Credit, Collections & Insolvency News
The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
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The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. Emergency legislation will be taken forward as an urgent priority so that landlords will not be…
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The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…
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The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…
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New research from TransUnion has revealed that the gap between traditional high street banks and digital challengers is rapidly closing. According to TransUnion’s latest Consumer Credit 2020 report, digital-only banks are only 3% behind their high street counterparts when it comes to consumer intent for current account applications. 10% of consumers said they plan on…
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The Financial Conduct Authority (FCA) has released its latest research into mortgage switching and how consumers can be encouraged to seek out better deals. The FCA says that they believe there is a case for intervening to help mortgage customers who do not switch. The research found the factors that contribute to the decision not…
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The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…
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The Bank of England has announced a number of measures to respond to the economic shock from Covid-19. In a statement, the Bank of England’s said that its role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy…
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Consumer spending grew 2.2 per cent year-on-year in February, propped up by digital subscriptions and takeaways, as consumers stayed home to avoid bad weather according to new data from Barclaycard. The date, which sees nearly half of the nation’s credit and debit card transactions, revealed that spending on essential items rose by 1.6 per cent.…
Read moreNon-financial behaviours such as social media use and transactional behaviour may be used in future credit risk assessment with implications for access to consumer finance, according to a report released by Registry Trust. The ‘Futures of Credit Risk Assessment in the UK’ report written by Senior Lecturer Joe Deville of Lancaster University and published by…
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The Financial Conduct Authority (FCA) has announced that Cash on Go, trading as Peachy.co.uk and Uploan.co.uk, has been placed into administration. Cash on Go is a high-cost short term lender, otherwise known as a payday lender, which lends small sums to customers until the next payday or up to 12 months. Adam Stephens, Gilbert Lemon…
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The Central Bank of Ireland has reprimanded and fined Ulster Bank (Ireland) DAC €4.6 million for governance failings relating to regulatory returns that were required under the Mortgage Arrears Resolution Targets (MART) Framework. The firm has admitted to these breaches, which took place from 2013 until 2015. The Central Bank determined that the appropriate fine…
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New figures released by UK Finance have shown that gross mortgage lending dipped for the first time in almost a decade last year. Lending dropped from £268.7 billion in 2018 to £267.6 billion in 2019 was only 0.4 per cent, it was the first annual decline since 2010. The Household Finance Review for Q4, 2019…
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