Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…
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New research from TransUnion has revealed that the gap between traditional high street banks and digital challengers is rapidly closing. According to TransUnion’s latest Consumer Credit 2020 report, digital-only banks are only 3% behind their high street counterparts when it comes to consumer intent for current account applications. 10% of consumers said they plan on…
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The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…
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The Bank of England has announced a number of measures to respond to the economic shock from Covid-19. In a statement, the Bank of England’s said that its role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy…
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Consumer spending grew 2.2 per cent year-on-year in February, propped up by digital subscriptions and takeaways, as consumers stayed home to avoid bad weather according to new data from Barclaycard. The date, which sees nearly half of the nation’s credit and debit card transactions, revealed that spending on essential items rose by 1.6 per cent.…
Read moreNon-financial behaviours such as social media use and transactional behaviour may be used in future credit risk assessment with implications for access to consumer finance, according to a report released by Registry Trust. The ‘Futures of Credit Risk Assessment in the UK’ report written by Senior Lecturer Joe Deville of Lancaster University and published by…
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The Central Bank of Ireland has reprimanded and fined Ulster Bank (Ireland) DAC €4.6 million for governance failings relating to regulatory returns that were required under the Mortgage Arrears Resolution Targets (MART) Framework. The firm has admitted to these breaches, which took place from 2013 until 2015. The Central Bank determined that the appropriate fine…
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New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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Banking customers who use their arranged overdraft may find the cost to borrow rise over the next month as current account providers set out to ban usage fees in response to the Financial Conduct Authority’s (FCAs) overhaul to make things fairer. The latest research by Moneyfacts.co.uk has revealed that one brand has doubled the cost…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit growth remained at 6.1% in January, stabilising after the downward trend seen over the past three years. Meanwhile, mortgage approvals for house purchase rose to 70,900, the highest since February 2016. Whilst UK businesses made net repayments…
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The average insolvency rate amongst individuals in ‘red wall’ constituencies is 27% higher than the UK average, according to research by UHY Hacker Young. ‘Red Wall’ constituencies are areas in the midlands and northern England which have historically supported the Labour Party but voted for the Conservatives in the 2019 General Election. The average insolvency…
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Collections specialist CRS has announced the launch of a brand-new event called ‘Collections in the Digital Age.’ The event will take place at the Marriott Hotel in Leeds on the 5th of March 2020. The event is looking to break the mould of traditional ‘collections industry’ gatherings by directing the day away from what has…
Read moreHere is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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