Credit, Collections & Insolvency News
The UK Treasury has revealed plans to cut its majority stake in NatWest, raising the possibility of share buybacks from the bank. The Government has appointed Morgan Stanley to cut its 54.7% stake in NatWest to 40% over the next 12 months. According to recent estimates from the Office for Budget Responsibility, the taxpayer is…
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New research has found that 840,000 private renters have built up arrears as a result of the Covid pandemic meaning 56% of landlords have lost rental income. The research by Homeppl also found that there was also 71% rise in fraudulent applications, one in 50 are now fraudulent and that fraudulent tenants now costing landlords…
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Latest UK Finance data has indicated that outstanding balances on credit card accounts had fallen 12% in a year to £53.3 billion, down from 19% a month earlier. The April figures showed that there were 33.9 million credit cards with balances at the end of the month, this was down 7% from April last year…
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The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…
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The Financial Conduct Authority (FCA) has fined Lloyds Bank’s insurance arm £90,688,400 (£90 million) for sending insurance renewal letters to customers suggesting they were getting a ‘competitive price’ without backing up the claim. The FCA says that Lloyds failed to ensure that language contained within millions of home insurance renewals communications was clear, fair and…
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The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (the regulators) are seeking views on regulatory plans to improve diversity and inclusion in financial services. In a discussion paper, the regulators have revealed policy options including, among others, the use of targets for representation, measures to make senior leaders directly accountable for…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 293% in May 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 (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 116% in May 2021 compared with the same month in 2020. In the first five 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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The Financial Services Compensation Scheme (FSCS) has paid out £584 million in compensation helping 52,623 (1,131 firms) families and businesses in the past year (2020/21). The FSCS has either paid customers compensation or enabled them to transfer to a new financial provider for their investment or insurance policy. The latest figures compare to £527 million…
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UK Finance has announced four new appointments to its board. Matt Hammerstein, CEO of Barclays Bank UK; Lucy-Marie Hagues, CEO of Capital One UK; John Hourican, Chief Executive of NewDay Group; and Max Roberts, UK Country Lead for Stripe, have joined the board. Vim Maru, Lloyds Banking Group and Tracey McDermott, Standard Chartered have stepped…
Read moreThe Government has proposed legislation that will see consumers and businesses granted the legal right to withdraw and deposit cash within “a reasonable distance” of their home or premises. Analysis suggests that cash remains a necessity for at least 8m people, and while UK Finance data shows that the number of payments made with cash…
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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreTwo-thirds (63%) of UK financial services companies now use alternative data to improve decision making according to new research by Oxylabs. The research showed that over a quarter (26%) note their data needs have increased significantly since 2020 with interest in alternative data acquisition has increased almost threefold over the past year. The research revealed…
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