Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 5% in February 2026 compared with the same month in 2025. In the first two months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and…
Read more
The UK is facing a growing financial literacy crisis, with millions of households navigating credit without fully understanding how it works, according to new research from Creditspring. As borrowing becomes faster and more accessible, consumers risk making costly, but entirely avoidable, financial decisions. Across the UK, understanding of even the most basic credit concepts remains…
Read more
A study by the University of Bristol’s Personal Finance Research Centre and Aberdeen Group Charitable has shown a sharp increase in those aged 40-59 using Buy-Now-Pay-Later loans (BNPL). These loans are currently accessed by 18% of households (up from 15% in May 2025), and while BNPL use is highest among younger households, growth has been…
Read more
The Financial Conduct Authority (FCA) has outlined new measures for Buy Now, Pay Later (BNPL) lending, which will aim to simplify information for borrowers whilst ensuring income checks and support for those in financial difficulty. Lenders must now be authorised and comply with the FCA’s Consumer Duty, ensuring clearer information on agreements and affordability checks.…
Read more
Research by Pepper Money has found that more than 16 million people have now experienced adverse credit, showing that rising living costs and financial pressures are driving a sharp increase in credit struggles across the UK, the highest figure since the study began nine years ago. The data showed that adverse credit is now increasingly common…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
£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…
Read more
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…
Read more
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…
Read more
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%)…
Read more