Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has outlined new measures that aim to give consumers and businesses greater control over their financial data to help secure better deals. The FCA says that open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew by 2% in February 2026 compared with the same month in 2025. The corresponding value of new business was 5% higher over the same period. In the first two months of 2026, new business volumes grew…
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Latest data from the Royal Institution of Chartered Surveyors (RICS) has found the market losing momentum as rising borrowing costs and wider geopolitical uncertainty weighed heavily on buyer confidence and sales activity. New buyer enquiries fell to a net balance of -39%, down from -29% in February, marking the weakest reading since August 2023. Agreed…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 5% in February 2026 compared with the same month in 2025. In the first two months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and…
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Some of the UK’s leading lenders have expressed their frustrations with UK banking regulation in a new report from the Association for Financial Markets in Europe (AFME). AFME welcomes the FPC’s move to lower its benchmark for Tier 1 capital requirements, which reflects both the effectiveness of postcrisis reforms and improvements in risk measurement. However, AFME cautions that a reduction…
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Mortgage rates have risen significantly since the start of the war in Iran, leaving homeowners facing steep increases in monthly payments – at a time when living costs are already rising across the board, warns Sprive. According to Moneyfacts, the lowest available 2-year fixed deal before the start of the conflict in the Middle East…
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The Government has announced a crackdown on unwanted and misleading subscriptions, which will save consumers around £400 million every year. The new rules will make it simpler and far less painful to escape unwanted subscriptions, stop people from being silently rolled onto expensive contracts and ensure that companies are upfront and open when selling subscription…
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The Financial Conduct Authority (FCA) has announced a £9.1 billion motor finance redress scheme, a significant reduction from earlier estimates of £11 billion. The number of qualifying agreements has decreased from 14.2 million to 12.1 million, leading to lower overall costs. Millions of motor finance customers will receive compensation this year under a Financial Conduct Authority (FCA)…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased to £4.8 billion in February, from £4.2 billion in January. The rise in February is also above the previous six-month average of £4.5 billion. The data also shows that net mortgage approvals for house purchases increased to 62,600 in…
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UK Finance has launched a new Accessible Cards Code of Practice, designed to help customers with accessibility needs or impaired vision use payment cards in-store and online. The Code means the UK is the first country in the world to have national common accessibility guidelines for flat printed payment cards. The new guidelines cover physical…
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GfK’s index of household sentiment dropped to minus 21 in March from minus 19 in the previous month. This is the weakest reading since April last year. The data showed that the decline was driven by a six-point drop to minus 37 in expectations for the UK economy over the coming year. There was also a six-point…
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The Bank of England and Prudential Regulation Authority (PRA) have finalised a package of changes to firms’ resolution reporting and disclosure requirements which reduces the burden of regulation while maintaining a robust and credible regime that supports growth and competition. The UK’s resolution regime is designed to ensure that banks can fail safely, without disruption…
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The Chancellor and Economic Secretary brought together the six largest banks and building societies, alongside UK Finance, to take stock of the impact of the conflict in Iran on households and small businesses. The Chancellor secured a commitment from lenders present to proactively contact 1.6 million customers whose fixed-rate deals end between now and the…
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