Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…
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The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…
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Net consumer borrowing increased for the second month in a row, albeit at a lower rate than in July according to the latest Bank of England figures. The figures show £21.3 billion was borrowed on cards and loans in August, up from £20.9 billion in July, and less was being saved. While the amount borrowed…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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TotallyMoney has warned that consumers could be unwittingly losing hundreds of pounds by using certain financial products against their advantage. The company’s research has revealed that the majority of consumers (53%) have an outstanding debt on a credit card but no 0% promotional offer, meaning they could be paying an average interest rate of 20.77%…
Read moreResearch from Indesser, a joint debt management venture between the Cabinet Office and TDX Group, shows 39% of people’s finances have been negatively affected by the COVID-19 pandemic, with Generation Zers feeling the sharpest impact (44%). The survey reveals the toll of the pandemic on people’s sense of financial stability, with 43% admitting they worry…
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New data released by UK Finance has revealed that credit and debit card activity in the UK fell slightly in June, despite non-essential shops across the UK re-opening in response to the lifting of restrictions. 933 million transactions were made across the month, a 2.7 per cent decline compared to May, and 43.1 per cent…
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The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance,…
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Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance. The ‘Pay by Bank’ facility will be provided by Tesco Bank and enabled by Mastercard’s Open Banking Connect™ service. It allows Mobile and Online credit card…
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UK banks achieved the biggest reduction in card fraud losses last year among 18 countries across Europe, according to the updated FICO European Fraud Map. More than half of the countries saw increases in card fraud losses in 2019 according to the report, based on data from Euromonitor International and UK Finance. Toby Carlin, Director…
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The Financial Conduct Authority (FCA) has set out its expectations for the steps firms should take when considering closing branches or ATMs, or converting a free-to-use ATM to pay-to-use. In its finalised guidance, the FCA makes it clear that banks, building societies and credit unions are now expected to keep the FCA informed of any…
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Consumer spending grew 0.2 per cent year-on-year in August – the first uplift since February 2020 – as Brits enjoyed the last of summer by socialising and holidaying in the UK. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 5.1…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2020 by 9% compared with the same month in 2019, and decreased by 23% in the first seven months of 2020. Retail store and online credit new business grew by 1% in July compared with the…
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