Credit, Collections & Insolvency News
UK inflation fell sharply in October to 4.6 per cent, its lowest rate in two years, down from 6.7 per cent the month before, according to the Office for National Statistics (ONS). Commenting on the date Andy Mielczarek, Founder and CEO of SmartSave, a Chetwood Financial company, said “Any drop in the rate of inflation…
Read more
Latest research from SunLife has indicated that the Bank of Mum and Dad has handed out £98 billion over the past five years, with parents over the age of 50 helping their children to get onto the property ladder, pay bills and settle debts. The study, which used data from SunLife customers and the Office…
Read more
One in ten adults do not trust financial advisers with less than half of adults never seen a financial adviser according to new research by Canada Life and financial services consultancy, AKG. The report proposes that the advice gap could widen before there is any chance of it closing. Currently, according to the report’s findings,…
Read more
New research by car finance provider, Ford Credit has uncovered a gap in consumer financial literacy with one in ten admitting they can’t confidently explain key financial topics. More than 50% of people looking to buy a car in the next 12 months plan to use car finance; this comes at a time when the…
Read more
A criminal has been sentenced following a £2 million mandate fraud case by the Dedicated Card and Payment Crime Unit (DCPCU). Michael Grant, a former contractor working for a bank as a senior market data administrator and financial analyst, pleaded guilty to fraud by abuse of position under the Fraud Act after commiting £2,260,729.09 of…
Read more
The cost-of-living crisis has been identified as the main barrier for two fifths (41%) of over 50’s that might prevent them from securing the income they think they’ll need in retirement, according to research from Standard Life, part of Phoenix Group. A further one in ten with a DC pension or SIPP (11%) say they…
Read more
The Financial Conduct Authority (FCA) has expressed disappointment with banks’ anti-crime systems and their treatment of fraud victims. The FCA’s review found that banks were not fully considering customer vulnerabilities when handling fraud claims and complaints. Customers were provided with unclear and confusing decision letters, with some containing accusatory language. The FCA is working with…
Read more
New research by. by Opinium for Hargreaves Lansdown has found that half of people are borrowing to cover the cost of nasty surprises – including two thirds of young people, parents, and high earners The research found that people are much less likely to have avoided expenses out of the blue (46%) than we were…
Read more
Mortgage lending is expected to record decade-low growth in 2023 and 2024, according to the latest EY ITEM Club Outlook for Financial Services, as mortgage rates reach their highest since 2008, economic growth remains subdued and weakening housing market sentiment drives down demand. Overall, mortgage loans in 2023 are expected to rise just 1.5% (net) and 2% (net)…
Read more
The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25% and has said that this is likely to be the peak with rate cuts are unlikely until at least the middle of next year, and even then are expected to be very gradual. The. MPC voted 6-3 to…
Read more
Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…
Read more
Independent Women, the community of female financial experts, has announced its expansion nationwide across 6 locations to meet the demand for tailored financial advice in a new era of women’s wealth. With women already holding a substantial amount of the wealth in the UK, female-centric financial advice has never been more important. Despite this, according…
Read more
Latest figures from the Equity Release Council (ERC) analysis showed that the equity release market grew for the first time in 12 months with quarterly increases in both new customers (10%) and total lending (8%). Total lending reached £716 million in Quarter 3 (Q3) loaned to 7,379 new customers and 8,466 returning drawdown customers. The…
Read more