Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2025 by 5% compared with the same month in 2024. The corresponding value of new business fell by 2% over the same period. In the first four months of 2025, new business was 1%…
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The Financial Conduct Authority (FCA) has issued a further update on the key considerations for a potential redress scheme, which would set rules for how firms assess claims and calculate redress, and also put checks in place to ensure they are following the rules. The FCA stressed that the integrity of the motor finance market…
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Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
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The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in March 2025 by 11% compared with the same month in 2024. The corresponding value of new business grew by 18% over the same period. In Q1 2025, new business was 3% higher by volume compared…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in February 2025 by 2% compared with the same month in 2024. The corresponding value of new business grew by 5% over the same period. In the first two months of 2025, new business was 3%…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2025 by 3% compared with the same month in 2024. In the first two months of 2025, new business in this market was 2% higher than in the same period in 2024. The credit card and…
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The Financial Ombudsman Service (FOS) has announced that it expects to resolve 270,000 cases in 2025/26, a 20% increase from the previous year. The FOS’ commitment comes despite recent surges in complaints, most notably the influx of cases related to motor finance commission. These account for nearly half of the current stock of around 190,000…
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This week, the UK’s Supreme Court will hear a pivotal case regarding potential compensation for millions of motorists affected by unlawful hidden commission payments in the car finance sector. Following a Court of Appeal ruling that deemed such payments illegal without buyer consent, lenders, including major banks, have set aside substantial funds for claims that…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in January 2025 by 3% compared with the same month in 2024. The corresponding value of new business grew by 4% over the same period. In the twelve months to January 2025, new business was 2%…
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New research by Which? has found that car and home insurers are charging annual percentage rates (APRs) equivalent to credit card lenders for customers who pay for cover monthly payments. The research found that the average annual percentage rate (APR) for car insurers charging monthly is 22.84%, while home insurers average 21.59%. The consumer group…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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