Credit, Collections & Insolvency News
New research from comparethemarket.com has found that half of homeowners feel they have made expensive mistakes during the process of buying their first property. In a poll of over 2,000 homeowners, 15% wished they’d haggled more on the price of the house when buying their first property and 10% of respondents said they made a…
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The latest stress test analysis carried out by the Bank of England (BOE) reveals the core banking sector is now holding over three times the amount of capital ratio than before the global financial crisis. Consumers, on the other hand, are less prepared than they were in 2008. The UK households’ saving ratio has almost…
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Equiniti Credit Services, a consumer credit technology and outsourced service provider, has announced the publication of its latest annual research report. A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity, and flexibility. The sixth…
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The Financial Conduct Authority (FCA) has announced the final rules on the Directory – a new public register that enables consumers, firms and other stakeholders to find information on key individuals working in financial services. Publishing this information on a regular basis will empower customers to make sure they only deal with individuals whom an…
Read moreNew figures released by the Finance & Leasing Association (FLA) show consumer finance new business in January was at a similar level to the same month in 2018. Credit card and personal loan new business together fell in January by 3% compared with the same month in 2018, while retail store and online credit new…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer that the second charge mortgage market reports volumes up by 18% in January Commenting on the January 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association…
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The Financial Conduct Authority (FCA) has announced that the Financial Ombudsman Service (FOS) will soon be able to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 limit will increase to £350,000 for complaints about actions by firms on or after that date. For complaints about…
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The Irish Central Bank of Ireland has published an analysis of over 4,500 applications for approval to occupy senior roles within regulated firms in Ireland (under the Fitness and Probity regime) in 2018. The Central Bank has committed to publishing this analysis on an annual basis as part of its continued focus on the importance…
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Over half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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Knowledge Bank’s Criteria Activity Tracker for February shows that searches regarding people with debt issues were four of the five top criteria searches in the second charge category, for the very first time. UK Knowledge Bank’s monthly criteria index reveals the searches brokers perform prior to mortgage product sourcing. Concern might be raised within the…
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The Financial Conduct Authority (FCA) has written to credit card firms to highlight the findings of its multi-firm review of fees and charges in prime and sub-prime credit card products and firms. It shared the findings of its review with participant firms and a number of changes have been made to how customers are charged…
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Consumer spending grew by 1.2 percent year-on-year in February, equating to a decline in real terms when adjusting for inflation according to new data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose by 2.3 percent, propped up by relatively modest growth in supermarkets of…
Read moreThe Access to Cash Review has published its final recommendations calling on the Government, regulators and banks to act now or risk leaving millions behind. The review concludes that digital payments don’t yet work for everyone and around eight million adults (17% of the population) would struggle to cope in a cashless society. The Review’s…
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