Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…
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The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…
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Net consumer borrowing increased for the second month in a row, albeit at a lower rate than in July according to the latest Bank of England figures. The figures show £21.3 billion was borrowed on cards and loans in August, up from £20.9 billion in July, and less was being saved. While the amount borrowed…
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The Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver open banking in the UK, has announced that over two million customers are now using open banking-enabled products. The figures represent a significant upswing in the use of open banking technology despite the disruptive effects of…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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Losses to unauthorised fraud fell by 8% in the first half of this year to £374.3 million, figures from UK Finance’s half-year fraud report for 2020 has revealed. More than 15,000 impersonation scams were reported an 84% increase on the year prior. with criminals exploiting the increased use of technology among the public during the…
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The Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as…
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Motor finance companies need to be working now with vehicle retailers and technology providers to create uniformity across all channels through which their products are sold in line with new FCA regulations, according to iVendi. The online motor retail specialist says that many appear to be concentrating on ensuring the compliance of their own captive…
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The Public Sector is failing debtors, especially the most vulnerable, and needs to urgently learn the lessons from the private sector according to the Chartered Institute of Credit Management (CICM). The concept of ‘vulnerability’ is also too vague, and as such many of those most in need of help are falling between the cracks. The…
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The Financial Conduct Authority (FCA) has today published its final report of its market study into the pricing of home and motor insurance. The FCA says that anyone renewing their home or motor insurance should pay no more than they would as a new customer, under a proposed shake-up of the sector. The FCA is…
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TotallyMoney has warned that consumers could be unwittingly losing hundreds of pounds by using certain financial products against their advantage. The company’s research has revealed that the majority of consumers (53%) have an outstanding debt on a credit card but no 0% promotional offer, meaning they could be paying an average interest rate of 20.77%…
Read moreLatest research from global information and insights provider TransUnion has suggested that consumers who have weathered the initial shock of COVID-19 are feeling more financially stable, but those experiencing financial difficulties face some challenging months ahead. In its latest report, which marks almost six months since UK lockdown and social distancing measures were first imposed,…
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New data released by UK Finance has revealed that credit and debit card activity in the UK fell slightly in June, despite non-essential shops across the UK re-opening in response to the lifting of restrictions. 933 million transactions were made across the month, a 2.7 per cent decline compared to May, and 43.1 per cent…
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