Older homeowners release a record £4.4bn in property wealth

20th January 2022 Consumer Lending | #Private equity

Older homeowners released a record £4.4 billion in property wealth last year at a rate of more than £12 million a day as customers helped family and secured their own finances by repaying debt or remortgaging existing borrowing, data from the UK’s leading equity release adviser Key shows. Around one in five equity release plans (19%) taken…

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Buy-now, pay-later spending rose by £1bn over Christmas

The amount of Christmas shopping put on buy-now, pay-later (BNPL) rose by £1billion in 2021 according to new analysis by Credit Karma. The research found that as Banks and retailers continue to jump on the increasing popularity of the BNPL payment method, with its high approval rates, 52% of consumers view BNPL as ‘easy credit.’…

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Consumer finance new business grows by 33%

17th January 2022 Consumer Lending | #consumer lending

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 33% in November 2021 compared with the same month in 2020. In the eleven months to November 2021, new business was 14% higher than in the same period in 2020. The credit card and personal loan sectors…

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Consumer car finance new business increased by 33% in November

17th January 2022 Consumer Lending | #motor finance

New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported new business volumes up in November 2021 by 33% compared with the same month in 2020. In the eleven months to November 2021, new business volumes were 9% higher than in the same period in 2020. The…

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Consumer card spending grew 12.2% per cent in December

11th January 2022 Consumer Lending | #consumer spending

Consumer card spending increased 12.2 per cent in December compared to the same period in 2019, as Brits finished their final preparations for Christmas. However, the impact of restrictions and fears over the Omicron variant began to take effect across the retail, hospitality and leisure sectors. Data from Barclaycard, which sees nearly half of the…

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Bank of Mum and Dad financing more than home deposits

New research by Interactive Investor has found that Bank of Mum and Dad are financing more than home deposits. The research found that helping with university costs (58%), allowing adult children to stay at home, rent-free (50%) and buying a car or helping with car-related costs (46%) were all more common ways of financially supporting…

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More than half of consumers are paying interest on credit cards

5th January 2022 Banking and Loans | #credit cards

New research by TotallyMoney has shown that more than half (54%) of customers with an outstanding monthly credit card balance are paying interest, indicating that it could be costing consumers £1,831 by not transferring a credit card balance. The esearch shows customers are 31% more likely to be eligible for a credit card now than…

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Households borrowing on credit cards increases

5th January 2022 Consumer Lending | #consumer lending

Latest figures from the Bank of England (BoE) show that credit card spending increased in November, with spending and borrowing showing signs of normalising after being distorted by pandemic-driven support measures. The report shows that £1.2 billion was borrowed in November using credit cards, overdrafts and personal loans, with £862 million spent on credit cards.…

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Amazon partners with Barclays to launch BNPL service

24th December 2021 Alternative Consumer Lending | #BNPL

Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account.  The reusable credit account can be used on…

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PRA fines Metro Bank £5.3m over reporting failures

23rd December 2021 Consumer Lending | #regulation

Metro Bank has been fined £5,376,000 for accounting errors that forced the bank to raise £375 million from its shareholders to shore up its balance sheet. In January 2019 Metro disclosed errors in its accounting treatment of professional buy-to-let loans and loans secured by commercial mortgages. The mistakes went back to May 2016 and meant…

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Three fifths of 18 to 50-year-olds have used Buy Now Pay Later

17th December 2021 Alternative Consumer Lending | #BNPL

New research by OpenMoney has found that almost three fifths (57%) of adults aged 18 to 50 have now used Buy Now, Pay Later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age group…

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Bank of England raises interest rate to 0.25% – reaction

17th December 2021 Consumer Lending | #economy

The Bank of England has raised interest rates for the first time in three years amid growing concerns over inflation. The Bank’s Monetary Policy Committee (MPC) voted by a majority of eight to one to raise rates from the historic low of 0.1%. With inflation at a ten year high, the Bank said this was…

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FCA fines HSBC £63.9 million over money laundering failures

17th December 2021 Consumer Lending | #aml#fraud

The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings in its anti-money laundering (AML) processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period…

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