Credit, Collections & Insolvency News
Latest card spending data published by UK Finance has revealed that online spending across credit and debit cards last November reached a proportion not seen since the first lockdown, in a month which included Black Friday sales and new coronavirus restrictions across the UK. Online card spending accounted for 38 per cent of the total…
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New data analysis from Key has indicated shows that older homeowners gifted an average of £42,500 to younger relatives to help them get on or move up the property ladder in 2020. This is almost two-thirds of the average first-time buyer deposit (£57,278) and will have gone even further than before due to the stamp…
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A specialist police unit funded by the banking and finance industry prevented almost £20 million of fraud and arrested over 100 suspected criminals in 2020, including several involved in scams exploiting the Covid-19 pandemic. The Dedicated Card and Payment Crime Unit (DCPCU) targets the organised criminal gangs responsible for fraud and is made up of…
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New research from Experian reveals how the acceleration of digital transformation, through the Covid-19 pandemic, has led to greater demand for data insights to inform decision making and strategy. The annual Global Data Management report, which surveyed 700 data practitioners and data-driven business leaders globally, found that changing customer behaviour has intensified businesses’ need for high-quality data.…
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Credit Connect Media announced that it has launched a new event called the Lending Technology Think Tank which will take place on Thursday 22nd April. The event will focus on technological and innovational developments and strategies within lending. The inaugural Think Tank is a multi-session event that includes a diverse range of speakers and is…
Read moreNew Data published by the Bank of England has indicated continued growth for the Credit Union movement in the UK. The figures covering the financial year for 2020 shows that Credit Unions in England, Scotland and Wales now serve over 1.4 million people and collectively hold assets worth over £2 billion. The new data shows…
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High street banks could be forced to reimburse all scam victims under rules proposed by the Payment Systems Regulator (PSR). The new regulations would also see banks forced to publish figures showing how often they pay back blameless fraud victims. The PSR has launched two calls for views exploring greater protections for everyone using payment…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 12% in December 2020 compared with the same month in 2019. In 2020 as a whole, new business volumes in this market were 21% lower than in 2019. The consumer…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in December 2020 by 18% compared with the same month in 2019, and decreased by 18% in 2020 as a whole. The retail store and online credit sector reported new business 6% lower in December than in the…
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The Financial Conduct Authority (FCA) has released its latest Financial Lives survey (FLS), looking at consumers’ financial situations, the financial products they choose and their experiences of engaging with financial services firms. The FCA concluded its FLS research in February, and ran an extra survey in October in order to understand the impact of the…
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Lenders risk being overwhelmed by credit applications when the UK lifts lockdown restrictions, according to data specialist LendingMetrics. The company behind the award-winning ADP automated underwriting platform fears a leap in demand for finance when the country returns to more normal conditions. It predicts this to be likely by June or July, if the vaccine…
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Consumer spending fell in January at the fastest rate in seven months, according to Barclaycard. Overall consumer spending shrank by 16.3% in year-on-year terms last month – much sharper than the 1.9% fall in November. The fall in spending was the sharpest decline since May 2020, as the retail, hospitality and travel sectors felt the…
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Research for Indesser, a joint venture between the Cabinet Office and TDX Group, has shown that over half of consumers (53%) have improved their financial tracking and budgeting during Covid-19. The pandemic has changed some people’s financial behaviour for the better, with 43% of respondents paying off more debt than before, and over a third…
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