Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published a consultation paper with proposals to transform Retail Banking Business Models data collections into an annual return to enable the regulator to monitor competitive dynamics to identify shifts, spot emerging harms and intervene where needed. Damien Burke, Head of Regulatory Practice at Broadstone, said “The FCA’s consultation aims…
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New research from American Express has found that nearly a third (29%) of adults either plan to, or will consider using, AI assistants and tools when they shop this year, rising to nearly four in ten (37%) for younger consumers aged 18-34. American Express says that for younger consumers, AI is rapidly becoming woven into…
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New research from Aegon has revealed that six in ten people (60%) in the UK feel positive about their finances for 2026, maintaining last year’s results which, in turn, were an improvement on the 2024 results. In total, 11% feel “extremely positive” and 49% “somewhat positive”, compared to 36% who feel negative overall. This year’s…
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New data from Premium Credit has shown that 44% of insurance customers are using credit or are reliant on finance from insurers and premium finance companies. The research showed that nearly six out of ten (57%) consumers use some form of credit to pay for one or more policies they have.. Whilst 44 per cent of…
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Financial confusion and overwhelm are quietly draining the wallets of millions of people, costing them hundreds of pounds annually. On average, people lost over £640 in the past year alone because they delayed major financial decisions, according to new research from financial education charity Money Ready. Left unchecked, these annual losses can add up: over £3,000…
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Latest credit card analysis by Fico has revealed that pre-Christmas spending and average active balances fell, whilst average balances for missed accounts remain high, reflecting continued financial pressure. The October 2025 data showed a decline in credit card spending compared with the previous month and the previous year. Lower spending led to average balances falling…
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New data from Pure Cremation has revealed that the average traditional funeral now costs £4,562. A cremation funeral typically comes in at £4,232, while an average burial funeral reaches £6,065, with prices vary dramatically depending on location. According to the data, Wales is the cheapest place to die, with a traditional funeral averaging £4,136. In…
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Latest Bank of England data showed that net borrowing of mortgage debt by individuals increased to £4.5 billion in November, following a decrease of £1.0 billion to £4.2 billion in October. Mortgage approvals for house purchase fell by 500 to 64,500. By contrast, approvals for remortgaging rose by 3,200 to 36,600 in November. Approvals for…
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Household spending in the UK decreased by 0.2% in 2025, marking the first decline since 2020, according to Barclays. Families are cutting back on essentials, including groceries. The figures fell after growing 1.6 per cent in 2024 and 4.1 per cent in 2023. In a year marked by careful and considered budgeting, confidence in household…
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Barclays’ latest Property Insights report reveals that the influence of the ‘Bank of Mum and Dad’ now extends well beyond first-time buyers, playing a pivotal role for ‘second steppers’. For renters, deposits remain a challenge, but they are less deterred by the cost of mortgages. Meanwhile, consumer confidence showed modest signs of recovery following the…
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The Financial Conduct Authority (FCA) has opened an enforcement investigation into The Claims Protection Agency Limited (TCPA) following concerns about its advertising and sales tactics in relation to potential motor finance claims. The FCA is investigating what customers were told about the amount of redress they might obtain, whether they were told they could make…
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New data from Hargreaves Lansdown has found thousands tackle their finances on Christmas Day, with the company finding that more than 100,000 of their clients logged into the financial planning app on Christmas Day last year. The busiest time was 8am – an hour earlier than previous Christmases. Last year, Christmas Eve saw almost three…
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The Financial Conduct Authority (FCA) will allow banks to set their own contactless payment limits from 19th March 2026. Currently, the limit stands at £100, raised from £45 five years ago. The FCA aims to enhance fraud prevention by permitting only banks with strong fraud controls to adjust these limits. People could find it easier…
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