Credit, Collections & Insolvency News
TSB has announced a UK banking first, a Fraud Refund Guarantee, to ensure the Bank’s 5.2 million customers are protected if they are an innocent victim of fraud – whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters. TSB’s announcement marks a significant step-change in banking, where today customers…
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The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…
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First Trust Bank announced that it will rebrand as AIB. The change will mean that all First Trust Bank operations, products and services will rebrand as AIB on a phased basis to create a shared and unified brand for our customers across all our business operations from 2020. Over the past number of years, AIB…
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New figures released by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year. Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors…
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According to new research by Equifax, consumers are most likely to vote with their feet when it comes to their electricity and gas provider (41% say they would switch), followed by their TV/internet provider (33%) and mobile phone provider (31%). The research found only 22% of people would switch their bank account, and the figure…
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One in four consumers believe the ownership era is coming to an end, a study found. A poll of 2,000 UK adults found more than 40 percent believe they’ll never own their own home. And it also emerged currently less than half the nation own cars outright. The results of the study display the current…
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The Bank of England has published its latest Money & Credit report which shows that the annual growth of consumer’s borrowing on credit cards and as other loans continued to slow, though at a more gradual pace than the second half of 2018. Whilst annual growth of bank lending to businesses fell in February for…
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Millions of consumers are taking on multiple forms of debt without a clear plan of how to pay it off, new research by KnowYourMoney.co.uk has revealed. The comparison website commissioned an independent, nationally-representative survey among more than 2,000 UK adults. It found that 62% of people across the country have some form of debt, with credit cards (35%),…
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The Financial Conduct Authority (FCA) has reaffirmed the regulator’s focus on affordability, business models and culture in the consumer credit sector. Speaking in London this week, Jonathan Davidson, executive director of supervision – retail and authorisations at the FCA, noted that growth in the sector has slowed, increasing 6.5% over the last 12 months, according…
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A report by the National Audit Office (NAO) has found that the four main regulators – Ofwat, Ofgem, Ofcom and the Financial Conduct Authority (FCA) – understand the significant difficulties facing consumers across utilities, communications and financial services markets, but cannot prove if they are effectively responding to consumer concerns or offering enough protection for…
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New research from Experian has identified 5.8 million people in the UK who are virtually invisible to the credit economy because there is little or no information available on their financial track record. In the absence of sufficient information to make a decision, these Invisibles can either be excluded from mainstream financial services or be…
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New research from comparethemarket.com has found that half of homeowners feel they have made expensive mistakes during the process of buying their first property. In a poll of over 2,000 homeowners, 15% wished they’d haggled more on the price of the house when buying their first property and 10% of respondents said they made a…
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Equiniti Credit Services, a consumer credit technology and outsourced service provider, has announced the publication of its latest annual research report. A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity, and flexibility. The sixth…
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