Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
Read more
One in 10 consumers admit they’re bad with money, according to a study. Researchers polled 2,000 UK adults and, despite the age of austerity, found many are ‘blindly’ splashing the cash without any thought for the potential consequences. In fact, around one-fifth of the population went as far to describe themselves as ‘spenders’ rather than…
Read more
New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year. Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over…
Read more
Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
Read more
The Bank of England has published its latest monthly Money and Credit report showing a slight jump in growth in consumer credit of 9.4 percent in the year to February 2018, up from 9.3 percent in January. Outstanding balances for consumer credit now stand at over £209.4 billion. Joanna Elson OBE, chief executive of the…
Read more
The Financial Ombudsman Service has published its latest six-monthly complaints data on individual business and groups today. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service between 1 July – 31 December 2017. • 219 businesses feature in the complaints data – down by 11% when compared…
Read more
Credit card debts have surged at the fastest annual rate in 12 years in February. The latest figure from UK Finance shows that consumer spending use of credit cards, with outstanding levels of card borrowing, grew at a rate of 6.3 percent over the year, whilst the use of loans and overdrafts continues to fall.…
Read more
Barclays has announced that it will refund some of its loan and credit card customers in arrears. Barclays says the refund will be given to customers who weren’t provided with adequate service. Financial Conduct Authority (FCA) rules state that if a customer is in default or in arrears difficulties, the lending firm should, where appropriate, inform the customer that free and…
Read more
New figures released by the Finance & Leasing Association (FLA) show growth of 12% in consumer finance new business in January, compared with the same month last year. Credit card and personal loan new business together grew by 12% compared with January 2017, while retail store and online credit new business increased by 13% over…
Read more
Online research from Equifax, shows that using a debit or credit card with a pin number is still the preferred method of payment for 42% of people in the UK. Contactless methods followed at 34%, with the vast majority of these respondents (31%) preferring a contactless card to using their phone or wearable technology (3%).…
Read more
Research by GoCompare finds that 80% of UK consumers now receive at least one financial service and utility bill or statement electronically 4 out of 5 (80%) UK consumers now receive at least one paperless bill or statement for a financial product or utility, new research from GoCompare has found. However, the result for many…
Read more
Here is an overview of The Money Charity’s latest statistics for March 2018: Personal debt in the UK People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
Read more