Credit, Collections & Insolvency News
Around 8.6 million people in the UK have used fake, fraudulent or someone else’s identity in person or online to gain access to goods, services or credit, according to independent research by GBG, the digital identity experts. The findings have been released following the return to Parliament of the delayed Online Safety Bill, a new set…
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The number of first-time buyers fell by 11%, to 362,461, in 2022 compared to the year prior, according to new analysis from Halifax. However, first-time buyer levels remained higher than pre-pandemic, with the number getting on the housing ladder in 2022 higher than any previous year, other than in 2006 and 2021’s record spike. In…
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Lender, Creditspring has reported a spike in demand over the last 12 months with 260,000 members seeking credit as the cost of living crisis extends into 2023. The lender says its membership base has spiked over the last 12 months – increasing from 100,000 at the start of 2022 to over a quarter of a million…
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With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes,…
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Freedom Finance has announced that it has appointed Richard Parfitt as Head of Data Science. Parfitt will lead Freedom Finance’s data products initiative, building and managing a multi-disciplinary team to develop new services for customers and enhance data-driven capabilities driving further automation and intelligence. Parfitt joins Freedom Finance after 8 years at 118 118 Money…
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The Open Banking Implementation Entity (OBIE) has announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1st February 2023. King’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee,…
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Deloitte’s consumer confidence tracker reveals that sentiment rose in the last three months of 2022 as consumers became slightly more positive about the state of the economy with consumer confidence rising in the final quarter of 2022 improving by half (+0.6) a percentage point. Whilst small, the uptick marks the reversal of a 15-month period…
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Metro Bank has launched a digital car loan product under the RateSetter brand to enter vehicle financing UK market. The loans are hire purchase loans for used cars and are currently available through motor brokers using market-leading RateSetter technology. CarFinance 247 and Motion Finance are the first brokers to pilot the product with more partnerships…
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GfK’s Consumer Confidence Index dropped three points in January to -45 amid inflation woes and growing concern about another jump in energy bills. Confidence in the general economy for the coming 12 months fell one point to minus 54 and remains 22 points lower than last January, while the forecast for personal finances increased to…
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Analysis of the latest Bank of England data on average quoted household rates by Freedom Finance has indicated that unsecured personal loan rates are growing at their fastest ever pace. Through the final three months of 2022, £5k personal loans increased by 1.92 percentage points (pp), the biggest ever quarterly increase. It takes the average…
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Tamsyn Weston has been appointed as the new head of IT and digital at Startline Motor Finance. Weston’s responsibilities encompass end to end customer and introducer applications, networks, infrastructure and security. She will also be pivotal in delivering a new digital strategy as part of the company’s broader business and marketing plans. In a 30-year…
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Lenders believe that credit availability will decrease in the first quarter of this year, a new survey from the Bank of England (BoE) shows. The research found that mortgage demand plummeted in the wake of the mini-budget, and is expected to keep falling. Whilst the demand for credit cards and loans fell, and is expected…
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Nova Credit has announced it has received Financial Conduct Authority (FCA) authorisation permissions in order to provide credit references to operate in the UK. US founded Nova Credit, is a consumer-permissioned credit bureau which it says is on a mission to accelerate financial inclusion for immigrants globally. Nova Credit’s technology unlocks access to over 2…
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