Credit, Collections & Insolvency News
The number of pure interest-only homeowner mortgages outstanding fell by 17.7% in 2025 to 445,000, according to latest figures from UK Finance. In addition, there were 156,000 partial interest-only (part and part) homeowner mortgages outstanding at the end of 2025, 10.3 per cent fewer than in 2024. The total interest-only mortgage stock (including part and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew by 3% in April 2026 compared with the same month in 2025. The corresponding value of new business was 9% higher over the same period. In the first four months of 2026, new business volumes grew…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 3% in April 2026 compared with the same month in 2025. In the first four months of 2026, new business in this market was 5% higher than in the same period in 2025. The credit card and…
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Chetwood Bank has announced the launch of its Wholesale Banking division with the appointment of Alex Grove as Managing Director of Wholesale Banking, Toby Sharp FRICS as Director of Commercial Real Estate and Nirvan Sunderam as Managing Director of Wholesale Risk. Through the Wholesale Banking division, Chetwood Bank provides tailored funding solutions to corporate, institutional…
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New data from Standard Life has found that nearly a quarter (23%) of Gen Z adults say they’re not focused on saving for retirement because they expect to inherit money or property The datas showed rge nearly one in four (23%) Gen Z (born between 1997 and 2012) say they are not prioritising retirement saving…
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New data from Updraft has suggested that the average person in the UK has £1,400 in credit card debt in 2026, and will pay £342 on interest this year alone – yet 82% haven’t consolidated their debt. The new figures, based on an analysis of Bank of England and ONS data, show that the average…
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Latest data from UK Finance has shown that 48.% of credit card balances incurred interest in March 2026 compared to 48.6 per cent in March 2025. Credit card transactions increased year-on-year by 8.6%, and the total spend rose to £23.8 billion. There were 419 million credit card transactions in March, 8.6 per cent more than…
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Income and employment specialist, Teal has announced a partnership with global accountancy, HR, payroll, and education software specialist IRIS Software Group. The integration brings IRIS into Teal’s growing Direct Connections network, delivering enterprise- grade, real-time background verification of income and employment for millions of UK employees. The partnership marks a significant validation of Teal’s platform, with IRIS…
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Digital bank, Monzo and Fair4All Finance, a not-for-profit focused on improving financial inclusion, have announced a new partnership to widen access to affordable credit, as 16 million adults face barriers to borrowing. This figure has increased around 30% since 2018. In 2024, Monzo expanded its flagship Flex credit card, introducing Flex Build, designed for people…
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UK Finance’s latest Annual Fraud Report shows its members reported that criminals stole £1.28 billion through payment fraud in 2025, an increase of four per cent, demonstrating how fraud continues to operate on an industrial scale and is a national security threat. The report also shows that most authorised push payment (APP) fraud cases still…
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Administrators have been appointed to lending platform Amplifi Capital. Amplifi, via the Reevo Money brand, offered unsecured personal loans. Amplifi also supported Credit Unions through the provision of customer loan origination and servicing activities. This was performed through the My Community Finance brand, which operated as an authorised credit broker. Customers were also introduced to…
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UK Finance has announced the start of an expanded pilot programme, delivered in partnership with Shelter, the housing and homelessness charity, to improve access to banking services for people who may face barriers to opening a bank account. Helping people who don’t have the standard ID or proof of address required to open an account…
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Finance & Leasing Association (FLA) Chief Executive Shanika Amarasekara MBE has called for greater recognition of commercial finance as a critical driver of UK economic growth, arguing that the investment decisions made by businesses across the country are the driving force behind productivity, job creation and economic expansion. Speaking to industry leaders, she highlighted the…
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