Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published its interim report of its market study into the pricing of home and motor insurance. The FCA found that competition is not working well for all consumers in these markets. It sets out concerns about how pricing in these markets leads to consumers who do not switch or…
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A report by UK Finance has suggested that fewer than one in ten purchases will involve cash by the year 2028. The rise of contactless payments means many consumers no longer carry notes and coins and only 4% mainly use cash. The report also found that 6,240 cash machines were removed during 2018, taking the…
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A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
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With 30 days until the October 31 Brexit deadline, the number of Brits saying they have put off a big financial decision has risen to one in five (19 per cent) – equal to ten million people. The major outgoings currently on ice for one in five people include booking a holiday (38 per cent…
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Ireland’ regulator the Central Bank has published a Prohibition Notice prohibiting Home Credit Ireland Executive Director Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Home Credit Ireland is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended). Kearns failed to properly…
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Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreUK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
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Financial fraud has risen by 14% this year according to new data from Experian, with criminals turning their attention to younger people who have just bought their first home. The overall rise has been driven largely by an increase in debit and credit card fraud, which has risen by 60% in the first six months…
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More than a third of the UK’s bank branches have shut their doors since 2015 while hundreds of those that remain have slashed their opening hours, new research from Which? reveals. The consumer champion investigated the bank branch network between January 2015 and August 2019 and found there were 3,303 closures (34%) in that period…
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Equiniti Business Payment Services (formerly EQGlobal), the international payments division of Equiniti Group, has announced that it has partnered with SWIFT, the global provider of secure financial messaging services. The collaboration, which sees Equiniti Business Payment Services join SWIFT Alliance, will deliver clients a suite of products and services that include the widest and most…
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The majority of University students in the UK do not feel as though they have sufficient money to live on while studying, new research from KnowYourMoney.co.uk has revealed. The financial comparison website has commissioned a survey of more than 1,000 people who are currently doing an undergraduate degree at a UK university. It found 54% believe…
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UK’s leading fraud prevention service, Cifas has revealed that mortgage fraud has seen a 5% increase in the first six months of 2019 compared to the last six months of 2018. The figures are released as part of the Cifas ‘Faces of Fraud’ campaign, which aims to highlight the fact that what some view as…
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Nearly half (47%) of first-time buyers are partially funded by grandparents or parents according to research conducted by independent equity release adviser Key. Retired homeowners are increasingly considering cashing in buy-to-lets, acting as guarantors as well as remortgaging or taking out new mortgages (including equity release) to help children and grandchildren on to the property…
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