Credit, Collections & Insolvency News
Two-thirds (64 per cent) of wishful parents are dreaming of the day when the financial tide turns and they no longer have to support their grown children, but instead get to enjoy being on the receiving end of their generosity according to research by Moneyfarm. In fact, mums and dads hope the financial scales will…
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The Financial Conduct Authority (FCA) has announced that it is developing new rules aimed at helping consumers move their savings from cash into shares, with the regulator looking to reduce the ‘advice gap.’ The proposed rules would allow financial firms to offer targeted support, replacing the current system that distinguishes between ‘guidance’ and ‘financial advice’. …
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Citysave Credit Union and Fusion Credit Union have announced that the two companies have completed a merger. The merger integrates all Fusion members into Citysave’s operations. It expands Citysave’s reach throughout Birmingham, Sandwell, Warwickshire, Cannock Chase, South Staffordshire, Solihull, Redditch, Bromsgrove, and Lichfield. Citysave CEO, Sean Lynch said “By combining our strengths, we are better…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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A criminal has been sentenced at Inner London Crown Court to over a year in prison for operating a SMS Blaster to conduct a mass smishing campaign against victims with the intent to harvest their personal details to be used in fraud. The sentencing follows an investigation and arrest by the Dedicated Card and Payment…
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The Financial Conduct Authority (FCA) has released a discussion paper on mortgage market rules to help boost home ownership. The FCA says that first-time buyers, the self-employed and people borrowing into retirement could benefit from further possible changes to mortgage rules. The regulator says that the mortgage market has changed considerably over the years. First-time…
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One in two (50%) consumers have reported a fraud attempt had been made against them in the last three months, with many even reporting to falling victim according to new research by TransUnion. The survey found that 14% of UK respondents reported they had lost money to fraud in the last year alone, through various…
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Consumer confidence has seen a slight increase, with GfK’s consumer confidence index rising by two points in June. The index remains in negative territory at minus 18, four points lower than last year. Confidence among UK consumers has improved but remains fragile in the face of expected petrol price rises amid escalating conflict in the Middle…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.25%. The Bank of England has held interest rates at 4.25%. The Monetary Policy Committee (MPC) voted 6:3 for the hold, with three members voting for a cut. Commenting on the latest decision, John Phillips, CEO of Just Mortgages and…
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New research by Aviva has found that the number of people with a partner, that nearly half (47%) keep financial secrets, with more than £6,000 on average per person stashed away in secret accounts. This is despite almost half (45%) believing they ‘know everything’ about their partner’s finances. Of those who have secret accounts, the…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2025 by 1% compared with the same month in 2024. In the first four months of 2025, new business in this market was 4% higher than in the same period in 2024. The credit card and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2025 by 5% compared with the same month in 2024. The corresponding value of new business fell by 2% over the same period. In the first four months of 2025, new business was 1%…
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A new House of Lords Financial Services Regulation Committee report has found that the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) must set out how they intend to address longstanding concerns with the redress framework and ensure that their views on regulatory requirements are consistent. The Committee’s inquiry examined the progress made…
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