Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in September 2022 compared with the same month in 2021. In the first nine months of 2022, new business was 19% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in September 2022 by 5% compared with the same month in 2021. The corresponding value of new business in September was at a similar level to the same month in 2021. In the first nine months…
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Virgin Money has announced that it has appointed Craig Calder as its new Head of Secured Lending. Calder will be responsible for growing its mortgage business, offered direct and through intermediaries across residential and buy-to-let markets. He takes up his new post in January. Calder joins from Barclays, where he worked for nine-and-a-half years, leaving…
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Analysis of the latest Bank of England figures from Freedom Finance, has found that the average quoted household rates on personal loans are accelerating sharply. Rates on both £5,000 and £10,000 personal loans registered the second largest monthly increase ever recorded and grew to their highest levels in recent years. The average quoted household rate on…
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More than 1,000 customers will receive payments after the Competition and Markets Authority (CMA) found Barclays failed to send PPI information. The CMA has written publicly to Barclays after the bank failed to send a reminder to customers of payment protection insurance (PPI) policies. Under the CMAA’s PPI order, PPI providers must send annual reminders…
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Millions of people in the UK admit they never think about their credit score, despite many saying they are expecting to borrow more money from their bank or lender in order to manage the cost of living crisis according to new research commissioned by CRIF. The research show nearly half (46%) of UK consumers never…
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Consumer spending rose 3.5% in October but the hospitality and leisure industries continue to struggle as Britons cut back ahead of Christmas, according to latest data from Barclaycard. As petrol and diesel prices started to creep up again, fuel spend rose 17.7 per cent year-on-year, 6.6 percentage points higher than last month’s uplift (11.1 per…
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A new study from Juniper Research has found that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024; rising from 782 million in 2022, representing a growth of 60%. The report identified increased investment in contactless acceptance infrastructure, especially across emerging regions, as key to driving growth, through which over…
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New data published by the Financial Conduct Authority (FCA) has shown that the regulator intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. Retail lending, investments and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to…
Read moreNew research from Freedom Finance, has indicated the potentially serious impact of credit declines on potential borrowers in the UK is creating application anxiety. Nearly half of all (46%) adults said that they wouldn’t apply again if they were declined for a loan or credit card from their bank. Over a third (36%) said that…
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Morses Club has announced a number of changes to its board. Steve Curtis will join the board with effect from 5th November in the role of Interim Chair (non-independent), subject to FCA approval. Curtis has extensive experience as a Chair and CEO across a broad range of sectors, including financial, and has direct knowledge of…
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The Financial Ombudsman (FOS) has announced that it received a 10% rise in received complaints between July and September. FOS received 38,470 new complaints compared to 35,029 between April and June. Between July and September 2022, we received 67,694 new enquiries and 38,470 new complaints about financial products The most complained-about product was current accounts,…
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With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…
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