Credit, Collections & Insolvency News
New research from Trustpilot has found that 92% (over nine on ten) of financial services leaders say their organisation has a strategy focused on when and how their brand appears in answers from AI tools like ChatGPT or Google AI Mode (often called an ‘AI visibility strategy’). But nearly half (47%) are not collecting feedback…
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Businesses across the UK will benefit from greater transparency over the card fees they pay, after the Payment Systems Regulator (PSR) confirmed new requirements on Mastercard and Visa. The measures follow the PSR’s market review of card scheme and processing fees. Card scheme and processing fees are paid by businesses to accept card payments –…
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Blue Motor Finance Limited (BMFL) has been placed into administration. Simon Edel, Richard Barker and Alan Michael Hudson of Ernst & Young LLP have been appointed as joint administrators. BMFL operated as a motor finance lender; the firm had been running at a loss for several years and faced significant compensation liabilities it could not…
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The Information Commissioner’s Office (ICO) has executed search warrants across the UK as it cracks down on suspected nuisance marketing linked to car finance mis-selling claims as part of the joint regulatory taskforce. More than 12 million complaints about nuisance marketing text messages have been submitted by the public since September 2025, with up to…
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The Bank of England maintained interest rates at 3.75% in a 6-to-3 vote. The Committee said that it is appropriate to maintain the Bank Rate at this meeting. The Committee stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term. Commenting on the…
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New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. From 15th July 2026, BNPL providers will be required to carry out affordability and creditworthiness…
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Latest Bank of England data has shown that mortgage lending more than doubled from £3.3 billion in May to £7.7 billion in June. June’s figure was also substantially higher than the previous six-month average of £4.9 billion. Mortgage approvals for house purchases increased to 58,200 in June, from 56,600 in May. However, this was below…
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While scrolling online at bedtime has become a nightly routine for many, according to new research from MoneySuperMarket. The research shows that late-night browsing can have costly consequences, with one in five (22%) spending more than £200 in a single late-night shopping session. The research found that bedtime browsing is taking a toll on budgets,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew by 1% in May 2026 compared with the same month in 2025. The corresponding value of new business was 5% higher over the same period. In the first five months of 2026, new business volumes grew…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May 2026 was at a similar level to May 2025. In the first five months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and personal loans…
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As part of the joint taskforce’s continued crackdown, in June the Financial Conduct Authority (FCA) had 170 misleading car finance claims adverts removed or amended by claims management companies (CMCs), bringing the total up to 1,200 since January 2024. Some of the misleading adverts seen by the FCA were disguised as a consumer posting on social media recommending…
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UK Finance’s latest buy-to-let mortgage market Update for Q1 2026 showed that there were 58,272 new buy-to-let loans advanced in the UK, worth £10.8 billion. This was up 3.26 per cent by number compared with the same quarter in the previous year, 7.02 per cent by value. The average gross buy-to-let rental yield for the UK…
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Consumer card spending grew by 1.9% year-on-year in June, a marked improvement on May’s 0.8 per cent growth, but below the latest CPIH inflation rate of 3.0%. Non-essential spending increased 1.7%, while growth in essential spending reached a 14-month high, up 2.2%. The uplift was driven by a combination of stabilising consumer confidence, warm and…
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