Credit, Collections & Insolvency News
New research from TransUnion’s study tracking the impact of the pandemic has shown that over a quarter (27%) of UK households now do not expect any future financial impact as a result of the pandemic, almost double the figure (14%) when the study began in March. TransUnion says that this demonstrates the steadying effect that…
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The government has confirmed that the new statutory Breathing Space scheme will launch in May next year. The government has published draft regulations titled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. The news will mean that people in problem debt will be able to access 60…
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Figures from UK Finance show a total of £8.7 billion was spent on credit cards in the first full month of lockdown in April, half the level of April last year. This was the lowest level of spending seen since the last economic downturn, according to the trade body. As a result, outstanding balances on…
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The creditworthiness of used car buyers returning to the market after the coronavirus crisis markedly exceeds that seen before the pandemic took hold, Startline Motor Finance is reporting. The company says that credit scores seen over the last few weeks are higher than in Q1 of 2020, as are deposits, overall vehicle values and a…
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Banks are being urged to help create a new and more resilient model of prosperity that will enable the UK to ‘build back better’ in the wake of the COVID-19 pandemic, in a new report published by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political…
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The Finance & Leasing Association (FLA) has published its recovery plan for the economy – Shaping the UK’s future prosperity: recognising the opportunities for recovery – which recommends a phased approach of short, medium and long-term measures that will ultimately position the UK to meet the Government’s key objectives of achieving a net-zero, low carbon…
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One in three parents are concerned they do not have enough financial understanding to run the Bank of Mum and Dad properly according to new research by Openwork. The survey found that 32% of parents would value advice on how best to give money to children – and would also like Government support with guidance…
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The Financial Services Compensation Scheme (FSCS) paid out £527 million and helped a total of 258,119 customers during the year, 79 per cent of whom were satisfied with the job performed by the regulator. As part of its annual report, the FSCS summarised that it continued to assess claims fairly and efficiently, driving outstanding customer experience.…
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The Competitions and Marketing Authority (CMA) has taken action against Cardif Pinnacle, and written to Nationwide and Lloyds, after they failed to provide accurate annual PPI reminders. The CMA issued Cardif Pinnacle with legally binding directions ordering it to appoint an independent body to audit its payment protection insurance (PPI) processes. It must also put…
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GambleAware has today published the findings of research commissioned to review the availability, uptake, and effectiveness of bank card gambling blockers (blockers). The review was carried out by researchers at the University of Bristol’s Personal Finance Research Centre (PFRC) and evaluates the potential for blockers to help people who want to control their gambling. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in May 2020 by 78% compared with the same month in 2019, and by 41% in the five months to May 2020. The consumer new car finance market reported a fall in new…
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EQ has launched a new automated complaint product for the financial services industry. The new product called EQ Complaints Professional is a complaints solution that will enable firms to enforce their FCA compliance immediately and on a continual basis as regulation evolves. The solution’s automation and machine-learning capabilities will ensure companies meet regulatory requirements to…
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