Credit, collections & insolvency news
The Financial Conduct Authority (FCA) is extending its investigation into the motor finance market, saying it will set out the next steps of its review into discretionary commission arrangements (DCAs) in May 2025, rather than this September. The regulator said that firms involved in our review have engaged with us constructively, but many have struggled…
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Latest Bank of England data shows that the annual growth rate for consumer credit, including credit cards, personal loans and overdrafts, dipped to 8% in June from 8.4% in May. The annual growth rate for credit card borrowing fell to 10.5%, from 10.8% in May. Net consumer credit borrowing dipped slightly in June to £1.2…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in April 2024 by 8% compared with the same month in 2023. The corresponding value of new business was 7% higher over the same period. In the first four months of 2024, new business by both…
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Go.Compare car insurance has released new data showing that car insurance costs are beginning to fall, with the average insurance premium now at £447. The research showed that the average cost of car insurance fell by £18 in the last quarter – from £465 to £447 – prices are still up on 2023 figures, with the…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in April 2024 by 8% compared with the same month in 2023. The corresponding value of new business was 7% higher over the same period. In the first four months of 2024, new business by both…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and personal…
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Oodle Car Finance has announced it has appointed Estelle McConnell as its Head of Sales & Major Accounts. Connell joins Oodle with two decades of experience in automotive finance, having previously held positions at Capital Bank, Secure Trust Bank, and Close Brothers. In her new role, she will focus on driving the business forward by supporting…
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Latest Bank of England Money and Credit data has shown that net consumer credit borrowing halved in April 2024, falling from £1.4 billion in March to £0.7 billion. This marks its lowest level since December 2021, at the beginning of the cost of living crisis as consumer confidence dropped. The decline was driven by lower…
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The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. …
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G3 Vehicle Auctions has announced the acquisition of the Cazoo Wholesale business to create a new G3 Bedford auction facility as part of their ongoing UK expansion plan. G3 have acted swiftly to secure the premises, land and existing experienced remarketing team from Cazoo along with other software assets, to add to their established G3…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2024 by 7% compared with the same month in 2023. The corresponding value of new business was 5% lower over the same period. In Q1 2024 as a whole, new business by value and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2024 by 4% compared with the same month in 2023. In Q1 2024 as a whole, new business in this market was at a similar level to Q1 2023. The credit card and personal loans sectors…
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