Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced it will looking at lending practices in the motor finance market. The move was announced in its business plan for 2017/2018. The FCA said “it was concerned that there may be some irresponsible lending in the sector. We are concerned that there may be a lack of transparency, potential…
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New research from more 2 life, the innovative equity release lender, shows that the size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%. The research predicts that total debt among the over-65s will pass the…
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Underhand tactics by the personal loans industry are costing consumers as much as £400 million every year according to a new report today by TSB Bank. The report findings suggest that: Consumers are being punished for shopping around – with providers making a hard mark on their credit file just for asking for a loan…
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New research from insurer Royal London has found that over £400 billion in wealth being held by Britain’s grandparents is set to cascade down through the generations to the benefit of Millennials in the coming years. Although most of the wealth held by the grandparents’ generation will be passed on initially to their baby boomer…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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A new credit union office has opened in Kendal The newly re-branded Penrith Office of Eden & South Lakeland Credit Union will open soon. It has come about following the successful completion of a merger between South Lakeland Credit Union and EdenSave Credit Union. Adrian Rush, Chair of Eden and South Lakeland Credit Union said “This…
Read moreNottingham Building Society has appointed Dan Mundy will be appointed as its new Finance Director. Mundy will join from the Co-operative Bank where he held the position of director of finance and will succeed Ashraf Piranie who recently left the society to joined West Bromwich Building Society. Prior to joining the Co-operative Bank, Mundy has held senior roles…
Read moreHere is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreSomeone taking out a personal loan pays on average twice the advertised APR according to the analysis of loan interest rates by The Centre for Economic and Business Research (CEBR) on behalf of Saga Money. The average loan APR available on the High Street is 3.5%, but Bank of England data shows that effective interest…
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New market and regulatory forces are having a major impact on the UK debt collections sector. The industry is going through a transitionary phase and as a result, businesses are having to shift their operational focus and adapt their business models. One of the biggest changes has been in the nature of the regulatory environment.…
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The Council of Mortgage Lenders has published it’s latest home buying figures which indicate that home buying activity up 7% in February. Looking on a seasonally adjusted basis, first-time buyer and home mover activity increased by value month-on-month and year-on-year. Buy-to-let house purchase and remortgage activity remained unchanged by volume and by value month-on-month, but…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business was down by 5%.…
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