Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has this afternoon published its consultation on the motor finance compensation scheme. It estimates that, on average, customers due compensation will be eligible for £700 payouts on an expected 14 million unfair motor finance agreements, which could start next year, under an industry-wide compensation scheme proposed. Based on the number of…
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The Financial Conduct Authority (FCA), Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and the Advertising Standards Authority (ASA) are joining together to tackle misleading advertising and inadequate information provided by some claims management companies (CMCs) and law firms working on motor finance claims, and the risk that excessive fees are charged to clients. …
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in July 2025 by 1% compared with the same month in 2024. The corresponding value of new business grew by 4% over the same period. In the seven months to July 2025, new business volumes were…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2025 by 4% compared with the same month in 2024. In the seven months to July 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and…
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Since the financial crisis of 2008-9, 3.3 million prospective homeowners have missed out on the opportunity to own a home according to new research by leading Pepper Money. The research indicates that if pre-crash financial trends continued, then this would have enabled 3.3 million more households to geton the property ladder. The findings come in…
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The Financial Conduct Authority (FCA) has issued a warning over scammers posing as car finance lenders, highlighting concerns over fraudsters offering fake compensation in exchange for personal details, such as names, addresses, birth dates and bank information. The regulator clarified that no car finance compensation scheme is currently in place, despite recent announcements about potential…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June 2025 by 11% compared with the same month in 2024. In the first half of 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and personal…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in June 2025 by 5% compared with the same month in 2024. The corresponding value of new business grew by 9% over the same period. In the first half of 2025 (H1), new business volumes were…
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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 £80.3 billion of new lending in the first half of 2025, 4% higher than in the same period 2024. Of this total £20.2 billion was provided to businesses for investment…
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The Finance and Leasing Association (FLA) has criticised the Financial Conduct Authority’s (FCA) proposed redress scheme for car finance mis-selling, labelling it ‘completely impractical.’ Stephen Hadrill, Director General of the FLA has expressed concern about the scheme covering loans dating back to 2007, stating that both firms and customers may lack necessary documentation. The FCA…
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Motor finance customers are likely to receive less than £950 in compensation after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. Many motor finance firms were not complying with rules or the law by not providing customers with relevant information about the commission paid by lenders to the…
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The Supreme Court has announced that it will deliver its long-awaited ruling on the motor finance cases this Friday (1st August), which could kickstart one of the country’s largest mass redress schemes. Commenting on the announcement, Brian Nimmo, Head of Redress at Broadstone said “The Supreme Court ruling could kickstart one of the largest mass…
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The average cost of driving for young motorists, aged under 25, has fallen by £678 in the past year, according to the latest research from Compare the Market. The decline in the cost of driving is mainly due to a drop in the average car insurance premium, which decreased to £1,437 in March 2025, compared…
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