Credit, Collections & Insolvency News
New research from TransUnion’s study tracking the impact of the pandemic has shown that over a quarter (27%) of UK households now do not expect any future financial impact as a result of the pandemic, almost double the figure (14%) when the study began in March. TransUnion says that this demonstrates the steadying effect that…
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The government has confirmed that the new statutory Breathing Space scheme will launch in May next year. The government has published draft regulations titled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. The news will mean that people in problem debt will be able to access 60…
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The Finance & Leasing Association (FLA) has published its recovery plan for the economy – Shaping the UK’s future prosperity: recognising the opportunities for recovery – which recommends a phased approach of short, medium and long-term measures that will ultimately position the UK to meet the Government’s key objectives of achieving a net-zero, low carbon…
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The Financial Conduct Authority (FCA) has secured an interim injunction against the alleged operators of an unregulated sale and rentback scheme preventing them from continuing with their business and freezing their assets. The FCA has commenced proceedings in the High Court against London Property Investments ((LPI) and NPI Holdings, Daniel Stevens (the sole director and…
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Older homeowners released £1.47 billion worth of property wealth in the first half of 2020 but this was driven by a buoyant Quarter 1 as the impact of the coronavirus and resulting political and economic uncertainty hit the market in Quarter 2, a Market Monitor report from equity release adviser Key has indicated. Between Quarter…
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The Financial Services Compensation Scheme (FSCS) paid out £527 million and helped a total of 258,119 customers during the year, 79 per cent of whom were satisfied with the job performed by the regulator. As part of its annual report, the FSCS summarised that it continued to assess claims fairly and efficiently, driving outstanding customer experience.…
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Research by TSB shows that four in five people are tricked by scam bank messages. The study saw 2,000 people presented with texts and emails from companies such as banks and mobile phone operators, half of which were fake. Only 18% of people could correctly identify all of the messages which were scams, with this…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in May 2020 by 78% compared with the same month in 2019, and by 41% in the five months to May 2020. The consumer new car finance market reported a fall in new…
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The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry has warned that more needs to be done to prevent gambling-related harm. The committe says that the liberalisation of gambling by the Gambling Act 2005, the universal adoption of smart phones, and the exploitation of soft-touch regulation by gambling…
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The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…
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Spending on non-essential items improved in May relative to the record fall seen in April, data from Lloyds Bank shows. Following April’s 42% year on year fall, the biggest on record, spending in May was down 32% giving hope to businesses that demand is still there. Whilst the lockdown was eased slightly in the month…
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The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…
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