Credit, Collections & Insolvency News
A company which tricked people into signing up for monthly direct debits has been shut down following an investigation by the Insolvency Service. Paragrim Ltd, trading under the Mediacraze.net website, deliberately misled consumers into providing bank details for what they assumed were everyday online purchases, such as car parking or television streaming services. But after…
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Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority (FCA), an increase of 17%, year-on-year. The FCA also published 2,285 alerts to help prevent consumers from losing their money to scams, up from 1800 in 2022. After being given new powers by the Government,…
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New figures by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in December 2023 by 8% compared with the same month in 2022. The corresponding value of new business was also 8% lower over the same period. In 2023 as a whole, new business by value and volume…
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New figures by the Finance & Leasing Association (FLA) show that consumer finance new business in December 2023 fell by 2% compared with the same month in 2022. In 2023 as a whole, new business was also 2% lower than in 2022. The credit card and personal loans sectors together reported new business up by…
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Moneyfacts data shows that the average two-year fixed mortgage rate on the market recorded its biggest month-on-month fall since December 2022 in February. Analysis shows that across all deposit sizes, the average two-year fixed-rate mortgage had a rate of 5.56% at the start of February 2024, down from 5.93% at the start of January this…
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Families across Britain face a ‘triple savings challenge’ of insufficient ‘rainy day’ savings of at least £1,000, an inability to cope financially with bigger life events like family breakdown, and inadequate retirement incomes. But all three can be addressed by building on the success of auto-enrolment into pension saving to encourage more liquid saving too,…
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The Financial Conduct Authority (FCA) has announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the financial regulator. The firms which have agreed to this action account for 80% of the GAP market. THE FCA intervened amid concern that consumers are not getting value for money.…
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As the Money Saving Expert encourages consumers to claim for potentially unfair motor vehicle credit arrangements, RSM UK is warning that credit providers could face increased operational pressures. In January, the Financial Conduct Authority (FCA) announced it was undertaking a review of historic car finance arrangements, and would take regulatory action if widespread misconduct means…
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A new report from the Pensions Policy Institute (PPI) has found that people hoping to enjoy a ‘moderate’ standard of living in retirement could need over a third more income, The latest update reveals that a moderate living standard in retirement could cost a single person £31,300 in 2023/24, up 34% from £23,300 a year…
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Consumer card spending grew 3.1 % year-on-year in January, less than the latest inflation rate of 4.2 %, yet higher than December’s growth of 2.3 %. according to latest analysis by Barclays. The figures showed that retail, hospitality and leisure spending slowed as consumers stayed at home to shelter from the cold weather and save…
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One in three (31%) of generation X (people aged 42-57) are uncertain about when to retire, compared to 19% of Baby Boomers and older generations (aged 58 and above), according to new research from Standard Life. A quarter (24%) of all UK adults admit they feel unsure about when to retire. 27% of females feel…
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New analysis by FICO has suggested that 1.9 million consumers have had their stolen ID used to commit financial fraud The research has also found that fraud protection is the highest priority for individuals when opening a financial account. The findings found that 4.3% of respondents have had their ID stolen and used by a…
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Figures published by KPMG UK’s Fraud Barometer, which records alleged fraud cases with a value of £100,000 and above, has revealed that the total volume of fraud cases heard in UK Crown Courts was 226 cases in 2023, up from 221 cases in 2022. In contrast, fraud value was £992.9 million, a slight decrease from…
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