Credit, Collections & Insolvency News
Half of all first-time buyers in the UK, and over a quarter of home movers who took out a mortgage in the third quarter of this year opted for a term of more than 30 years, according to UK Finance’s latest Household Finance Review. This compares with around a quarter of first-time buyers and fewer…
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The Payment Systems Regulator (PSR) has outlined the technical process that banks and building societies will have to follow as part of its new reporting requirement for authorised push payment (APP) scams. APP scams are a major problem in the UK. In the first half of this year, there were over 95,000 incidents of APP scams, with…
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Experian has today been recognised for its verification technology and solutions, achieving certification through the Government’s Digital Identity and Attributes Trust Framework (DIATF) The framework outlines the Government’s vision and rules for the future use of digital identities, with the ambition to make it easier and simpler for individuals to prove who they are using…
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New research by Startline has found that a £500 hike in the cost of living would force 34% of motorists to sell their car Whilst 29% of motorists would have to sell their vehicle if the cost of living increased by £250. The research also showed that 14% of people said their car would have…
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The Financial Conduct Authority (FCA) has proposed new measures to clamp down on illegal, unfair or misleading financial marketing. The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to…
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New research by FICO has revealed that strong fraud protection could be a competitive differentiator. When asked to rank their considerations in selecting a financial account provider, the top factor for 30 percent was good fraud prevention. This came above value for money at 26 percent. Greater levels of checks across the financial services sector…
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Fraud prevention service, Cifas is urging the Government to take action as cases of fraud continue to rise – raising concerns that 2023 may see the highest ever levels of fraud recorded. Latest figures reveal that there were over 309,000 cases recorded to the Cifas National Fraud Database, up 17% when compared to the same…
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Barclays has been fined £8.4m by the Payments Systems Regulator (PSR), with the bank failing to be transparent with retailers about the fees they were charged to use its card services. The PSR has taken action as it found that the bank did not provide retailers with transaction information required under the IFR. This meant retailers…
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Consumers borrowed an additional £800 million in consumer credit in October according to the Bank of England’s latest money and credit figures. Credit increased £200 million when compared to the £600 million borrowed in September but was below the previous six-month average of £1.3 billion. The figures show that new borrowing of mortgage debt by…
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Some banks may be leaving customers vulnerable to fraudulent spoofing attempts, according to an investigation by consumer group Which? Spoofing, where fraudsters impersonate legitimate companies, such as banks, utilities providers or government agencies, is a common tactic used to deceive victims. Ofcom estimates that 40.8 million UK adults have received a suspicious call or text…
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Responsible lender Creditspring has expanded its senior leadership team with a new Vice President of Operations, Head of Credit Operations and Head of Data. Creditspring’s new Vice President of Operations, Hannah Matson, joins from merchant bank BDT & Company International where she was Regional Manager for the Business Administration and hired to support their European expansion. Previous…
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Latest figures from Nationwide show Black Friday purchases were up 10 per cebr compared with last year as Britons made the most of lower prices amid the cost of living crisis. The rate of spending has risen more than a third since pre-pandemic times, data show. Over the course of Black Friday Nationwide Building Society…
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Latest figures from the Building Societies Association (BSA) have shown that mortgage lending by building societies in the third quarter of the year was up 11% compared to Q2 despite the worsening outlook for the economy, and squeeze on household incomes. The number of approvals were however down 9%. Gross lending was also up by…
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