Credit, Collections & Insolvency News
New research from TransUnion has found that nearly four in 10 (38%) adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…
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New UK Finance data has indicated that there were 45,367 cases of impersonation scams last year, costing £177.6 million. The research also found that only 51 per cent of people always check if a request for money or personal information is legitimate before responding. Impersonation scams take place when a criminal contacts you pretending to…
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The Financial Conduct Authority and the Payment Systems Regulator have launched a fresh push to encourage more competition in banking services via third-party firms. As co-chairs of the Joint Regulatory Oversight Committee, the regulators issued a joint statement saying: “While significant progress has been made, there is more to be done to deliver the full…
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Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…
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Household spending increased last month but continued to trail behind inflation rates, according to new figures from Barclays. The figures showed that consumer card spending rose four per cent year on year in March, less than half the latest CPIH inflation rate of 9.2 per cent, as consumers made further cutbacks to cope with the cost-of-living…
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The Government has announced a new crackdown to prevent illegal migrants from accessing bank accounts. The change will make it more difficult for unlawful migrants to access financial services is an important tool to help deter illegal migration by preventing people from working illegally and profiting from services they are not entitled to. Having access…
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New research by Fairer Finance has found that the majority of consumers are baffled by the most basic terms of their credit agreements, like how much interest they’ll be charged. Fairer Finance says that to protect consumers from being hoodwinked by credit providers, the Consumer Credit Act prescribes the information a company must give consumers…
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The Financial Conduct Authority (FCA) has published its business plan setting out its top priorities for the year ahead. The plan includes the introduction of consumer duty and reforming the UK’s listing regime. The FCA says that the programme aims to achieve better outcomes for consumers and markets, in line with its three-year strategy. Last…
Read moreLatest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in February 2023 compared with the same month in 2022. In the first two months of 2023, new business was 1% lower than in the same period in 2022. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer car finance new business volumes fell in February 2023 by 5% compared with the same month in 2022. The corresponding value of new business also fell by 5% over the same period. In the first two months of 2023, new business…
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Latest Bank of England (BoE) data has shown that consumer credit grew at 7.7 percent in February 2023 as consumers borrowed an additional £1.4 billion in consumer credit, of which £0.8 billion was through other forms of consumer credit (such as car dealership finance and personal loans) compared with £1.7 billion borrowed during January. This…
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UK consumer confidence rose to its highest level since March 2022, latest figures from the GfK Consumer confidence barometer show. The Overall Index Score increased two points in March to -36. Three measures were up, one was unchanged and one was down in comparison to last month’s announcement. The index measuring changes in personal finances…
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Sub-prime lender Amigo Loans is to be liquidated after months of trying to come up with a rescue plan ended in failure. The company said Amigo said it would stop lending with immediate effect and will be placed into an orderly wind-down, with all surplus assets transferred to the creditors of its compensation scheme. Those owed compensation…
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