Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in June 2024 by 11% compared with the same month in 2023. The corresponding value of new business decreased by 10% over the same period. In the first half of 2024, new business was 3% lower…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2024 by 8% compared with the same month in 2023. In the first half of 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal loans…
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Latest data from Nationwide’s Spending Report shows that £7.6 billion was spent overall in June, an increase of 3% compared to the previous year, meanwhile, transactions were up 5%. The amount spent in June reached £4.2 billion down one per cent compared to the previous year, while the volume of transactions (c.121m) was up two…
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Motor insurance premiums have increased by over a fifth in the past year, despite a 2% dip in average prices in the second quarter of this year. The average cost of car cover fell to £622 from a record high of £635 in the previous quarter, but remained 21% higher than the same period last…
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The Financial Conduct Authority (FCA) has secured an order of £4 million against an unauthorised mortgage broker and its associates who exploited vulnerable consumers. London Property Investments (U.K) Limited (LPI) arranged mortgages while NPI Holdings Limited (NPI) bought properties and rented them back to the sellers, both without FCA authorisation. Daniel Stevens, the director of…
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Ministers have been called on to show leadership in the fight against fraud by helping businesses to better share intelligence to detect the crime and to protect customers. A coalition of businesses led by the consumer group Which? have committed to sharing data to combat fraud and appealed to the Government to prioritise the fight…
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The Payment Systems Regulator (PSR) has warned that reimbursement for those tricked into transferring money to fraudsters still largely depends on who the victim banks with. PSR data on authorised push payment (APP) scam reimbursement show that victims reported 252,626 cases of APP scams in 2023, with these totalling nearly £341 million. Under the existing…
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The Bank of England has voted to cut interest rates for the first time since March 2020, with the Monetary Policy Committee (MPC) choosing to cut the base rate, which has stood at 5.25% since August last year, to 5%. The decision comes with inflation having held at the Bank’s target rate of 2% in…
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The Bank of England’s annual update on the Credit Union sector shows that loans to members increased by 21.4% to £2.3 billion, the largest year-on-year change, after increasing 15.7% in 2022. The total number of Credit Union members also rose by 4.6% to 2.2 million while income grew by 27.5% to record levels in 2023,…
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The Financial Conduct Authority (FCA) has launched a review of financial services rules as it looks to strip back red tape. The City watchdog said the burden of regulation ‘could be streamlined’ and has called on the industry to identify rules which could be scrapped or simplified as they ‘overlap’ with consumer duty. The…
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Consumers borrowed £2.7 billion of mortgage debt in June, up from £1.3 billion in May according latest Bank of England data. Net mortgage approvals for house purchases remained broadly stable at 60,000 in June, while approvals for remortgaging decreased from 29,300 to 27,500 over the same period. The annual growth rate for net mortgage lending…
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Latest Bank of England data shows that the annual growth rate for consumer credit, including credit cards, personal loans and overdrafts, dipped to 8% in June from 8.4% in May. The annual growth rate for credit card borrowing fell to 10.5%, from 10.8% in May. Net consumer credit borrowing dipped slightly in June to £1.2…
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New data from Hargreaves Lansdown has found that around 1.5 million people will need to remortgage throughout 2024. The research also showed that one in five (18%) of those who have had to remortgage onto a higher rate since the end of 2022 have ‘poor’ or ‘very poor’ financial resilience compared to one in eight…
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