Credit, Collections & Insolvency News
UK Finance has released its latest Household Finance Review, which showed that mortgage lending activity returned to growth in Quarter 3 (Q3), following a quieter second quarter caused by many transactions having been brought forward ahead of Stamp Duty changes in April. Refinancing also increased, with volumes up nearly 50 per cent year‑on‑year as more…
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The Financial Conduct Authority (FCA) has announced that it will lift the pause on the handling of motor finance complaints on 31st May 2026, rather than 31st July 2026 as originally consulted on, to ensure consumers receive fair and timely outcomes. The regulator says that this timeframe enables the regulator to finalise and begin implementing…
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The Financial Conduct Authority (FCA) has announced it is working with major firms to test Artificial Intelligence (AI) in a safe place to better understand the potential benefits and risks. The AI Live Testing initiative, the first of its kind in the financial sector, has been set up to help firms that are ready to use…
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Lloyds Banking Group has announced that it has extended its pioneering fraud prevention scheme, reinforcing an unwavering commitment to protecting people from the harms of fraud. The industry-first initiative, launched in 2021, will have seen £15 million of frozen criminal funds seized, then invested in innovative UK fraud prevention and victim support projects. The scheme…
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Latest Bank of England data has shown that mortgage debt fell back to £4.3 billion in October, after a rise to £5.2 billion in September.. The data shows that gross lending slightly decreased in October, to £24.5bn from £24.8bn, with gross repayments increasing by £1.5 billion to £22.1 billion in October. Net mortgage approvals for…
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Latest figures from the Building Societies Association (BSA) has shown that in the six months to September 2025, building societies and the two mutual-owned banks increased their mortgage balances by £7.5 billion, to £493 billion and grew cash savings balances by £8.8 billion, to £496 billion. Building societies and mutual-owned banks hold 29% of the…
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New data from UK Finance has found that later life loans rose 18.4 per cent with 39,950 loans taken out in Quarter 3 (Q3). The value of lending was £6.5 billion, which was up 24.7 per cent compared with the same quarter a year previously. There were 6,040 new lifetime mortgages advanced in Q3, up…
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The Financial Ombudsman Service (FOS) plans to increase its levy on financial firms by an extra £16 million. The proposals are to increase the current levy of £70 million to £86 million by 2026/27. The FOS is also consulting on raising its case fee from £650 to £680, in line with inflation. The ombudsman also…
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A new survey by leading specialist bank Vanquis has revealed that Gen Z shoppers are making nearly double the number of impulse purchases as the average person, fuelled by platforms like TikTok, leaving many with financial regrets. Gen Z spends multiple hours a day on social media, with many relying on it as a source…
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Ahead of Black Friday, the UK’s busiest retail event, new research shows that AI is making consumers more susceptible to purchase scams. As fraudsters change tactics and turn to SMS/text to directly target victims, Barclays is urging deal-seekers to act with caution to stay protected when shopping in this year’s sales. Three in four UK…
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Paying for insurance with credit is continuing to gain popularity with customers valuing the ability to pay insurance bills monthly, according to new research by Premium Credit. Premium Credit’s Insurance Index found 28% of adults say they are more accepting of using credit to pay for insurance cover than they were a year ago confirming…
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Three men from London have been sentenced to a combined 10 years and four months after stealing a combined £568,000 from victims by fraudulently posing as bank customers and gaining access to their accounts. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).…
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Paragon Bank has announced that it has strengthened its mortgages division with the appointment of Simon Glass as Head of Mortgage Operations. Glass will head up Paragon Bank’s operations team with a focus on delivering good customer outcomes, reporting into Mortgage Lending Director, Lisa Steele. He leads Paragon’s buy-to-let underwriting, completions and customer relationship teams…
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