Credit, Collections & Insolvency News
Plans to reform the Financial Ombudsman Service (FOS) have been revealed by the Government. The reforms will return the FOS to its original role as a simple, impartial dispute resolution service that resolves complaints quickly and effectively, while ensuring it operates within a clearer and more predictable framework alongside the Financial Conduct Authority (FCA). The…
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A new analysis of its credit card data for 2025 by global analytics software specialist FICO has found a fundamental shift in market dynamics from traditional cyclical patterns to clearer management of affordability challenges. The year was characterised by consumers struggling to manage existing debt levels, with average balances reaching record highs while payment rates fell. The…
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Fraud prevention service, Cifas has revealed that more than 444,000 cases were recorded to the National Fraud Database (NFD) in 2025, the highest number ever recorded in a single year, and a 6% increase on 2024. The scale of fraud continues to accelerate, with Cifas members recording more than 1,200 cases every day and preventing…
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New research from Compare the Market suggests there is still some uncertainty around how credit cards factor into mortgage applications, with 21% of prospective first-time buyers believing they need to be completely debt-free to be approved for a mortgage1 The survey findings indicate that around one in ten prospective first-time buyers believe they must never…
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A man has been jailed for running an illegal sale-and-rent-back scheme targeting struggling homeowners. Rajinder Gill and his accomplices were sentenced for their involvement in a sale-and-rent-back scheme. Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages.…
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Revolut Bank UK has announced that it has received regulatory approval from the Prudential Regulation Authority (PRA) to exit the mobilisation phase, and launch as a bank in the UK. The launch comes with an existing base of 13 million UK customers and follows Revolut’s recent commitment to invest £3bn ($4bn) and create 1,000 high-skilled…
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The UK is facing a growing financial literacy crisis, with millions of households navigating credit without fully understanding how it works, according to new research from Creditspring. As borrowing becomes faster and more accessible, consumers risk making costly, but entirely avoidable, financial decisions. Across the UK, understanding of even the most basic credit concepts remains…
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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 £162.8 billion of new lending in 2025, 5% higher than in 2024. Of this total £40.3 billion was provided to businesses for investment in machinery, equipment, and vehicles,…
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New research from Aegon’s Money has found that one in three adults has done nothing to prepare for their death, while 83% of adults say financial preparation for death matters with 43% deeming it ‘very important.’ A third (32%) have taken no steps at all, with only 38% having written a will, 26% having communicated…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 10% in December 2025 compared with the same month in 2024. In 2025 as a whole, new business in this market was 6% higher than in 2024. The credit card and personal loans sectors together reported new business…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business grew 15% by value and 12% by volume in December 2025, compared with the same month in 2024. In 2025 as a whole, new business volumes grew by 2% compared with 2024. The consumer new car finance market…
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The Financial Conduct Authority (FCA) has announced that it is likely to make several changes to the proposed compensation scheme after receiving more than 1,000 responses to its consultation on the plans. The FCA said that final decisions on the scheme have not yet been made. Given the scale and complexity of the scheme, there…
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First-time buyers who benefitted from the Bank of Mum and Dad are staying closer to home to appease their parents, and in some cases falling out with friends, due to the help they have received, according to the latest Compare the Market research. Nearly two-thirds (62%) of homeowners under the age of 35 who bought…
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