Credit, Collections & Insolvency News
The Payment Systems Regulator (PSR) has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. The PSR says that having given careful consideration to all the feedback and information received, the board has decided that the maximum reimbursement limit for Faster Payments will be £85,000. The PSR’s requirements will provide protections…
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Physical banking is now of less importance to UK consumers than those in Europe or the US according to research by CRIF, Europe. The research shows that UK consumers are now the least likely to choose a bank or financial provider based on it having a physical presence near where they live. Overall, less than…
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HSBC has backed calls for tech firms to help cover the cost of fraud, saying incoming compensation rules will not be enough to prevent scams. The Payment Systems Regulator (PSR) is expected to make reimbursement of up to £85,000 mandatory from 7th October with most firms having failed to sign up to, or consistently apply,…
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An independent evaluation of GAMSTOP has found that 78% of users had delivered the results that they were hoping for and 80% would recommend the service to others. More than 4,650 GAMSTOP users took part in the research and 73% said they were satisfied with the service, with the number rising to 85% amongst those…
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Consumer confidence in the UK has sharply declined, with the GfK consumer confidence index dropping to minus 20 this month, down from minus 13 in August. The longest-running measure of consumer confidence nosedived, raising concerns about whether government rhetoric about Budget ‘pain; has overly worried the general public. The index measuring changes in personal finances…
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The Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
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The rollout of banking hubs has gained momentum, with 15 new sites announced as stricter industry regulations aimed at protecting cash access come into effect. Link, the cash machine operator, is identifying additional locations in communities such as Frome, Newquay, and Thetford, bringing the total planned hubs to 163, including 81 already operational since the…
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Latest UK Finance data for June 2024 has found a small decrease in credit card spending. The data showed that there were 357 million credit card transactions in June, 2.6 per cent fewer than in June 2023. The total spend of £19.9 billion was 3.1 per cent lower than June 2023. Outstanding balances on credit…
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New research by Finova has found that one in five (19%) of homeowners feel that the technological features offered by lenders are falling short of their expectations. The study found that a considerable 42% of respondents still believe that speaking on the phone is the most effective method to address queries about their mortgage. The…
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New research by Go.Compare home insurance has revealed that 26% of consumers want to sell up and move on More outdoor space is the reason for 23% of those looking for a new abode, with the exact same percentage saying they need more indoor space. 18% of those wanting to move house cite better parking…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in July 2024 by 1% compared with the same month in 2023. The corresponding value of new business increased by 2% over the same period. In the seven months to July 2024, new business was 2%…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes grew by 25% in July 2024 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2024 by 4% compared with the same month in 2023. In the seven months to July 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal…
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