Credit, Collections & Insolvency News
Tesco Bank has announced that all Tesco Bank Personal Current Accounts will close from Tuesday 30th November 2021. Tesco Bank’s Current Account was closed to new business in December 2019 and will now also close for existing customers. Tesco Bank will write to Current Account customers to inform them of the closure of their account…
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New research byJuniper Research study has predicted that 53% of the world’s population will access digital banking services in 2026 reaching over 4.2 billion digital banking users, from 2.5 billion in 2021. The research identified increased digital transformation efforts as enabling banks to function effectively during the pandemic; justifying the benefits of digital banking and…
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The Bank of England’s quarterly Credit Conditions Survey saw respondents say that the length of interest-free periods on credit cards, for both balance transfers and purchases, had increased in the previous three months, with further increases expected in the next three months. Mortgage availability also increased in the three months to the end of May,…
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The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 116% in May 2021 compared with the same month in 2020. In the first five months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…
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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreLatest Bank of England (BoE) figures show that consumer borrowing rose in May, outpacing the amount repaid for the first time since August 2020. Net borrowing rose by £280 million during the month, up from a net repayment of £228 million in April. The report shows that borrowing on credit cards fell but there was…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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Over a tenth (12%) of UK homeowners aged 40 and above would consider releasing equity from their property to supplement retirement income, with the average age they would consider doing so being 66, according to new research released today by Canada Life. A similar amount (12%) of homeowners over the age of 40 plan on…
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The Competition and Markets Authority (CMA) has issued a formal warning to Monzo, NatWest, Virgin Money and Bank of Ireland for failing to send bank statements to 150,000 former customers. Competition rules require lenders to send customers a history of their current account banking activity within 40 days of closing their accounts. As a result…
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Research by Consumer group Which? has found that not all banks are using the full technology available to them to protect customers from phishing scams. The consumer champion looked into what protections banks were putting in place to protect their customers from receiving fraudulent emails, SMS messages and phone calls. These so-called phishing attacks are…
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New data from FICO has revealed the levels of consumer tolerance to new account opening security checks. With 23 percent of respondents admitting to going to a competitor financial services provider if asked to visit a branch or post documents as part of the digital application process. According to the data, if asked to visit…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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