Credit, Collections & Insolvency News
A new report by Go.Compare car insurance has revealed that the average cost of car insurance is now £456, up 2% from the previous quarter (£447). The comparison website’s latest price index has revealed that compared to the same period in 2023, the average cost of car insurance is up 23%, from £371 to £456.…
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Fraud and scam complaints are at their highest ever according to quarterly level, data released by the Financial Ombudsman Service (FOS). In the first quarter of this financial year (1st April – 30th June 2024), consumers lodged 8,734 complaints about fraud and scams, of which over half were in relation to customer approved online bank…
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Some of the world’s leading finance and technology firms have come together to form a new industry coalition in the UK to fight economic crime through digital verification, the Centre for Finance, Innovation and Technology (CFIT) has announced. Companies including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian,…
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Aryza Group has announced it has acquired Axcess Consulting, an Australian headquartered provider of loan management software to blue chip financial services companies across Australia, UK, Ireland, Asia and Canada. Founded in Geelong in 1991, the Axcess platform is a scalable SaaS offering designed to help, non-bank lenders manage loan origination, underwriting, servicing and investment…
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Latest Money and Credit statistics from the Bank of England have shown that mortgage borrowing in July reached its highest level in nearly two years at £2.8 billion, up from £2.6 billion in June, the highest since November 2022 (£3.3 billion). Mortgage approvals in July were also at a near two-year high, while net consumer…
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Latest data from the Financial Ombudsman Service (FOS) has shown that complaints from bank customers over financial products soared 70% last quarter from a year earlier. The rise was mostly driven by disputes linked to credit cards and car loans, FOS data shows that there were almost 74,645 complaints in the last quarter compared to…
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UK Finance has published its latest data on later life mortgage lending for Q2 2024 which reveals that there were 5,610 new lifetime mortgages advanced in the Quarter, down 16.9% year on year. The figures show 32,990 older borrowers (aged 55 and over) took out mortgages in Q2 2024, up 8.34% in a year, 8,670…
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The majority of adults value being given the option to pay in cash, according to latest research by LINK, the UK’s cash access and ATM network. Whilst contactless card and mobile phone payments represent the most the popular ways to pay (42% of adults stated a preference for contactless card payments, and 24% for digital…
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A new report from global information and insights company, TransUnion, has found that consumers are more optimistic about the likely state of their finances over the next 12 months than at any point over the past two and a half years. The latest survey found that 43% of consumers are optimistic about their household finances…
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Victims of economic abuse should find it easier to get help dealing with their creditors, as 25 banks and building societies have committed to accepting the Economic Abuse Evidence Form (EAEF), which could ease applicants’ trauma and provide the support they need . The new form, devised by Money Advice Plus (MAP), enables money and…
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New figures published by KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in Crown Courts collectively worth £128.2 million so far this year. The research, which records alleged fraud cases with a value of £100k…
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The Institute of Economic Affairs has called for the Serious Fraud Office (SFO) to be replaced with a new agency focused on preventing economic crime. The SFO has been plagued by a series of high-profile failures, including ethical misconduct and incompetence. In 2021, a high-profile bribery conviction of a former Unaoil executive was overturned due…
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Latest data has found that credit card spending rose 4.2% from May to June 2024, with teh average balance standing at an average of £840 which is 0.1% higher than June 2023 according to FICO’s latest credit card report for June 2024. The data showed that May 2024 saw quite significant month-on-month increases in late…
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