Car Insurers hit with nearly 40% charge for paying monthly

17th April 2024 Consumer Lending | #featured

Car owners are being hit with eye-watering annual percentage rates (APR) of nearly 40 per cent when paying for their insurance monthly, a new Which? investigation has found. The study found some home insurers charging up to almost 35 per cent APR on monthly payments. The consumer champion is now calling on the Financial Conduct…

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One in five wait until their forties before owning a home

Around half (48%) of first-time buyers say their prospects of owning a home are further away than ever due to the ongoing cost-of-living crisis, research by Nationwide Building Society shows. The research shows that one in five (20%) don’t think they will be able to buy until at least their forties – a significant increase…

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Warning over threat of AI generated fraud

Fraud prevention service, Cifas has released its 2024 Fraudscape report, detailing the latest fraud data and intelligence recorded by its members during 2023. The research found that more than 374,000 cases were reported to the Cifas National Fraud Database (NFD), with members recording an incident of fraud every two minutes, preventing more than £1.8bn in…

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Aryza Group appoints new Non-Executive Directors

17th April 2024 Appointments |

Aryza Group has announced the appointments of two new Non-Executive Directors, Michael McAteer and Tamara McMillen.  McAteerl brings broad experience from Grant Thornton across a range of accounting and financial restructuring disciplines, advising Irish and cross border businesses on best practices in the retail, leisure, construction and IT sectors. He is a Fellow of the…

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Glenhawk appoints new Head of Credit

17th April 2024 Appointments |

Short-term lender Glenhawk has announced it has appointed John Butt as Head of Credit. Butt joins the newly-created role from Foundation Homeloans and has more than 20 years’ experience in specialist lending. Butt will work closely with the underwriting and sales team to improve the application and lending process, as well as assisting with complex…

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L&C Mortgages appoints new CEO

17th April 2024 Appointments |

Mortgage broker, L&C Mortgages has announced it has appointed Mark Harrington as its new Chief Executive Officer. Harrington brings more than 20 years of experience to the role, having joined the company in 2003. He has held a number of different roles in his time with the company, rising from mortgage and protection adviser to…

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Households spend £2,081 on essentials each month

16th April 2024 Consumer Lending | #payments

Latest figures from the Hargreaves Lansdown’s Savings & Resilience Barometer have shown that on average, households spend £2,081 on essentials each month. The cost of 3 months’ worth of essentials is up £1,028 in two years – and the cost of 3 years’ worth is up £12,339. Spending on essentials varies wildly with income. The…

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BNPL users to exceed 670m globally by 2028

A new study from Juniper Research, found that by 2028, the  Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…

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UK Finance announces new RLN experimentation phase

16th April 2024 Consumer Lending |

UK Finance has today announced work on a new UK Regulated Liability Network (RLN) experimentation phase with eleven of its members. The UK RLN is envisaged as a common ‘platform for innovation’ across multiple forms of money, including existing commercial bank deposits and a shared ledger for tokenised commercial bank deposits.  Through a collaboration of…

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Half of consumers have cut non-essential spend in 2024

15th April 2024 Consumer Lending | #spending

Half of consumers say they have cut non-essential spend in the first quarter of the year and consumers are four times more likely to save than spend, according to new research from KPMG UK. KPMG UK’s Consumer Pulse survey tracks the quarterly confidence and spending behaviour of 3000 consumers across age and income groups and…

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Consumer spend £1.4bn on bank overdraft interest each year

New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…

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FCA warns motor finance firms to hold financial resources for probe

The Financial Conduct Authority (FCA) has issued a letter to motor finance firms reminding them to maintain adequate financial resources as a probe into the market continues. The FCA is currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). The regulator says that it has observed firms taking different approaches to account…

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Warning of ‘lack of transparency’ over interest charges

12th April 2024 Consumer Lending |

Analysis by MoneyComms has suggested that millions of people could be paying thousands of pounds worth of interest charges on personal loans due to a ‘lack of transparency’ from lenders. Under current regulations, banks only need to provide 51% of customers with an advertised offer and the representative or advertised rate is the lowest rate…

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