Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has promised swift action on making mortgages more accessible, with the regulator set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. The FCA will look at options for making it easier to access options such as remortgaging with a new lender and reducing…
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Half (51%) of female professionals in the UK experience a lack of inspirational female leaders in their company. This is despite the 2025 FTSE Women Leaders Review finding that women now occupy over 43% of roles on company boards, as well as 35% of leadership roles in 350 FTSE companies. In light of this year’s International Women’s Day…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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Latest quarterly data from UK Finance has shown that the mortgage market strengthened in Quarter 4 (Q4) 2024, with both first-time buyers and home mover numbers up by almost a third compared to a year ago, with forward-looking data suggesting this will persist through the first quarter of 2025 The data found that overall, 2024…
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Latest Bank of England data has found that the number of mortgage approvals fell to 66,200 in January, a decrease of around 300 from December. However, net mortgage lending rose by 27% to £4.2 billion – the highest since September 2022. The mortgage market remained busy in January, largely due to first-time buyers squeezing deals…
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Latest data from the Bank of England data has shown that consumer credit borrowing rose sharply to £1.7 billion, indicating financial strain on households. Net consumer credit borrowing by individuals was £1.7 billion in January, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £1.1 billion from…
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New analysis of 24 million subprime credit applications conducted by Data On Demand in partnership with the University of Salford Business School and Seattle Pacific University has found that young adults and homeowners driving surge in subprime credit, The analysis revealed a significant shift in borrowing patterns, with essential living costs replacing discretionary spending as…
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Latest quarterly figures from UK Finance has found that later life mortgages lending increased 28.2 per cent year on year. The data indicated that there were 35,840 new loans advanced to older borrowers in Quarter 4 (Q4) with the value of this lending was £5.6bn, which was up 38.6 per cent compared with the same…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £154.6 billion of new lending in 2024, 2% higher than in 2023. In 2024 £39.7 billion was provided to businesses for investment in machinery, equipment, and vehicles, including…
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Research published by the Building Societies Association has shown that three-quarters (73%) of UK adults with Cash ISAs are against the Government scrapping or reducing Cash ISAs. Just 8% were supportive, and the others didn’t have an opinion either way. The analysis highlights that the majority of UK savers who currently save in Cash ISAs…
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A new study from Juniper Research has found the number of Open Banking API calls globally will increase 427%, from 137 billion in 2025. The report predicts Artificial Intelligence (AI) will become increasingly integrated with open banking offerings; creating personalised banking solutions for users for finance management and customisable loan allowances, driving the growth of…
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The GfK consumer confidence index has increased by two points to -20 over the month to mid-February, as households said they were becoming more optimistic about their personal finances and the economic outlook. The research found that the better-than-expected findings were driven by the Bank of England’s latest interest rate cut earlier this month. The…
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New research by Compare the Market has found that three in ten borrowers don’t know their credit score. The data also found that only 59% of credit card users are aware of their credit score whilst nearly half (45%) of people with a credit card are not actively trying to improve their credit score. Among…
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