Credit, Collections & Insolvency News
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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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2025 by 2% compared with the same month in 2024. The corresponding value of new business grew by 1% over the same period. In the first five months of 2025, new business volumes were…
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Complaints to the Financial Ombudsman Service (FOS) have surged, with 305,726 recorded in the year to 31st March 2025. This is the highest total since the 388,392 seen in the year to March 2019, when the PPI scandal drove a spike in complaints. The latest increase comes amid the motor finance scandal, with the Supreme…
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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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