Credit, Collections & Insolvency News
Consumer spending across a wide range of UK business sectors is being restricted due to low awareness levels around the availability of point-of-sale credit options. The figures come from a new research report, which found that if consumers didn’t have the immediate funds to purchase something they wanted, just 6% would think to check if…
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Nearly half (48%) UK consumers incorrectly believe they are protected by their bank from authorised transfer fraud, according to the Shieldpay Fraud Tracker. The research from secure payments provider, Shieldpay also reveals a further two in five (38%) people do not know how or if they are protected from this type of scam. Of the people…
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More than a quarter of UK consumers would be happy for service providers to share their personal data with other suppliers or third parties, according to new research. The findings were reported in a study completed by outsourced customer contact specialist Echo Managed Services. The company surveyed 1,000 UK residents on their knowledge and attitudes to debt and asked…
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Citibank Europe has been fined €1,330,000 and reprimanded by the Central Bank of Ireland in respect of six breaches of its Code of Practice on Lending to Related Parties. The Code requires credit institutions, including banks and building societies, to have the proper systems, controls, independent oversight and regulatory reporting processes in place to support…
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A new report by the Institute of Fiscal Studies (IFS) has found that 40% of young adults cannot afford to buy one of the cheapest homes in their area even with a 10% deposit. The report said house prices in England have risen by 173% over two decades. Average pay for 25-34 year-olds has grown…
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New research from Direct Line Life Insurance has revealed that over 6.9 million parents percent) have given their children ‘their inheritance’ early, to try to reduce the amount of inheritance tax payable on their estates. This amounts to a total of £227 billion, at an average of £32,920.10. A further 6.5 million (19 per cent) parents…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market grew by 9% in August, compared with the same month in 2017, while the value of new business was up by 14% over the same period. The percentage of…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance second charge mortgage market reports volumes up by 6% in August Commenting on the August 2018 new business figures for the second charge mortgage market, Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 10% compared with the same month last year. Credit card and personal loan new business together grew by 9% compared with August 2017, while retail store and online credit new business increased by 7%. Second…
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New statistics published by StepChange Debt Charity have laid bare the alarming scale and changing nature of problem debt in the UK. They show that 326,897 people contacted the charity for help with their debts in just the first six months of 2018. Of the 180,644 who received full debt advice and a recommended debt…
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Latest Bank of England consumer lending figures have been revealed which show that household borrowing growth moderated slightly in August. Annual consumer credit growth slowed to 8.1%, while secured lending growth ticked down to 3.1%. The number of approvals for remortgaging, which has been volatile in recent months, increased to 53,125 in August. Net finance…
Read moreThe Financial Conduct Authority (FCA) has fined Tesco Personal Finance (Tesco Bank) £16.4 million for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack. The cyber attack took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card, its…
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Darlington Building Society has announced the appointment of Andrew Craddock as its new Chief Executive Officer (CEO). Craddock will join the Society, subject to regulatory approval, on December 1st Craddock has over 30 years of experience in the industry and joins directly from Buckinghamshire Building Society, where he has been the Chief Executive for the…
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