Credit, Collections & Insolvency News
Housing association Thirteen Group has become the first social landlord across England and Wales to introduce Open Banking payments as part of a partnership with PayPoint. The partnership between PayPoint and Thirteen was first established in June 2024. At the core of the partnership is ensuring customers have more control, more choice and a simpler way…
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The Finance and Leasing Association (FLA) has criticised the Financial Conduct Authority’s (FCA) proposed redress scheme for car finance mis-selling, labelling it ‘completely impractical.’ Stephen Hadrill, Director General of the FLA has expressed concern about the scheme covering loans dating back to 2007, stating that both firms and customers may lack necessary documentation. The FCA…
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New research by Hargreaves Lansdown has found that one in two (47%) people know how their pension investments are performing. Men are significantly more likely to know than women (36% compared with 58%). Whilst. one in two of those aged 18-34, and those over 55 know how their pension is doing. Meanwhile 43% of those…
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Motor finance customers are likely to receive less than £950 in compensation after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. Many motor finance firms were not complying with rules or the law by not providing customers with relevant information about the commission paid by lenders to the…
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The Prudential Regulation Authority (PRA) has unveiled a series of possible measures to make it easier for mid-sized firms to scale-up and compete in the residential mortgage market, and is now opening a wide discussion with industry on how best to do so. The PRA has now published a discussion paper to explore different options…
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Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes so that consumers can make informed decisions about their finances. The FCA’s review is part of its strategic focus…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages decreased for the…
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Latest Bank of England data has shown that net borrowing of consumer credit by individuals rose to £1.4 billion, from £0.9 billion in the previous month. et borrowing through other forms of consumer credit remained broadly unchanged at £0.7 billion over the same period. Commenting on the date, Richard Pinch, Senior Director of Risk at…
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£6.4 billion per year could be added to the UK economy by improving financial inclusion, according to new economic modelling by WPI Economics, commissioned by Fair4All Finance, the not-for-profit financial inclusion organisation. The study shows that £5.9 billion could be raised annually from increased productivity and employment due to improved financial wellbeing. A further £110…
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New Freedom of Information (FOI) data from the Financial Conduct Authority (FCA), analysed by Quilter, has revealed a significant rise in the number of people taking out mortgages with a term of 35 years or more. In 2024, 30,338 mortgages with a term of 35 years or more were sold to people aged over age…
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A survey commissioned by the Building Societies Association (BSA), which represents UK mutual lenders like building societies and credit unions, found that 59% (nearly a third) of renters aged 25 to 44 had expected to be homeowners by now. Of those, 33% believe they will never own a home, while 31% hope to buy within…
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The Supreme Court has announced that it will deliver its long-awaited ruling on the motor finance cases this Friday (1st August), which could kickstart one of the country’s largest mass redress schemes. Commenting on the announcement, Brian Nimmo, Head of Redress at Broadstone said “The Supreme Court ruling could kickstart one of the largest mass…
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Over a third (35%) of bank customers do not feel valued by their bank, according to Which? research. The consumer champion’s survey in May of 13,660 members of its Connect Panel found that many people had noticed services being removed over the past two years. The most common issues raised included the loss of paper…
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