Credit, Collections & Insolvency News
The government has announced that card charges will be consigned to history, after Ministers act to end these unfair fees for millions of people across the country.rules that will mean card-charging in Britain – where people can be charged 20% extra for purchases like a flight just for paying with a credit card – will come to…
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Consumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
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UK Finance has released its latest UK Card Expenditure Statistics for May 2017. The statistics include: A third of card payments are now contactless, up to 33 per cent from 18 per cent in May 2016; A total of £4.5 billion was spent via contactless in May 2017, compared to £3.9 billion in April 2017; The…
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MoneySuperMarket analysed three million loan enquiries made on its Smart Search tool from January 2015 – March 2017 to find that more than one in four (28 per cent) Brits want to borrow an amount equal to at least half of their annual income. Worryingly, almost 10 per cent of personal loan enquiries are from people hoping…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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A new toolkit to bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt has been launched by the Money Advice Service today. This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Financial Conduct Authority (FCA) has published proposals on how consumer credit firms should manage risks related to how they pay and manage the performance of their staff. The FCA expects all firms to consider the way they pay and incentivise staff, and ensure they manage any potential harm to consumers. The FCA is consulting…
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A new trade body representing over 300 firms in the UK providing credit, banking, markets and payment-related services has launched. The finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. The association’s members offer a wide range of financial and advisory services across both mutual and…
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European Card Fraud for 19 Countries hit a record €1.8 billion in 2016. Fico has launched an interactive map with Euromonitor International shows that the UK had highest card fraud losses in 19 countries surveyed. Report highlights include: Total card fraud losses for 19 European countries studied reached nearly €1.8 billion UK card fraud rose…
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The Bank of England has announced that it will force banks to find a further £11.4 billion in the next 18 months to beef up their finances against the risk of bad loans. Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep…
Read moreThe British Bankers Association (BBA) latest data from the high street banks shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month. Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said: “This…
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The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, according to a report from The UK Cards Association. Debit and credit cards were used to make 16.4 billion purchases in 2016,…
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