Credit, Collections & Insolvency News
New research from Equifax has indicated that young people more at risk from fraud The report says young people are significantly less likely to monitor their bank balances, exposing them to risks from fraud. Almost two thirds (64%) of Brits check their bank balances daily or weekly, but only 45% of those aged 18-34 do…
Read more
The Financial Conduct Authority (FCA) has announced changes to its board. Consumer expert Richard Lloyd has been appointed as a Non-Executive Director to the Board of the Financial Conduct Authority (FCA). Lloyd has held senior roles in numerous consumer organisations, including Which?, where he was Executive Director. He is a founding trustee of the Money…
Read morePay.UK is the new home for Bacs, Faster Payments, and Cheque and Credit Clearing and, it has now completed the formal transition of their people, a skilled team with a wealth of experience across the UK’s complex payments industry. This is the final stage of bringing these important payment brands together under the Pay.UK roof,…
Read more
The Financial Conduct Authority (FCA) has confirmed the introduction of a price cap to protect some of the most vulnerable customers in the UK in the rent-to-own (RTO) sector will be introduced from 1st April 2019 in a move which will save consumers in the UK up to £22.7 million a year. In the Policy Statement…
Read more
British banks are being hit by more than one major IT or security failure that stops customers from making payments every day, a Which? Money investigation has found. In the most comprehensive analysis carried out since banks started disclosing serious IT glitches last year, the consumer champion found there were 302 incidents that prevented customers…
Read more
As the date of a possible withdrawal from the EU looms, more consumers than last year fear for their financial wellbeing in a post-Brexit world, with worries about a rise in the cost of food topping the list of concerns, according to new figures from YouGov, on behalf of mutual insurer Royal London. Overall, 35…
Read more
Three-quarters of people who are already in debt across the UK have had to borrow more money to cover daily living costs since receiving Universal Credit, according to new data from national debt help provider PayPlan. The survey of more than 6,000 people, who have already sought advice from the free debt help provider, also shows…
Read more
For the first time since its inception, the Financial Conduct Authority (FCA) has issued a license for the provision of a digital debt advice solution. Tully is a fintech start-up created to improve financial capability, make it easier for people to manage their money and repay their debts faster. Tully said it’s mission is to…
Read more
The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector after uncovering serious concerns about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor finance…
Read more
Early intervention is key to stop Welsh households falling behind on their council tax or social housing rent payments, according to a new report from the Wales Centre for Public Policy. As councils across Wales are seeking large increases in their council tax rates for the coming year, the report highlights the importance of building…
Read moreA lack of support means people with a mental health condition can pay between £1,100 to £1,550 a year more for essential services, new research from Citizens Advice shows. This problem exists across energy, telecoms, current accounts and unsecured personal credit such as credit cards and overdrafts. The charity has found that many companies are…
Read more
The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period. As most of the changes proposed will be made under powers given to the FCA under the EU (Withdrawal) Act, they are subject to approval by the Treasury. As…
Read more
One in three people say they are currently living with debt and the same number admit to feeling more worried about their finances this year than last year, a national survey commissioned by The Salvation Army has found. The survey of 2,000 people across the UK showed nearly 70 percent reported going over budgets set…
Read more