Credit, Collections & Insolvency News
Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. The figures showed individuals borrowed an additional £1.5 billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 billion was on credit cards (an increase of £400m…
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Two-thirds of consumers are planning to cut their discretionary spending in 2023, according to KPMG, with a poll showing that just 4% will be able to increase their non-essential spending levels in the coming year. The survey shows that one in ten respondents have no savings, while 43% of those who do have savings are…
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Intermediary Mortgage Lenders Association’s (IMLA) latest report has shown that the mortgage market has remained resilient throughout 2022 with gross lending expected to reach £310 billion this year, slightly above 2021’s strong performance. The figure has been driven by high levels of re-mortgaging, which account for more than a third of gross lending. The buy-to-let…
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The Government has announced that it will extend. the Mortgage Guarantee Scheme by a year to the end of December 2023, helping people with 5% deposits on to the property ladder The Mortgage Guarantee Scheme has already helped over 24,000 households get onto the property ladder. Launched in April 2021, the scheme supports first-time buyers,…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services. In…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in October 2022 by 4% compared with the same month in 2021. The corresponding value of new business increased by 9% over the same period. In the ten months to October 2022, new business volumes…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in October 2022 compared with the same month in 2021. In the ten months to October 2022, new business was 17% higher than in the same period in 2021. The credit card and personal loan sectors…
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Analysis of the latest Bank of England data on average quoted household rates1 from Freedom Finance has shown that the cost of borrowing continues to accelerate placing further pressure on household budgets. Following significant increases in the cost of personal loans in October, this trend continued in November with both £5,000 and £10,000 loans posting…
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Latest UK Finance data has found that despite the continuing collapse in confidence during Q3, consumer spending remained strong overall, although inflation masked weaker activity. The Personal loan borrowing to fund larger purchases fell away, suggesting the “make hay while the sun shines” effects seen in Q2 may have abated. The figures showed that house…
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The Financial Conduct Authority (FCA) has fined Santander UK £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. An investigation found that between 31st December 2012 and 18th October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account…
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Half of all first-time buyers in the UK, and over a quarter of home movers who took out a mortgage in the third quarter of this year opted for a term of more than 30 years, according to UK Finance’s latest Household Finance Review. This compares with around a quarter of first-time buyers and fewer…
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The Financial Conduct Authority (FCA) has proposed new measures to clamp down on illegal, unfair or misleading financial marketing. The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to…
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New research by FICO has revealed that strong fraud protection could be a competitive differentiator. When asked to rank their considerations in selecting a financial account provider, the top factor for 30 percent was good fraud prevention. This came above value for money at 26 percent. Greater levels of checks across the financial services sector…
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