Credit, Collections & Insolvency News
Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…
Read more
The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
Read more
The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…
Read more
A new Ofcom review means that broadband customers who choose not to sign up to contract deals will make total savings of £270 million annually from pricing changes after it was found that broadband firms are failing to protect customers from excessive out-of-contract prices. The communications regulator says that in September, it secured commitments from…
Read more
The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…
Read more
People suffering financial, health or emotional problems should be treated fairly and given the right support by phone, broadband and pay-TV providers, under best practice industry guidance issued by communications regulator Ofcom. The regulator says that the coronavirus pandemic has increased the potential for customers’ circumstances to change suddenly and providers are already offering additional…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…
Read more
Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…
Read more
Families are coming to terms with the fact that their finances could be negatively affected by the coronavirus pandemic long after the lockdown lifts. According to the second week of comparethemarket.com’s Financial Confidence Tracker, over two thirds (67%) of households with children at home think the economic impact of the pandemic will have a long-term…
Read more
New research from Citizens Advice has revealed that over 13 million people have already been unable to pay, or expect to be unable to pay, at least one bill because of the coronavirus outbreak. Of these, almost 11 million have missed or expect to miss a bill that would leave them vulnerable to severe consequences…
Read moreThe UK mobile industry, banking and finance sectors and the National Cyber Security Centre (NCSC) have joined forces to prevent criminals from sending scam text messages exploiting the Covid-19 crisis. The ongoing industry initiative by the Mobile Ecosystem Forum (MEF), Mobile UK and UK Finance, supported by the NCSC, is helping to identify and block…
Read more
The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
Read moreOfcom has fined BT £245,000 after an investigation found that the company overcharged EE’s mobile customers for making calls to 118 directory enquiries services. Ofgem said that although use of directory enquiries has declined in recent years, many people still rely on them as an important means of obtaining the number they need. Older people…
Read more