Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has outlined new measures for Buy Now, Pay Later (BNPL) lending, which will aim to simplify information for borrowers whilst ensuring income checks and support for those in financial difficulty. Lenders must now be authorised and comply with the FCA’s Consumer Duty, ensuring clearer information on agreements and affordability checks.…
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Consumer confidence has now been negative for ten consecutive years, with the GfK index falling sharply again in January. Analysts describe a mood of resignation rather than panic, as inflation continues to outpace wage growth and households remain cautious. The prolonged pessimism is dampening entrepreneurial risk-taking and discretionary spending. The Consumer Confidence Index was up…
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New research by Hargreaves Lansdown has found that couples who plan together have an average of £328 left at the end of the month , £28 more than those where the one person plans alone and £101 more than those who leave it to their partner. The analysis shows that couples planning together have £3,145…
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Complaints to the Financial Ombudsman Service (FOS) fell to the lowest level in two years in Quarter 4 2025. Between October and December, the FOS received 47,300 complaints compared to 68,400 in the closing quarter of 2024. The decline comes after an overhaul of rules from regulators and the Treasury, which means professional representatives now…
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LHV Bank has been formally granted consumer credit permission by the UK Prudential Regulation Authority (PRA), following a comprehensive and rigorous six-month application process. The permission represents a significant regulatory milestone for LHV Bank in the UK and reflects a high degree of regulatory confidence in the bank’s governance, risk management, capital resilience and control…
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ClearBank has announced that it has appointed Neil Drennan as Chief Technology Officer (CTO), effective immediately. Drennan has previously served the same position for 10x Banking and, most recently with Currencycloud since 2021. In the new role, Drennan will take charge of the technology organisation and lead the evolution and enhancement of ClearBank’s cloud-based API…
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The Bank of England has announced that it has held interest rates at 3.75% following the first meeting of its Monetary Policy Committee of 2026. The Bank has voted by 5 to 4 to keep rates on hold at 3.75%. Four members voted to reduce the base rate to 3.5%, giving an indication of forward guidance. Commenting…
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The Financial Conduct Authority (FCA) and the Solicitors Regulation Authority (SRA) have warned claims management companies (CMCs) and law firms over excessive fees in motor finance commission claims. The regulators emphasised that firms must ensure consumers do not have multiple representatives and must charge reasonable termination fees.The FCA has also written to lenders setting out…
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Almost four in ten landlords plan to refinance buy-to-let property during the next 12 months, Paragon Bank research has revealed. The research, which covers Q4 2025, found that 39% intend to refinance throughout 2026, a figure that unsurprisingly increases in line with portfolio size. Over half (53%) of those with four or more buy-to-let mortgages…
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Tandem Bank has announced that it has appointed Ryan Heaps as its Chief Financial Officer (CFO), stepping up from his previous role as Deputy CFO. Heaps is a chartered accountant with over 15 years’ experience in senior finance roles, he joined Tandem in 2022 as part of the Oplo acquisition, where he had served as…
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The Bank of England has announced the launch of its new Scale-Up Unit to support UK fintech firms, with OakNorth, Allica Bank, Clearbank, Zopa, Monument Bank, and Nottingham Building Society among the first cohort to be overseen by the regulatory initiative. This initiative, a collaboration between the Financial Conduct Authority and the Prudential Regulation Authority…
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JN Bank UK has announced that it has relaunched as thisbank following a rebrand. In a statement, thisbank said it was “Created by revitalising the UK arm of JN Bank under new leadership and ownership. “Now backed by UK and US investment, a new leadership team from some of the biggest names in banking, the…
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Analysis of credit card data for November 2025 by global analytics software leader FICO has found that spending, balances and payments followed seasonal trends in the run-up to Christmas. However, while spending rose as expected during November, it was lower year-on-year, signalling continued pressure on household finances. Average balances resumed an upward trajectory as payment…
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