Credit, Collections & Insolvency News
In the last 12 months, the pandemic has altered digital and financial lives, causing significant financial distress and uncertainty around employment and yet for others, financial reserves have improved. Either way, over the past year consumers, have been re-evaluating their relationships with money and technology according to Lloyds Bank Consumer Digital Index research. Given the…
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NatWest has announced its research into coercive debt as the Domestic Abuse Bill is ratified into law. The research looked into how it can better support customers who have been victims of economic abuse and coercive debt. As the Domestic Abuse Bill becomes law, the bank is committing to putting greater measures in place to…
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The Financial Conduct Authority (FCA) has outlined plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to. Firms are already bound by FCA rules and principles to treat customers fairly and many firms are delivering the right outcomes for consumers, including…
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UK Finance and the largest retail banks and building societies have made five commitments to continue to preserve access to cash for consumers and businesses over the long term. The financial institutions which have signed up for these commitments are Barclays Bank UK plc, Coventry Building Society, HSBC UK Bank plc, Lloyds Banking Group, Nationwide…
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The number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic, according to the latest statistics from Experian. In February, Experian’s Open Data Platform saw more than 188 million data sharing requests (up from 47 million in February 2020) – 30% of the 669 million…
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Consumer spending has recovered to levels last seen before the pandemic as it rises 0.4% in April compared with the same period in 2019, up from a 7.2% contraction in March and the first expansion this year, according to data from Barclaycard. The data indicates that spending on essential items rose 10.1 per cent compared…
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EQ Credit Services has released its latest UK research report into the unsecured lending sector which has revealed some startling consumer attitude shifts including a ‘new nervousness’ characterising the current credit market. This appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared…
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Provident Financial (PFG) has confirmed that it is closing down its loss-making 141-year-old doorstep lending business. The division employs more than 2,000 people. The news comes as the Group releases its preliminary results for the year ended 31st December 2020, which feature a pre-tax loss of £113.5 million (2019: pre-tax profit of £119 million). The…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020. In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…
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The Money and Pensions Service (MaPS) has launched an innovative new pilot to help people in mental health crisis avoid worsening debt problems, as part of its increased funding for debt advice in 2021/22. The government-backed MaPS, which is the largest funder of debt advice in England1, has committed £94.6million overall in 2021/22 to support…
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Younger people’s finances have been hit hardest by the pandemic, and they are increasingly willing to securely share their bank transaction data to get access to financial products that can help them weather the storm, according to the latest findings from Credit Kudos’ Borrowing Index. The research found that Under 35s are three times more…
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Latest Bank of England (BoE) figures show that UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March, with market activity driven by the stamp duty holiday and low mortgage rates. Gross mortgage borrowing hit £35.6 billion in March, with buyers looking to tie up property purchases ahead of the…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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