PLCs losing billions to customer refunds and chargebacks 

29th November 2023 Consumer Lending | #payments

The total value of refunds and charge disputes could be as high as £13.2 billion per year in the UK, with the cost implications for retail Britain set to be greater still, according to new research from Equifax. The research found that more than two in three consumers (71%) have never had a refund or…

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Salad Money appoints Non-Executive Director

29th November 2023 Appointments |

Salad Money, a social enterprise launched in 2019 to provide an alternative to high-cost lending for NHS and public sector workers with poor, thin, or non-existent credit scores, has appointed Alex Marsh, formerly head of Klarna UK, to its Board as a Non-Executive Director. Marsh will join the growing fintech, a community development finance institution,…

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Lords calls for Bank of England reform

28th November 2023 Consumer Lending |

The Economic Affairs Committee has published a new report which is calling for the operational independence of the Bank of England to be preserved. The report that reforms are vital to improve its performance; strengthen its accountability to Parliament; and ensure it focuses on its key objectives of tackling inflation and maintaining financial stability. The…

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Dudley Building Society appoints Chief Risk Officer

28th November 2023 Appointments |

Dudley Building Society has announced it has appointed Andrew Turvey as its new Chief Risk Officer. Turvey has previously worked for a number of banks and building societies, most recently Vida Homeloans. He  is currently a data standards committee member for the Bank of England and has also previously worked at the Financial Conduct Authority.  In…

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Consumer confidence improves

24th November 2023 Consumer Lending |

New research from GfK has found that there were signs shoppers were feeling more confident in their spending. GKF’s monthly Consumer Confidence Index was still in negative territory in November, but had increased by six points to -24. Joe Staton, Client Strategy Director GfK, said “Consumer confidence strengthened in November with improvements across all measures.…

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Three quarters of financial sector piloting generative AI

24th November 2023 Consumer Lending |

Nearly three-quarters (70 per cent) of financial services firms are in the pilot stage of testing the use of generative (content production-focused) AI, while nine out of ten (91 per cent) already use predictive AI for functions including fraud detection and risk analysis by UK Finance and global management consultancy Oliver Wyman. Three-quarters of firms…

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Third of adults don’t think BNPL purchases can lead to debt

A third of people (31%) still don’t think that Buy Now Pay Later (BNPL) purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are a third more likely to use BNPL than the UK average according to research from lender, Creditspring. Almost one in three (29%) of people…

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Millions would struggle to pay for Christmas without Buy Now Pay Later

Almost half of adults (48%) have used Buy Now, Pay Later (BNPL) to spread the cost of purchases. In 2023, 7.4 million more people used BNPL compared to the year before. The increased usage of BNPL, isn’t expected to slow down as we enter the busy festive shopping period, in fact it has become essential…

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CEOs are ramping up investment in AI technology

21st November 2023 Consumer Lending | #AI technology

Chief Executive Officers (CEOs) are accelerating investments in generative artificial intelligence (GenAI) to maintain a competitive advantage, but most are facing challenges in developing and implementing AI strategies, according to the findings of the latest EY CEO Outlook Pulse survey. The survey of 100 UK CEOs which provides insights on AI, capital allocation, investment, sustainability and…

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Car finance lending fell by 3% in September

20th November 2023 Consumer Lending | #car finance

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell by 3% in September 2023 compared with the same month in 2022. The corresponding value of new business held steady over the same period. In the nine months to September 2023, new business volumes were 6%…

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Consumer finance fell by 3% in September

20th November 2023 Consumer Lending | #consumer lending

Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…

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FLA Board appoints two new board directors

20th November 2023 Appointments |

The Finance & Leasing Association (FLA) has announced that it has appointed two new board director Emma Powell, Chief Risk and Compliance Officer at Admiral Money, and Lee Rhodes, Commercial Director at Aldermore Bank join the board. With more than 18 years’ experience in financial services, Powell’s impressive credentials span a number of senior leadership…

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Morses Club enters administration

Morses Club and sister company Shelby Finance have entered into administration. The two companies provided short-term consumer loans, with Morses Club providing home collect credit and Shelby Finance providing loans online under the ‘Dot Dot Loans’ brand. Ed Boyle and Rob Spence from Interpath Advisory have appointed joint administrators. The Companies have been under sustained…

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