Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) has published its annual complaints data for the 2020/21 financial year (April 2020-March 2021) with commentary and insight. The overall number of new complaints received increased by 2% to 278,033, compared to the 271,468 complaints received in the 2019/20 financial year. Excluding the number of PPI complaints, the figures reveal a…
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UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreNew research from Diebold Nixdorf has found that over 50% of the public are still using cash on a weekly basis, reinforcing the importance of access to cash as lockdown restrictions ease. The use of cash across age groups remained relatively consistent, with 61% of 55 year-olds and using cash in the last week, compared…
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Online banking fraud victims lost over £160 million in the past year (2020-21) according to new research by Moneytransfers.com The research says that for many of us, online banking and credit/debit cards are an essential part of our everyday lives as they allow us to pay for a multitude of necessities such as food and…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Four new banks were launched in the UK in the first ten months of the pandemic, adding to the 41 launched over the previous seven years, according to analysis by ACP Altenburg Advisory. The debt advisory specialist says that the new banks provide a sign of the growing options available to businesses looking for finance as…
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In the last 12 months, the pandemic has altered digital and financial lives, causing significant financial distress and uncertainty around employment and yet for others, financial reserves have improved. Either way, over the past year consumers, have been re-evaluating their relationships with money and technology according to Lloyds Bank Consumer Digital Index research. Given the…
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The Financial Conduct Authority (FCA) has outlined plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to. Firms are already bound by FCA rules and principles to treat customers fairly and many firms are delivering the right outcomes for consumers, including…
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UK Finance and the largest retail banks and building societies have made five commitments to continue to preserve access to cash for consumers and businesses over the long term. The financial institutions which have signed up for these commitments are Barclays Bank UK plc, Coventry Building Society, HSBC UK Bank plc, Lloyds Banking Group, Nationwide…
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The number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic, according to the latest statistics from Experian. In February, Experian’s Open Data Platform saw more than 188 million data sharing requests (up from 47 million in February 2020) – 30% of the 669 million…
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Consumer spending has recovered to levels last seen before the pandemic as it rises 0.4% in April compared with the same period in 2019, up from a 7.2% contraction in March and the first expansion this year, according to data from Barclaycard. The data indicates that spending on essential items rose 10.1 per cent compared…
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New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…
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