Credit, collections & insolvency news
The Financial Conduct Authority (FCA) has significantly increased its enforcement actions, cancelling the authorisation of 1,261 firms and used its powers to intervene against 34 firms, who caused serious concerns, up 68% on 2022. The figures are more than double the previous year’s figure according to the regulators annual report. The regulator also said that it…
Read moreAs the Bank of England recently cut the base rate from 5.25% to 5%, new analysis by Compare the Market has found that homeowners on a standard variable rate (SVR) mortgage could save up to £330 a month by switching to a fixed rate deal, the equivalent of £3,960 a year. As interest rates have…
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The latest Barclays Property Insights report found that growth in rent and mortgage spending slowed to the lowest rate in 17 months, following the Bank of England’s base rate reduction on 1st August. In response, consumers are feeling more confident in their household finances, though some concerns around rent and mortgage affordability remain. Meanwhile, housing…
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The UK’s property equity has reached an unprecedented £5.7trn, driven by recovering house prices according to the Equity Release Council. This figure marks an increase from £5.4trn in the same period last year and surpasses the previous high of £5.6trn recorded in mid-2022. Total UK mortgage debt of £1.6tn compares with an overall property market…
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UK Finance has released its latest Household Finance Review for Q2 2024 which highlighted that mortgage borrowing in Quarter 2 (Q2) had increased by 19% for first-time buyers (FTBs) and 15%have for movers when compared with the same period last year. The rise was driven by the spike in mortgage applications we saw late last…
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New data from the Take Five to Stop Fraud campaign has found that half of people (50%) say they feel busier when coming back from a holiday. A third said that being busy makes them more likely to take a chance on a cheap deal or financial offer (34%) and were also more likely to…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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The Financial Conduct Authority (FCA) has outlined plans to encourages account providers to do more to support those who want a bank account but don’t have one. The FCA has recognised that banks, building societies and payment firms are trying to support customers to access accounts and is encouraging them to build on examples of…
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A new report by Go.Compare car insurance has revealed that the average cost of car insurance is now £456, up 2% from the previous quarter (£447). The comparison website’s latest price index has revealed that compared to the same period in 2023, the average cost of car insurance is up 23%, from £371 to £456.…
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Fraud and scam complaints are at their highest ever according to quarterly level, data released by the Financial Ombudsman Service (FOS). In the first quarter of this financial year (1st April – 30th June 2024), consumers lodged 8,734 complaints about fraud and scams, of which over half were in relation to customer approved online bank…
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Skipton International, part of the Skipton Group has announced the appointment of Eric Barnett as its new Chair. This is subject to regulatory approval. Barnett is the former Group Chief Executive of SG Kleinwort Hambros Bank Ltd, Société Générale’s private banking and wealth management business in the UK, Channel Islands and Gibraltar. With a career spanning…
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April Mortgages has announced that it has appointed Rachael Hunnisett to the post of Director of Mortgage Distribution. Hunnisett boasts more than a decade of experience in financial services, including time within mortgage lending, distribution and sustainability, where she worked closely with government, lenders, distributors and brokers across the country. Mark Eaton, Chief Operating Officer…
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