Credit, Collections & Insolvency News
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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The Prudential Regulation Authority (PRA) has announced that the amount of a customer’s money protected if a UK bank or building society or Credit Union becomes insolvent will rise to £120,000 from December 2025. This increases the limit from the current £85,000 which was set in 2017. It is also more than the previous PRA…
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A new report by Experian and Cifas has revealed a 9% rise in identity fraud, signalling the significant scale of fraud facing UK businesses as the festive season approaches. The data also highlights the new tactics criminals are deploying to exploit people and their personal information, and the steps businesses can take to protect themselves…
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Research by Aviva and Age UK has found that mid-retirees are navigating retirement without the financial support or guidance they may need as they get older. The report showed that almost two thirds (64%) of mid-retirees admit they have not spoken with family or friends about managing their financial affairs, should they become unable to…
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