Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has banned Mr Ari Harris from working in financial services. In July 2020, Mr Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to three years imprisonment in July 2022. Mr Harris and Reeds Motors Ltd…
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The Financial Conduct Authority (FCA) has announced that it will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service. The proposals are expected to be published within two weeks and, if taken…
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In response to last month’s Court of Appeal ruling affecting commission disclosure practices, the National Association of Commercial Finance Brokers (NACFB) has swiftly enhanced its support for ,embers by issuing revised compliance templates and offering targeted guidance. The trade association’s proactive approach has included tactical support from the outset and culminated in the revision of…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in September 2024 by 9% compared with the same month in 2023. In the first nine months of 2024, new business in this market was 1% higher than in 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 September 2024 by 4% compared with the same month in 2023. The corresponding value of new business increased by 8% over the same period. In the first nine months of 2024, new business was 2%…
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Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
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A new report from Go.Compare Car Insurance has revealed that the cost of getting on the road in 2024, including the cost of a first car, has increased by 19%, from £5,947.40 in 2023 to £7,100 in 2024. The report is compiled annually by the comparison site and looks at the overall costs associated with…
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The Court of Appeal has sided with consumers against banks and lenders in a motor finance test case, ruling that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment. Consumers who complained about ‘secret’ commissions on car loans, in a landmark ruling. Lawyers…
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The Financial Ombudsman Service (FOS) received 101,031 complaints about banking and credit cards in the first half of the year, with this almost double the 56,690 recorded in the first six months of 2023. Across all products, the first six months of 2024 saw 133,019 new complains logged with the FOS. This marks a 40%…
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The Financial Conduct Authority (FCA) has fined Volkswagen’s UK financial services arm £5.4m for its unfair treatment of customers in financial difficulty. The City watchdog found that between January 2017 and July 2023. The investigation, Volkswagen Finance took cars away from vulnerable customers without considering other options. The firm failed to understand customers’ individual circumstances…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in August 2024 by 2% compared with the same month in 2023. The corresponding value of new business fell by 1% over the same period. In the eight months to August 2024, new business was 2%…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2024 by 1% compared with the same month in 2023. In the eight months to August 2024, new business in this market was at a similar level to the same period in 2023. The credit card…
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Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
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