Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced it is working with major firms to test Artificial Intelligence (AI) in a safe place to better understand the potential benefits and risks. The AI Live Testing initiative, the first of its kind in the financial sector, has been set up to help firms that are ready to use…
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Lloyds Banking Group has announced that it has extended its pioneering fraud prevention scheme, reinforcing an unwavering commitment to protecting people from the harms of fraud. The industry-first initiative, launched in 2021, will have seen £15 million of frozen criminal funds seized, then invested in innovative UK fraud prevention and victim support projects. The scheme…
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Latest Bank of England data has shown that mortgage debt fell back to £4.3 billion in October, after a rise to £5.2 billion in September.. The data shows that gross lending slightly decreased in October, to £24.5bn from £24.8bn, with gross repayments increasing by £1.5 billion to £22.1 billion in October. Net mortgage approvals for…
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Fairer Finance has announced that it has appointed Charles Randell CBE to its independent Consumer Advisory Board, strengthening its external challenge and oversight of the consumer group. Randell is the former chair of the Financial Conduct Authority and the Payment Systems Regulator and has previously served as a member of the Bank of England’s Prudential…
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Latest figures from the Building Societies Association (BSA) has shown that in the six months to September 2025, building societies and the two mutual-owned banks increased their mortgage balances by £7.5 billion, to £493 billion and grew cash savings balances by £8.8 billion, to £496 billion. Building societies and mutual-owned banks hold 29% of the…
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New data from UK Finance has found that later life loans rose 18.4 per cent with 39,950 loans taken out in Quarter 3 (Q3). The value of lending was £6.5 billion, which was up 24.7 per cent compared with the same quarter a year previously. There were 6,040 new lifetime mortgages advanced in Q3, up…
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The Financial Ombudsman Service (FOS) plans to increase its levy on financial firms by an extra £16 million. The proposals are to increase the current levy of £70 million to £86 million by 2026/27. The FOS is also consulting on raising its case fee from £650 to £680, in line with inflation. The ombudsman also…
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A new survey by leading specialist bank Vanquis has revealed that Gen Z shoppers are making nearly double the number of impulse purchases as the average person, fuelled by platforms like TikTok, leaving many with financial regrets. Gen Z spends multiple hours a day on social media, with many relying on it as a source…
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Ahead of Black Friday, the UK’s busiest retail event, new research shows that AI is making consumers more susceptible to purchase scams. As fraudsters change tactics and turn to SMS/text to directly target victims, Barclays is urging deal-seekers to act with caution to stay protected when shopping in this year’s sales. Three in four UK…
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Paying for insurance with credit is continuing to gain popularity with customers valuing the ability to pay insurance bills monthly, according to new research by Premium Credit. Premium Credit’s Insurance Index found 28% of adults say they are more accepting of using credit to pay for insurance cover than they were a year ago confirming…
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Secure Trust Bank has announced that it has appointed James Appleby as Chief Operating Officer (COO), pending regulatory approval. Appleby brings over two decades of senior leadership experience in the financial services sector, both in the UK and internationally. He has previously held the COO position for Barclaycard between 2005 and 2008, and then for…
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Three men from London have been sentenced to a combined 10 years and four months after stealing a combined £568,000 from victims by fraudulently posing as bank customers and gaining access to their accounts. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).…
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Simon Taylor, Chief Executive of Melton Building Society, has been elected as the new Chair of the Building Societies Association (BSA). Taylor is currently the Deputy Chair of the BSA and succeeds Julie-Ann Haines, Chief Executive of Principality Building Society and will will take up the role from 21st November, 2025 Taylor said “I’m delighted…
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