Credit, Collections & Insolvency News
Retiring during a pandemic is unlikely to be easy but 2021’s retirees are still financially supporting their family to the tune of £3,700 a year, new research from Key Later Life Finance – the UK’s leading advice firm in this sector – shows. Despite the increasing strain on finances, more than a third of the…
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The Financial Conduct Authority (FCA) has launched a new strategy to improve outcomes for consumers and in markets throughout the UK. The FCA says as its remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself…
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StepChange Debt Charity’s 2021 Statistics Yearbook, has shown that even before the latest rise in general inflation and the rise in the energy price cap, households in the UK experiencing problem debt were already facing a cost of living crisis. In 2021, StepChange was contacted by almost half a million (483,247) new clients seeking debt…
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With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…
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The Financial Conduct Authority (FCA) has announced a number new appointments. Laura Dawes will take up one of two new Director of Authorisations roles. Dawes is currently interim Director of Strategy, Policy, International and Intelligence in the FCA’s Enforcement and Market Oversight Division. Working alongside Dawes as fellow Director of Authorisations will be Dominic Cashman.…
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New research by GoCompare has revealed that the UK’s young people may be the generation are most likely to need to work more and take on additional jobs, in order to cover rising bills and the cost of living. The survey of 2,149 people in the UK found that more than 1 in 5 people…
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Over half of private tenants relying on Universal Credit to pay their rent have a shortfall between the amount they receive and what they pay for their housing. It comes a year after the Government froze housing benefit rates. Official data suggests that 56 per cent of private renters relying on Universal Credit have an…
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The number of English households in ‘fuel stress’ will double from 2.5 to 5 million as a result of the price cap rising from today (Friday), with another 2.5 million households at risk in October if the price cap rises again to £2,500, according to new Resolution Foundation research. The research shows that low-income households…
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Court Enforcement Services has announced that Jodie Martinelli-Oliver has been promoted to Director of Business Services. In this newly created role, Martinelli-Oliver will have a wide and varied remit to help to drive forward the business which is rapidly expanding. Daron Robinson, Managing Director at Court Enforcement Services said: “I am delighted to promote Jodie…
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Citizens Advice has announced that, for the third month in a row, it has broken record for providing crisis support as the cost of living impact takes hold. In March 2022, the charity referred 24,752 people to food banks or to other charitable support, up by 44% compared to the same time last year. Research…
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The soaring cost of living is cited by over a half a million people as a key driver for personal debt, new analysis from Citizens Advice Scotland (CAS) has revealed. Analysis by the charity of polling undertaken by YouGov found that 52 per cent of Scottish adults in debt or at risk of debt since…
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Latest ONS figures have highlighted the impact of increased cost of living with adults not being able to afford an unexpected expenses. The figures showed that over 8 in 10 (83%) adults reported an increase in their cost of living in March 2022 compared with around 6 in 10 (62%) adults in November 2021. Early…
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The Money and Money Health Policy Institute is calling on the Government to step up efforts to prevent financial harm for people receiving secondary mental health care. A new report shows that the annual average income of people with severe mental health problems is £6,500 lower than the wider population, due to factors such as…
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