Credit, Collections & Insolvency News
Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) has shown that the consumer car finance market reported a fall in new business volumes of 20% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business volumes were 20% higher than in the same period…
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New figures released today by the Finance & Leasing Association (FLA) show that the Second charge mortgage new business volumes grew by 149% in July 2021. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association…
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The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services companies. The FCA says that Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection…
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The Online Collections Technology Think Tank 2.1 has confirmed its agenda and speaker line-up ahead of the event next Thursday (16th September). The third Collections Technology Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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New research by Canada Life has found that almost a fifth of consumers (17%) who have received financial advice are prioritising making sure they can spend every penny of it in retirement without fear of running out. More than one in ten (13%) will also consider how much of their children’s inheritance they can spend…
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House purchase lending volumes in June reached the highest monthly level on record, with Q2 2021 house purchase the highest quarterly figures in 13 years according to UK Finance’s latest Household Finance Review. The Q2 Review also highlights that credit card spending and personal loan take-up have increased as the hospitality and entertainment industries reopened…
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The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…
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Outside of mortgage borrowing, consumers borrowed no additional consumer credit in July, according to Bank of England (BOE) figures, with the sum households paid back roughly equivalent to what they were loaned. The figures compare with an average of £1.2 billion of consumer credit borrowed per month in the two years to February 2020. Economists…
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The Bank of England’s (BOE) latest Monthly Money and Credit data for July showed that individuals paid back £1.4 billion more of mortgage debt than they borrowed in the month. The net repayment followed record borrowing of £17.7 billion in June. The data showed that this was only the second such net repayment in a…
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UK Finance has announced that the national roll-out of the new £100 spending limit for contactless card payments will begin from 15th October 2021. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority following a public consultation and in discussion with both the…
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Specialist equity release and lifetime mortgage brokers, KIS Finance says that it has seen enquiries for equity release increase by 110% when comparing the first half of 2019 to the first half of 2021. The company’s analysis indicated that the number of enquiries for equity release and lifetime mortgages was steady throughout 2019, then increased quickly during…
Read moreAs part of efforts to tackle the loyalty penalty, insurers in the UK (from 1st October) will be required to offer better value for money policies to existing customers. However, the Financial Conduct Authority (FCA) says too many firms were failing to meet existing regulatory standards let alone the tougher rules coming in. A new…
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