Credit, Collections & Insolvency News
Six months into Open Banking, online research from Equifax has revealed that two fifths (40%) of consumers willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through Open Banking include the ability to…
Read more
Many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to help make the jump from their first home, according to the new research by Lloyds Bank titled the ‘Second Steppers report’. More Second Steppers are having to borrow from family and friends to…
Read more
Ticket sales and distribution company, Ticketmaster has revealed it has suffered a major data breach in which tens of thousands of people had their card details stolen. The breach has compromised payment card and personal information of customers who made purchases on its UK website. According to the company, the breach was carried out through malicious…
Read more
New regulation aimed at opening up the UK’s current account market could lead to an influx of new players and services for 32.7 million consumers and 4.8m small businesses by 2022, according to new PwC research on Open Banking. New rules came into effect in January 2018 requiring UK banks to share current account holder…
Read more
The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
Read more
Over recent years there has been a tendency for the general public to lament the decline in personal interaction within the consumer credit industry that has been afforded by technological advances. People have bemoaned branch closures, increased automation, call centres and what has been seen as a ‘computer says no’ approach to affordability assessments and…
Read more
The HM Treasury (HMT) set out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act (EUWA). The act is intended to ensure that there is a complete and robust legal framework for financial regulation in the UK, whatever the outcome of negotiations between the EU and the UK, when the UK…
Read more
The Financial Conduct Authority (FCA) has published an update on its Strategic Review of Retail Banking Business Models. The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current…
Read moreNew research by Moneyfacts.co.uk reveals that over the past 12 months the average unarranged overdraft fee has fallen from £53.61 to £39.23. Last year, NatWest and Royal Bank of Scotland made efforts to reduce fees on some accounts, and in November, Lloyds Bank decided to scrap both its £6 per month usage fee and £5…
Read more
UK Finance has announced its latest household finance update for May 2018. The highlights from the report include: Credit card spending was 2.3 per cent higher in May than a year earlier, with outstanding levels of card borrowing having grown by 5.7 per cent over the year. The total of 193 million credit card purchases…
Read more
Figures published by UK Finance have revealed that £24.7 million of fraud has been prevented and 197 arrests made thanks to the introduction of the Banking Protocol, a ground-breaking scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch. The publication of the latest figures marks one…
Read more
Credit reference agency, Experian has announced that it can now offer Open Banking and PSD2 (Payment Services Directive 2) services to enable the exchange of bank account information between people and organisations. The FCA has given it permission to operate as an Account Information Services Provider (AISP). The accreditation allows Experian to help people and…
Read more
The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
Read more