Credit, Collections & Insolvency News
Cloud banking platform Mambu has announced the appointment of Mark Geneste as Chief Revenue Officer to lead its commercial team. Geneste brings extensive experience in sales leadership in the software industry, having held senior positions at Wolters Kluwer – Enablon, FactSet, Kempen Capital Management, Dun & Bradstreet, and Thomson Reuters. Prior to joining Mambu, Geneste was…
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Around three million households are set to see their mortgage payments rise in the next two years, according to the Bank of England’s latest Financial Stability Report. The report found that around 400,000 mortgage holders face some very large payment increases. The Bank found that around a third of mortgage holders in the UK are…
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More than two-thirds of students regularly use financial products and services, but levels of financial literacy remain too low to ensure they can all avoid financial risks while benefiting from available opportunities, according to a new OECD report. The OECD says that the Government should seek to boost young people’s financial literacy, enabling them to…
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The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…
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Consumers are opting to spend more on experiences, with a poll from Barclays suggesting that consumers are increasingly choosing experiences over purchases. The spend data shows that consumers are predicted to spend a total of £178 billion on these activities between June and September this summer, averaging £3,322 per person (median consumer estimate: £701). While…
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Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…
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Latest research from Phoenix Group has found a huge difference in perceptions around how people have retired in the past, and what this could look like in future decades. A ‘hard stop’ or ‘transitional’ retirement is seen as the most prominent way people have moved into retirement over the last 50 years but is expected…
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Interest-only homeowner mortgages fell by 5.4% to 664,000 last year compared to 12 months before, the latest data from UK Finance has revealed. The data showed that there were 200,000 partial interest-only (part and part) homeowner mortgages outstanding at the end of 2023, 9.9 per cent fewer than in 2022. The total interest-only mortgage stock…
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Experian and Virgin Money has announced a strategic partnership to enhance Virgin Money’s digital customer experience by leveraging its suite of cloud-based technology. The partnership will see Virgin Money use Experian’s full breadth of services including credit and lending, fraud prevention, analytics, governance, and compliance as well as marketing services across all their product lines.…
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The cost of car insurance has risen by 18% year on year, according to new research from Compare the Market. The typical premium stood at £850 in May 2024 after rising by £132 over the previous 12 months. The increase in the cost of car insurance in the past year may in part be due…
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A new first-time buyer study from the UK’s biggest property website Rightmove reveals that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019. Over the last five years, the average mortgage payment for a typical first-time buyer home has risen from £667 per month to £1,075 per…
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Consumer confidence has seen a third consecutive monthly rise since March, according to a survey by GfK. The research showed that the Consumer Confidence Index climbed three points in June, reaching minus 14. This increase was driven by growing optimism about the economy, with a seven-point boost in confidence regarding the general economic situation over…
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A new report by Citigroup has found that over half of banking jobs are at risk of automation. The report found that 54% of banking jobs have a high potential to be automated. The report which analyses the role that artificial intelligence (AI) might play in changing the way both consumers and corporates bank indicated that…
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