Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has warned that up to 4,000 financial services companies were at a ‘heightened risk’ of collapse even before the second wave of coronavirus struck. The Financial Conduct Authority (FCA) has published the results of its coronavirus financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA…
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Two-thirds of consumers are determined to get on top of their finances in 2021 – after spending more time thinking about money than ever before this year according to research by Samsung. The study of 2,000 adults found many will do things differently in months ahead, including opting to ditch cash altogether in favour of…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. The figures indicate that taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time. Since the virus hit in March,…
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Statistics from, fraud prevention specialist, Cifas have revealed an increase in the number of victims of facility takeover in the telecommunications and retail sector. Cases recorded to the National Fraud Database for facility takeover, where an existing facility such as a retail account or phone contract is hijacked by a fraudster for their benefit, increased…
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Here is an overview of The Money Charity’s latest statistics for December 2020 Personal debt in the UK People in the UK owed £1,688.5 billion at the end of October 2020. The average total debt per household, including mortgages, was £60,580 and per adult was £31,867, around 109.1% of average earnings. Net mortgage lending rose by…
Read moreNew Ofcom research reveals the challenges and tough choices many telecoms customers are facing this year, with more action needed from the industry to support customers in financial difficulty. Ofcom says that reliance on phone and broadband services has increased significantly in recent years, and this trend accelerated in 2020 as people continue to spend…
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New research from over 50s finance specialist SunLife has found that, as a result of the pandemic, six per cent of homeowners over 55 would now consider taking out an equity release plan when they previously wouldn’t have. SunLife’s Equity Release Report 2020 shows that: Those who say the pandemic has made them think that…
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The Lending Standards Board (LSB) has published a summary report evaluating firms’ implementation of provision SF1(2) – Effective Warnings of the Contingent Reimbursement Model (CRM) Code for Authorised Push Payment (APP) scams today. The voluntary code, launched in May 2019, sets out consumer protection standards to detect, prevent and respond to APP scams and provides…
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Rising numbers of UK consumers are avoiding unnecessarily risking their credit score by checking their eligibility, as demand for credit grew in the second lockdown compared to the first lockdown according to the latest findings from Experian’s Credit Barometer. The number of consumers checking their eligibility for credit cards in the first two weeks of…
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New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age. 31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…
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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 3% in October 2020 compared with the same month in 2019. In the ten months to October 2020, new business volumes in this market were 20% lower than in the…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in October 2020 by 11% compared with the same month in 2019, and decreased by 18% in the ten months to October 2020. Consumer car finance new business by value and retail store and online credit each…
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