Credit, Collections & Insolvency News
New research by consumer group, Which? has found that some fraud victims are being left without satisfactory support from banks. The research found that while 83% of victims of fraud or fraud attempts in the past 12 months said they were satisfied overall with how their bank had managed the incident, some customers struggled to…
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The United Kingdom is the third country most at risk of credit card fraud a new study by Merchant Machine has revealed. The research found that Ireland, France and the United Kingdom are in the top three countries most at risk of credit card fraud, with Ireland and Greece highlighting the highest percentages of increase…
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A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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New spending analysis of UK card trends by FICO for May 2021, suggests that some consumers are practising pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the effects of a full…
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NewDay has launched, Bip, the UK’s first completely cardless consumer credit proposition. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to…
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The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published an updated assessment of the UK’s access to cash infrastructure, taking into account the impact of coronavirus (Covid-19), alongside new research on consumers who rely on cash. The findings show that most people have reasonable access to cash through a combination of bank, building…
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Business and consumer insights specialist Equifax and challenger bank, Revolut have announced a new strategic partnership that provides differentiated data assets and real-time predictive analytics for a faster, more informed view of customers and prospects. With over 100 million monthly transactions and 15 million global users, the Revolut app enables individuals and businesses to exchange,…
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Economic uncertainty means that judging credit risk is more complex than ever for insurers according to research by TransUnion. The company’s research shows that nearly half (48%) of UK households have recently experienced a change to income. Most commonly, this was due to being furloughed (14%), experiencing a reduction in salary (11%), losing a job…
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New research from Aldermore bank has revealed that self-employed workers in the UK are pessimistic about their home buying chances, as the pandemic has exacerbated difficulties felt by this group in getting a foot on the housing ladder. The challenges self employed renters are facing in buying their first home has become more pressing as the pandemic experience has energised…
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Latest UK Finance data has indicated that outstanding balances on credit card accounts had fallen 12% in a year to £53.3 billion, down from 19% a month earlier. The April figures showed that there were 33.9 million credit cards with balances at the end of the month, this was down 7% from April last year…
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The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…
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