Credit, Collections & Insolvency News
Sainsbury’s has announced that it has sold its Argos Financial Services (Home Retail Group Card Service) cards portfolio to NewDay Group for £720 million, aligning with its strategy to concentrate on core retail operations. The supermarket has announced that it has also partnered with NewDay to launch a new Argos-branded digital credit offer. This move…
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Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
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The Financial Ombudsman Service (FOS) received 101,031 complaints about banking and credit cards in the first half of the year, with this almost double the 56,690 recorded in the first six months of 2023. Across all products, the first six months of 2024 saw 133,019 new complains logged with the FOS. This marks a 40%…
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The Financial Conduct Authority (FCA) has fined TSB £10.9m, having found that the bank’s systems put customers at risk of harm. An investigation found that TSB failed to treat customers in arrears fairly, with more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected and were paid £100m in redress.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2024 by 1% compared with the same month in 2023. In the eight months to August 2024, new business in this market was at a similar level to the same period in 2023. The credit card…
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Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
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New research by TotallyMoney has found that for the average balance of £2,906 on a credit card, somebody with a poor credit score could pay an extra £872 per year (£73 p/m) in interest compared to somebody with a good credit score. Half (49.2%) of credit card customers pay interest on their borrowing every month…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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The Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
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Latest UK Finance data for June 2024 has found a small decrease in credit card spending. The data showed that there were 357 million credit card transactions in June, 2.6 per cent fewer than in June 2023. The total spend of £19.9 billion was 3.1 per cent lower than June 2023. Outstanding balances on credit…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2024 by 4% compared with the same month in 2023. In the seven months to July 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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Latest Money and Credit statistics from the Bank of England have shown that mortgage borrowing in July reached its highest level in nearly two years at £2.8 billion, up from £2.6 billion in June, the highest since November 2022 (£3.3 billion). Mortgage approvals in July were also at a near two-year high, while net consumer…
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