Credit, Collections & Insolvency News
NatWest has confirmed that debit card payments were not working for two hours yesterday. A spokeswoman for the bank apologised to those affected and said none would be left out of pocket. In response to the news Sam Murrant, Senior Payments Analyst at GlobalData, said “The payments industry is increasingly moving towards an assumption that…
Read moreThe Bank of England (BoE) Monetary Policy Committee (MPC) has today voted to increase interest rates to 0.75 percent, its highest level since 2009. Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter of a percentage point, StepChange Debt Charity urges policymakers to keep a…
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The Financial Conduct Authority (FCA) has opened a new consultation on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors. The Consultation Paper proposes to extend the application of the Principles for Businesses and certain specific rules about promotions and communications so that they cover wider categories of…
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New figures from analytic software specialist Fico with Euromonitor International and UK Finance, has indicated that the UK has made significant gains in the fight against payments card fraud in 2017. France and the UK achieved reductions of 6 and 8 percent, respectively, for the biggest reductions in net fraud losses. This is despite losses across the…
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The Financial Conduct Authority (FCA) has published it’s ”Assessing creditworthiness in consumer credit’ policy statement which provides rules and guidance on assessing creditworthiness in consumer credit. The announcement coincides with the Bank of England revealing the amount of credit held by UK households increased by £3.7 billion in June and the rate of credit card…
Read moreThe Bank of England has published its latest monthly Money and Credit report showing consumer credit growth remained at 8.8 percent in the year to June 2018. Outstanding balances for consumer credit stand at £213.2 billion. The figures are published days after the Office of National Statistics revealed that British households spent around £900 more…
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The Financial Conduct Authority (FCA) has published the outcome of a programme of behavioural research. The research looked at different ways repayment options can be presented to credit card customers to encourage those making low repayments to repay more when they can afford it. Together with the measures introduced on persistent credit card debt and earlier intervention (which…
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Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreUK Finance has published its latest consumer lending figures for June. Key data highlights include: Estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier. The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to…
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The Payments Systems Regulator (PSR) has set out its plans to carry out a market review into card-acquiring services and has published draft terms of reference for consultation. PSR says card payments are critical to the smooth running of the UK economy. They are a popular way for consumers to pay merchants for goods and services, and…
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The New Payment System Operator (NPSO) has confirmed the representation of its newly-created Participant Advisory Council: Twelve experts and executives from across the payment services landscape have been appointed, to help ensure that views from the industry are heard and acted upon by the NPSO. The Participant Advisory Council will operate as a non-executive advisory…
Read moreThe Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…
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One-in-five (22%) British adults have had an outstanding credit card balance for at least six months, including the 4% of British adults who have had an outstanding balance for over five years, according to a survey of over 2,000 British adults by insolvency trade body R3. The research, part of a long-running survey of Britain’s…
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