Contracts for Difference (CFD) providers have been warned by the Financial Conduct Authority (FCA) to provide fair value, after its review found some firms had not risen to the Consumer Duty. Introduced in July 2023, the duty set a higher standard for consumer protection in financial services. The FCA says that good practice was in…
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Latest data from the Bank of England on the Credit Union sector shows that adult membership grew 33% to 2.16 million in Q1 2025, a quarterly rise of 7,076 and an increase of 43,905 compared to Q1 2024. The total value of assets held by Credit Unions rebounded slightly in 2025 Q1, increasing 0.14% to…
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High-cost lending firm Fernwood Financial has entered liquidation. Thousands of customers of the company will have had their debts wiped out following the company’s collapse. Liquidators are contacting clients to inform them of the debt write-off, and the Financial Conduct Authority (FCA) has confirmed that customers need not make further payments and should cancel automated…
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Waltham Forest Council Employee Credit Union (WFCECU), trading as Forest Savers, has entered administration and has now stopped trading. The credit union was founded in the 1990s and is based in Walthamstow, London and acts as a financial cooperative, offering its members financial security through saving and borrowing. Dina Devalia and Terri Mulgrew of Quantuma…
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£6.4 billion per year could be added to the UK economy by improving financial inclusion, according to new economic modelling by WPI Economics, commissioned by Fair4All Finance, the not-for-profit financial inclusion organisation. The study shows that £5.9 billion could be raised annually from increased productivity and employment due to improved financial wellbeing. A further £110…
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The Financial Conduct Authority (FCA) has proposed new regulations for Buy Now, Pay Later (BNPL) providers, requiring them to ensure that borrowers can afford repayments and to offer support in the event of financial difficulties. The rules will come into effect when BNPL falls under the FCA’s oversight next year, granting borrowers protections similar to…
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Citysave Credit Union and Fusion Credit Union have announced that the two companies have completed a merger. The merger integrates all Fusion members into Citysave’s operations. It expands Citysave’s reach throughout Birmingham, Sandwell, Warwickshire, Cannock Chase, South Staffordshire, Solihull, Redditch, Bromsgrove, and Lichfield. Citysave CEO, Sean Lynch said “By combining our strengths, we are better…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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Social lender Fair for You has announced the appointment of Kumaran Adithyan as a Non-Executive Board Director. Adithyan is currently General Manager, Global Electronics and Home at online marketplace and commerce platform eBay. He has been at eBay since 2017, and previously worked at Walgreens Boots Alliance, the owner of health and beauty retailer Boots.…
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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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The latest data on Credit Unions released by the Bank of England has found that there are now 2,152,812 members of Credit Unions as of the end of 2024 – an increase of 58,295 through the year (2,094,517 as of the end of 2024). Loans to members also registered another notable increase, rising £146 million…
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Latest figures reported from the Bank of England have revealed that Credit Unions across England, Scotland, and Wales continue to oversee steady growth in membership, loans, and savings, reaffirming their crucial role in supporting communities during challenging economic times. The data showed that the total number of Credit Union members in Great Britain has reached…
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One in eight customers used Buy Now Pay Later (BNPL) services for the first time in 2024 – an estimated 6.8 million people according to new research from personal finance site Finder. Three in ten (31%) used buy now, pay later (BNPL) services last year. BNPL is particularly popular with younger people with one in…
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