Credit, Collections & Insolvency News
Cifas, the UK’s fraud prevention service, has published its annual report which indicates that Identity fraud has reached a record high. The Fraudscape report data identifies and analyses the country’s fraud trends based on 323,660 cases of fraudulent conduct recorded in 2018. The data, from over 470 organisations, including major UK brands from across the…
Read more
Firms that overcharge or mislead their customers could be hit with direct fines without the need to go through a court, under plans unveiled by Business Secretary Greg Clark. The government has confirmed it will consult on giving the Competition and Markets Authority (CMA) new powers to decide itself whether consumer law has been broken,…
Read more
Payments specialists Acquired.com has announced that it has launched an API with the aim of driving faster payments. The new platform solution can be used for acquiring, processing, and payment out. The new solution will provide a full view on the transaction from pay in to payout or in the case of our lenders visa…
Read more
A new report from FTSE100 financial services group Legal & General and Cebr shows that, amidst a reduction in transaction volumes across the UK housing market, it has been highlighted that the Bank of Mum and Dad (BoMaD) will fund nearly 20% fewer property purchases than in 2018. The jump in BoMaD loan sizes has…
Read more
More than 400,000 Scots (10%) have fallen victim to a financial scam at some point in their lives, new research by Bank of Scotland and YouGov has revealed and one in three people (29%) know someone who has been duped by a fraudster. Despite this, 84% say they feel confident that they would be able…
Read more
The Top 3 worst areas (out of 174) in the UK for increasing rates of personal insolvencies over the last five years were all steel towns according to new research by UHY Hacker Young. With the collapse of British Steel there are concerns over what impact this will have on the last remaining steel towns.…
Read more
White label platform for point-of-purchase lending specialist Divido has released the findings of its latest research which indicates that UK lenders have lost estimated point-of-sale finance will be worth over £157 million to their individual business over the next 12 months. Alongside this, UK lenders are set to invest an average of £19.6 million into…
Read more
M&S Bank research has revealed that almost half (49 percent) of millennials (23-38 year olds) have provided financial support to their parents. This increases to 54 percent for the younger Gen Z-ers (16-22 year olds), who have supported their parents more than any other age group. The insight debunks common misconceptions about the bank of…
Read more
Shell Energy Retail is to refund and compensate around 12,000 customer accounts it overcharged on its default tariffs when the price cap was introduced. In addition, the supplier will pay £200,000 to Ofgem’s consumer redress fund, equating to a total payment of £390,000. The price cap for 11 million customers on poor value default tariffs…
Read more
Paying upfront for a car is increasingly falling out of favour with UK drivers according to research from Close Brothers Motor Finance. In the past year, the proportion of drivers saying they will opt for finance, leasing or renting for their next car has increased by 15% (from 37% in 2018 to 43% now). While…
Read more
Energy regulator Ofgem has started a conversation with key stakeholders on its new Consumer Vulnerability Strategy until 2025. The Consumer Vulnerability Strategy outlines five themes with outcomes that Ofgem is seeking views from stakeholders and consumers on: Improving identification of vulnerability and smart use of data Supporting those struggling with their bills Driving significant improvements…
Read more
Over 50s are increasingly financing not just one, but two generations; boosting spending money, gifting lump sums, or providing childcare – totalling £53bn per year according to new research from Saga. The research has revealed that 69% of over 50s provide financial support to their children and 57% to their grandchildren. In fact, four in…
Read more
Relentless change is the only constant in UK mortgage criteria according to analysis Knowledge Bank The research by the criteria specialist reveals that the top five most searched-for criteria by brokers have changed every single month in each of the eight lending types on Knowledge Bank over the past twelve months. This equates to 96…
Read more