Cost for moderate retirement is £36,480 per year

Latest data from Hargreaves Lansdown’s (HL) savings and resilience barometer has put the cost of a moderate retirement income at £25,000 per year for a single person and £36,480 for a couple. The research suggests that 38% of households are on track for a moderate retirement income. It is thought that retirement costs have soared…

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Regulators call for information on big tech and digital wallets 

The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are scrutinising the benefits and potential risks of digital wallets as analysis suggests that over half of adults may be using services like Apple Pay, Google Pay, and PayPal. As well as looking at the advantages digital wallets offer consumers, the regulators will also…

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Majority of banks silent on bank reimbursement fraud claim

15th July 2024 Consumer Lending | #APP fraud

A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder. The new rules, which come into force on 7th October, apply to authorised push payment (APP) fraud – when a…

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Banking complaints hit ten year high

Complaints about banks have reached a ten-year high according to the Financial Ombudsman Service (FOS) FOs received over 80,137 complaints in the year to 5th April, a 29% increase from the previous year with concerns about current accounts, credit cards, and scams being the main issues. The service forced banks to uphold 37% of cases…

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Increase in criminals impersonating telecoms customers

12th July 2024 Consumer Lending | #fraud

Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…

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Card spending falls for the first time in more than three years

10th July 2024 Consumer Lending | #card spending

Card spending fell last month for the first time in more than three years, according  latest analysis by Barclays. The data showed that consumer card spending fell -0.6 per cent year-on-year in June – the first decline since February 2021 and significantly lower than the latest CPIH inflation rate of 2.8 per cent – as…

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Consumer finance grows by 9%

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and…

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Consumer car finance volumes grew by 8% in April

9th July 2024 Consumer Lending | #car finance

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in April 2024 by 8% compared with the same month in 2023. The corresponding value of new business was 7% higher over the same period.  In the first four months of 2024, new business by both…

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Fraudulent banking transactions forecasted to rise 111% over the 5 years

8th July 2024 Consumer Lending | #fraud

A new study from Juniper Research has found that the number of fraudulent banking and money transfer transactions in the UK will increase by 111% over the next five years. The figures indicate that fraud will increase from £4.2 million in 2024, to £8.8 million in 2029 with fraudulent transactions totalling £38 million over the next…

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More than a quarter in the dark about interest rates

More than a quarter in the dark about interest rates and the price impact on payments according to research by Hargreaves Lansdown. The research found that 27% of people don’t know what interest rate they’re getting on their savings. This rises to 31% of the squeezed middle (aged 35-54), 35% of women, and 38% of…

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Car insurance costs falls

Go.Compare car insurance has released new data showing that car insurance costs are beginning to fall, with the average insurance premium now at £447. The research showed that the average cost of car insurance fell by £18 in the last quarter – from £465 to £447 – prices are still up on 2023 figures, with the…

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Mambu appoints Chief Revenue Officer

2nd July 2024 Appointments | #appointments

Cloud banking platform Mambu has announced the appointment of Mark Geneste as Chief Revenue Officer to lead its commercial team. Geneste brings extensive experience in sales leadership in the software industry, having held senior positions at Wolters Kluwer – Enablon, FactSet, Kempen Capital Management, Dun & Bradstreet, and Thomson Reuters. Prior to joining Mambu, Geneste was…

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Mortgage repayments set to rise for three million households

Around three million households are set to see their mortgage payments rise in the next two years, according to the Bank of England’s latest Financial Stability Report. The report found that around 400,000 mortgage holders face some very large payment increases. The Bank found that around a third of mortgage holders in the UK are…

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