Credit, Collections & Insolvency News
The number of complaints to the Financial Ombudsman Service (FOS) about fraud and scams has surged to record highs, figures show. The 40% rise in grievances after people have been tricked out of their money has pushed the overall number of complaints to its highest level in five years. For the first time in ten…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.…
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The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in March compared with the same month last year. In Q1 2019 as a whole, new business was at a similar level to Q1 2018. Retail store and online credit new business increased by 4% in…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018. The corresponding value of new business was at a similar level to March 2018. The POS consumer new…
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Homeowner mortgages in arrears figures remain at historically low levels according to the latest figures from UK Finance. The figures published reveal that there were 76,580 homeowner mortgages in arrears of 2.5 per cent or more in the first quarter of 2019, four per cent fewer than in the same quarter of 2018. Whilst the…
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The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make…
Read moreM&S Bank has announced that Paul Spencer has been appointed Chief Executive Officer (CEO) of M&S Bank, following his appointment as interim CEO, M&S Bank, in February 2019. Prior to this, Spencer was Chief Control Officer for HSBC’s Retail Banking and Wealth Management business. He also previously held the position of CFO for Marks &…
Read moreThe Bank of England has published its latest Money and Credit statistics, showing consumer credit growth slowed to 6.4 percent in the past year as consumer credit increased by £0.5 billion in March, the lowest increase since November 2013. The weakness was largely due to a fall in new lending for car finance. Outstanding balances…
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The Central Bank of Ireland has reprimanded and imposed a fine on Bank of Montreal Ireland for breaching a condition of its banking licence by failing to submit three operational risk returns to the Irish Central Bank, and failing to establish and maintain effective processes and internal controls to ensure compliance with this regulatory reporting…
Read moreThe number of recorded crime series incorporates fraud offences collated by the National Fraud Intelligence Bureau (NFIB) from three reporting bodies: Action Fraud (the public-facing national fraud and cybercrime reporting centre) and two industry bodies, Cifas and UK Finance (who report instances of fraud where their member organisations have been a victim) show an Increase…
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Over 250,000 homeowners are expected to struggle to refinance their properties over the next five years, according to research conducted by Kensington Mortgages. The data shows that 15 per cent of borrowers will have reached the end of their repayment date by 2024 and will be unable to find a new deal, which Kensington says…
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Over one million consumers who do not have a bank account pay on average £485 for household services according to new research by Pockit. The digital current account provider found that around 1.23 million ‘unbanked’ individuals are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. The…
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