Credit, Collections & Insolvency News
Barclays’ latest Property Insights report reveals that the influence of the ‘Bank of Mum and Dad’ now extends well beyond first-time buyers, playing a pivotal role for ‘second steppers’. For renters, deposits remain a challenge, but they are less deterred by the cost of mortgages. Meanwhile, consumer confidence showed modest signs of recovery following the…
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The Financial Conduct Authority (FCA) has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make…
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New research from Aegon has revealed that most people value time with loved ones over expensive gifts this Christmas, as the cost-of-living crisis reshapes festive traditions. The survey found that 57% of people say spending time with loved ones matters most, while only 9% prioritise gifts. The average total spend in the UK on Christmas…
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New data from Hargreaves Lansdown has found thousands tackle their finances on Christmas Day, with the company finding that more than 100,000 of their clients logged into the financial planning app on Christmas Day last year. The busiest time was 8am – an hour earlier than previous Christmases. Last year, Christmas Eve saw almost three…
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London Capital Credit Union has announced the appointment of Gurminder Singh Bhagrath as its new Chief Executive Officer. Bhagrath takes over from Martin Groombridge, who led London Capital Credit Union for almost 18 years. Commenting on his appointment, Bhagrath said “As I step into the role of CEO at London Capital Credit Union, I want…
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The Payment Systems Regulator (PSR) has outlined changes that will provide businesses with more information on the card payment fees they incur. This follows its market review which found Mastercard and Visa don’t face competition with fees rising and a lack of clarity on how much businesses will have to pay to accept card payments. Card payments…
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The Financial Conduct Authority (FCA) will allow banks to set their own contactless payment limits from 19th March 2026. Currently, the limit stands at £100, raised from £45 five years ago. The FCA aims to enhance fraud prevention by permitting only banks with strong fraud controls to adjust these limits. People could find it easier…
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Bank of England has cut interest rates by a quarter point to 3.75% in response to a weakening labour market and slowing inflation. The Monetary Policy Committee (MPC) voted 5-4 in favour of the cut, marking the first reduction since August. Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association, said…
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The Financial Conduct Authority (FCA) is enhancing its efforts to improve standards in the home and travel insurance markets following a super-complaint from Which? The FCA plans to review claims handling and customer service over the next year. It aims to boost consumer understanding of insurance products and ensure firms provide accurate information at the…
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Chetwood Bank has appointed George Gee as Managing Director of its mortgages division and member of its executive committee. Gee, who has worked in the sector for more than 20 years, joins the bank from Foundation Home Loans where he fulfilled a number of senior leadership roles including Chief Commercial Officer, Commercial Director, and Customer…
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Digital bank Monzo has announced that it will acquire digital mortgage broker Habito. Founded in 2016 Habito employs approximately 100 people. The deal comes as Monzo looks to branch out beyond its core digital banking products, becoming the first UK bank to offer end-to-end mortgage broking within its app. Kunal Malani, Chief Banking Officer at…
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Intermediaries think government policy is the number one risk to the mortgage market, according to research from Black & White Bridging. Black & White Bridging polled one hundred intermediaries active in the bridging sector and asked them to rank risks to the mortgage market, risks that included Bank of England base rate decisions, consumer affordability,…
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UK Finance has forecasted that overall gross lending is set to rise by 4% to £300 billion in 2026. In its Mortgage Market Forecast for 2026, data shows lending for house purchases grew by 22% this year to £176 billion, with a notable spike in activity in advance of the stamp duty increase in April.…
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