Credit, Collections & Insolvency News
Payments made through the three retail payment systems managed by Pay.UK reached an all-time high in 2019, with businesses and individuals making 9.2 billion transactions with a combined value of £7.4 trillion. Pay.UK is the UK’s independent payment system operator, responsible for the Bacs Payments System (which processes Direct Credits and Direct Debits), the Faster…
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The Financial Conduct Authority, Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data. The statement said that they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal…
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IHS Markit’s UK Household Finance Index (HFI) hit 47.6 in February, from 44.6 in January, as UK households’ perceptions of their financial wellbeing rose to its highest-ever levels. The Household Finance Index rises to 47.6, from 44.6 in January as UK households foresee a solid improvement in their financial health over the next 12 months.…
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A new guide has been published to help financial firms — and other creditors — better understand and support customers struggling with both debt and mental health problems. Research by the Money and Mental Health Policy Institute shows that half of all people in problem debt in England also have a mental health problem, which…
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The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…
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Eight in ten businesses believe data is one of their most valuable assets, but a high degree of inaccuracy is hindering critical initiatives, new research from Experian has revealed. The annual Global Data Management report, which surveyed 1,100 data practitioners and data-driven business leaders globally, found that businesses are still struggling to incorporate meaningful data…
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Improving data and the quality of decisions are two of the top strategic priorities for credit management professionals in the next three years. A new study of credit management professionals from Equifax Ignite reveals nearly three quarters (72%) believe there is scope for future improvement of data analytics at their current companies. The study, in…
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More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…
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The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…
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A new investigation from Admiral Car Finance has revealed a range of hidden and unexpected costs consumers could unwittingly be hit with when purchasing their next car on finance, which could see them spending almost £1,200 more than they need to. With 2.4 million people spending a total of £37.6 billion on car finance last year, consumers…
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Communities are being encouraged to take part in a new initiative to help improve access to cash. The new Community Access to Cash Pilots, being funded by the financial services industry, will help to work out ways to meet local access to cash needs. ATM and bank branch closures have fuelled fears that “cash deserts”…
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UK Finance has published its latest Card Spending Update, outlining the data for spending on card transactions by UK cardholders in November 2019. The update shows there were 1.6 billion transactions on debit cards in November 2019, 8.8 per cent more than on the same month in 2018. This reflected a total spend of £51.2…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q4 2019 was 25, 10.7% lower than in Q4 2018. The annual total of repossessions in this market fell to a record low of 98 in 2019. The rate of second charge mortgage repossessions (as…
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