Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make…
Read moreThe Bank of England has published its latest Money and Credit statistics, showing consumer credit growth slowed to 6.4 percent in the past year as consumer credit increased by £0.5 billion in March, the lowest increase since November 2013. The weakness was largely due to a fall in new lending for car finance. Outstanding balances…
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Here is an overview of The Money Charity’s latest statistics for April 2019: Personal debt in the UK People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year. The average total debt per household,…
Read moreAccountant in Bankruptcy’s (AiB) has published its latest scottish personal insolvency provisional figures for the financial year 2018-19 which show there were 4,862 awards of bankruptcy compared to 4,644 during 2017-18. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland rose by 29% in January-March 2019 compared with the same quarter the…
Read moreOver 250,000 homeowners are expected to struggle to refinance their properties over the next five years, according to research conducted by Kensington Mortgages. The data shows that 15 per cent of borrowers will have reached the end of their repayment date by 2024 and will be unable to find a new deal, which Kensington says…
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The Financial Conduct Authority (FCA) has published a Feedback Statement summarising the responses received to its Discussion Paper – ‘A duty of care and potential alternative approaches’ – published in July 2018, and setting out next steps. As a result of the feedback the FCA received and its early analysis, it has identified options for…
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The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…
Read moreContactless card spending surged by nearly a third in 2018, and with over 20 million transactions taking place each day, new data released by Paymentsense reveals the UK cities leading this growth with those in the top 10 expected to go cashless first. Analysing data of nationwide transactions from 2018, Paymentsense has explored the UK’s…
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The Financial Conduct Authority (FCA) has published its Business Plan for 2019/20, which outlines the key priorities for the coming year. As the UK finalises preparations to leave the European Union, the immediate priority will remain supporting an orderly transition post-exit. The FCA will also continue to play a leading role in shaping the global…
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The Financial Conduct Authority (FCA) has issued a reminder to authorised firms that they need to start preparing today for the Senior Managers and Certification Regime (SM&CR) to be ready for the new regulation coming into effect on 9th December 2019. The FCA has already rolled out the SM&CR to banks and insurance firms, and…
Read moreContactless card transactions were nearly a third of all volume in January 2019 according to new data from UK Finance. Over the month, there were 642 million contactless card transactions in the UK. This is a 19.5% increase from the same time in 2018, a total of 537 million. The value of these contactless transactions…
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The amount of money being achieved for a repossessed home by Spicerhaart Corporate Sales is at its highest level in nine months. Spicerhaart Corporate Sales achieved an average of 104.29% against the market value on properties that were taken into possession and sold in March 2019. This figure is up from an average of 96.73%…
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The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…
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