Credit, Collections & Insolvency News
The Buy Now, Pay Later (BNPL) sector will come under the regulation of the Financial Conduct Authority (FCA) from today (Wednesday 15th July), seeing the launch of stronger protections in place for consumers. New YouGov polling commissioned by StepChange reveals the increasing popularity of BNPL products, but raises the concern that many are using it…
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New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. BNPL providers will be required to carry out affordability and creditworthiness checks before approving credit,…
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The Finance & Leasing Association (FLA) has said its members stand ready to support the Government’s plans to drive economic growth by providing the specialist finance that enables businesses to obtain equipment, consumers to buy cars and households to invest in their homes. Ahead of the Chancellor’s Mansion House speech, the FLA said delivering sustainable…
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New analysis from debt advice provider PayPlan, has revealed that Buy Now Pay Later (BNPL) usage among its customers across the UK has increased by 3,793% between 2020 and 2025, highlighting the growing role the credit product is playing in household finances. The findings reveal a significant awareness gap when it comes to the new…
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The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will start overseeing the first Critical Third Parties (CTPs) on following designation by HM Treasury (HMT). Critical Third Parties (CTPs) are technology and other service providers whose services underpin the UK financial system. The HMT has announced its…
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The Financial Conduct Authority (FCA) has set out what financial firms can do to improve how products and services can better meet consumers’ needs. When products are designed with consumers’ needs firmly in mind, they can support good outcomes, helping people make informed choices, get fair value, and receive the support they need over time…
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Victims of authorised push payment (APP) scams received £243 million in reimbursements from payment companies last year, according to the Payment Systems Regulator. APP scams involve consumers being deceived into sending money to seemingly legitimate parties. In 2024, new rules mandated that payment companies must reimburse victims up to £85,000. The regulator is set to…
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A criminal from Preston has been sentenced at Manchester Crown Court to six years in prison after pleading guilty to a series of fraud offences, including making purchases using stolen cards, gaining unauthorised access to someone’s online account, and intercepting parcels. The sentencing follows an investigation and arrest by a specialist, banking-industry-sponsored police unit, the…
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The era of near-invisible checkout credit is set for a major reset, as previously unregulated Buy Now Pay Later (BNPL) products come under the Financial Conduct Authority’s oversight. The new rules will apply to Deferred Payment Credit agreements, meaning lenders will need to carry out affordability checks, provide clearer information on repayment terms and fees,…
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Fraud rates within Open Banking payments remain below wider UK payments industry benchmarks as adoption of Open Banking continues to grow, according to the first edition of the Open Banking Payments & Fraud Monitor, published today by Open Banking Limited (OBL). Drawing on data from account providers representing more than 60% of Open Banking payment…
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A new report by the Treasury Committee has found that students were not told clearly enough that loan terms could change retrospectively, and called for a U-turn on the decision to freeze the income threshold at which some graduates start repaying their loans. The report also says that the Government has a moral obligation to…
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New research by the Financial Conduct Authority (FCA) has found that banks have been pushing homeless people or those in financial hardship towards unsuitable online applications and away from basic bank accounts. These accounts are free, do not include an overdraft facility, and provide essential banking for those unable to open a mainstream account. Now,…
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The Financial Conduct Authority (FCA) has been forced to suspend parts of its £9.1 billion car finance compensation scheme, delaying payouts for millions of motorists. The scheme aimed to compensate drivers overcharged for loans due to commission payments between lenders and car dealers from 2007 to 2024. A hearing is set for December or February,…
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