Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced a £9.1 billion motor finance redress scheme, a significant reduction from earlier estimates of £11 billion. The number of qualifying agreements has decreased from 14.2 million to 12.1 million, leading to lower overall costs. Millions of motor finance customers will receive compensation this year under a Financial Conduct Authority (FCA)…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased to £4.8 billion in February, from £4.2 billion in January. The rise in February is also above the previous six-month average of £4.5 billion. The data also shows that net mortgage approvals for house purchases increased to 62,600 in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell 1% in January 2026 compared with the same month in 2025. The corresponding value of new business was 3% higher over the same period. In the twelve months to January 2026, new business volumes grew by…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £162.8 billion of new lending in 2025, 5% higher than in 2024. Of this total £40.3 billion was provided to businesses for investment in machinery, equipment, and vehicles,…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 10% in December 2025 compared with the same month in 2024. In 2025 as a whole, new business in this market was 6% higher than in 2024. The credit card and personal loans sectors together reported new business…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business grew 15% by value and 12% by volume in December 2025, compared with the same month in 2024. In 2025 as a whole, new business volumes grew by 2% compared with 2024. The consumer new car finance market…
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The Financial Conduct Authority (FCA) has announced that it is likely to make several changes to the proposed compensation scheme after receiving more than 1,000 responses to its consultation on the plans. The FCA said that final decisions on the scheme have not yet been made. Given the scale and complexity of the scheme, there…
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The Financial Conduct Authority (FCA) and the Solicitors Regulation Authority (SRA) have warned claims management companies (CMCs) and law firms over excessive fees in motor finance commission claims. The regulators emphasised that firms must ensure consumers do not have multiple representatives and must charge reasonable termination fees.The FCA has also written to lenders setting out…
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Research by Pepper Money has found that more than 16 million people have now experienced adverse credit, showing that rising living costs and financial pressures are driving a sharp increase in credit struggles across the UK, the highest figure since the study began nine years ago. The data showed that adverse credit is now increasingly common…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business by value and volume in November 2025 was at a similar level to the same month in 2024. In the eleven months to November 2025, new business volumes grew by 1% compared with the same period in 2024.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2025 by 3% compared with the same month in 2024. In the eleven months to November 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and…
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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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The Finance & Leasing Association (FLA) has submitted its response to the Financial Conduct Authority’s (FCA) consultation on a proposed Section 404 Motor Finance Consumer Redress Scheme. While lenders fully support a robust and credible redress programme for customers who have suffered loss, the FLA warns that the scheme as drafted cannot deliver the fairness,…
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