Credit, Collections & Insolvency News
NatWest has announced that it has appointed Barry Connolly as the new Managing Director (MD) of its mortgage business. Connolly previously led the high street bank’s retail banking offer, with responsibility for the delivery of current account, payment and savings propositions for 12 million customers across NatWest, Royal Bank of Scotland and Ulster Bank. Brad…
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New research by the Building Societies Association has revealed that around half (48%) of all parents* have a secret savings account or have had one in the past, compared to just one in five (22%) of non-parents. The main reasons people admit to doing this are to maintain independence (40%), followed by wanting to be…
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New findings from CRIF, a provider of European consumer and business credit information, has revealed that just over half (53%) of consumers trust their bank or provider to look after their data. Across the rest of Europe, 62% of consumers trust their financial services providers, with this number rising to nearly three quarters of Americans…
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Lloyds Bank has reported a significant increase in money mule accounts among individuals aged over 40, with this demographic now representing 19% of such accounts, a growth of an astonishing 73% over the last year. Younger individuals, particularly those aged 19 to 25, are also at risk, with 24% of money mule accounts belonging to…
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Latest data from the HL Savings & Resilience Barometer shows the top fifth of earners (who as a household make an average of £91,950) have monthly mortgage payments of £1,211 and other monthly debt repayments of £673 – which in both cases are around a third higher than the national average. Although they may feel…
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As the Bank of England recently cut the base rate from 5.25% to 5%, new analysis by Compare the Market has found that homeowners on a standard variable rate (SVR) mortgage could save up to £330 a month by switching to a fixed rate deal, the equivalent of £3,960 a year. As interest rates have…
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The latest Barclays Property Insights report found that growth in rent and mortgage spending slowed to the lowest rate in 17 months, following the Bank of England’s base rate reduction on 1st August. In response, consumers are feeling more confident in their household finances, though some concerns around rent and mortgage affordability remain. Meanwhile, housing…
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The UK’s property equity has reached an unprecedented £5.7trn, driven by recovering house prices according to the Equity Release Council. This figure marks an increase from £5.4trn in the same period last year and surpasses the previous high of £5.6trn recorded in mid-2022. Total UK mortgage debt of £1.6tn compares with an overall property market…
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UK Finance has released its latest Household Finance Review for Q2 2024 which highlighted that mortgage borrowing in Quarter 2 (Q2) had increased by 19% for first-time buyers (FTBs) and 15%have for movers when compared with the same period last year. The rise was driven by the spike in mortgage applications we saw late last…
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New data from the Take Five to Stop Fraud campaign has found that half of people (50%) say they feel busier when coming back from a holiday. A third said that being busy makes them more likely to take a chance on a cheap deal or financial offer (34%) and were also more likely to…
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Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, The figures were obtained via a freedom of information request sent to the National Fraud Intelligence Bureau run by City of London Police. The research found that credit card fraud is the…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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The Financial Conduct Authority (FCA) has outlined plans to encourages account providers to do more to support those who want a bank account but don’t have one. The FCA has recognised that banks, building societies and payment firms are trying to support customers to access accounts and is encouraging them to build on examples of…
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