than £25,000 from their relatives, with a…

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Young people put high risk investments ahead of debt repayments

21st May 2024 Consumer Collections |

New research by Hargreaves Lansdown has found that young people have put high-risk investments ahead of debt repayments. Hargreaves Lansdown says that there are 1.8 million households in arrears but also found that 16% of those in arrears are also investing at the same time. Separate research from the FCA found there’s a risk younger…

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