Credit, Collections & Insolvency News
Experian and CarCloud have today announced a new partnership that will enable users of CarCloud’s digital management app users will now be able to check eligibility for new car finance deals without it affecting their credit score – giving them the confidence to go ahead with the best, most affordable option. For lenders, eligibility gives…
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The Prudential Regulation Authority (PRA) has fined Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank, £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. The…
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Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…
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Latest research from fraud prevention service Cifas has revealed that identity fraud is now one of the biggest fraud threats to the public, with cases soaring by nearly a quarter over the last year. This alarming statistic is revealed in the latest publication of Fraudscape, which identifies and analyses the latest fraud trends based on…
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Equifax UK has announced a partnership with short-term credit facilities & Buy Now Pay Later (BNPL) specialist, Spear Technology, (parent company to The Yes Catalogue, New Is Nice & Flava). The collaboration will see both companies operating together to identify and help customers at financial risk. With increased financial pressure being placed on consumers, lenders…
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Household spending increased last month but continued to trail behind inflation rates, according to new figures from Barclays. The figures showed that consumer card spending rose four per cent year on year in March, less than half the latest CPIH inflation rate of 9.2 per cent, as consumers made further cutbacks to cope with the cost-of-living…
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The Government has announced a new crackdown to prevent illegal migrants from accessing bank accounts. The change will make it more difficult for unlawful migrants to access financial services is an important tool to help deter illegal migration by preventing people from working illegally and profiting from services they are not entitled to. Having access…
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New research by Fairer Finance has found that the majority of consumers are baffled by the most basic terms of their credit agreements, like how much interest they’ll be charged. Fairer Finance says that to protect consumers from being hoodwinked by credit providers, the Consumer Credit Act prescribes the information a company must give consumers…
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The Financial Conduct Authority (FCA) has published its business plan setting out its top priorities for the year ahead. The plan includes the introduction of consumer duty and reforming the UK’s listing regime. The FCA says that the programme aims to achieve better outcomes for consumers and markets, in line with its three-year strategy. Last…
Read moreLatest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in February 2023 compared with the same month in 2022. In the first two months of 2023, new business was 1% lower than in the same period in 2022. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer car finance new business volumes fell in February 2023 by 5% compared with the same month in 2022. The corresponding value of new business also fell by 5% over the same period. In the first two months of 2023, new business…
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Credit Connect’s hosted its fifth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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New research from KPMG has highlighted the scale of reduction in consumer spending so far in 2023 and indicates how households may respond if they no longer receive energy bill support payments from April. The research found that 55% of consumers say they have reduced their non-essential spending so far in 2023. Most commonly on…
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