Credit, Collections & Insolvency News
A new study from Forbes Advisor has revealed that nearly three-quarters (74%) of British credit card holders are being forced to change their credit card usage amid crippling inflation. Within the survey, respondents were asked specifically how the cost of living crisis affected their credit card activity. In total, more than half (57%) claimed that…
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The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
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A worrying mistrust in technology is making some regulated firms vulnerable to financial crime according to SmartSearch. Research by the company has revealed that almost one in five (18 per cent) decision-makers in the legal, property and banking and finance sectors did not trust the technology of electronic verification (EV) software. Five hundred stakeholders, from…
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Aryza has announced the launch of a new Embedded Lending platform, which has been developed in close partnership with bed retailer, Dreams. With 210 stores nationwide, Dreams also manufacture, sell and deliver mattresses, and beds, with the average value of a sale ranging from between £500 and £1,000. A significant proportion of these sales are…
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People experiencing mental health problems who fall victim to fraud are less likely to get their money back and twice as likely to fall into debt, Which? research has found. The consumer champion’s survey of more than 1,000 fraud victims revealed one in five (19%) of those with mental health conditions felt embarrassed about reporting…
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TransUnion, has unveiled its new eligibility for retail ecommerce solution that offers retailers a view on customer eligibility prior to starting the credit checking process. The solution intends to equip retail businesses to make smarter and more robust decisions as consumers change their spending habits due to current cost of living pressures. TransUnion’s most recent…
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Liz Truss has resigned as Prime Minister. The announcement will trigger another Conservative Party leadership contest. Responding to the resignation National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It is incumbent upon the next Conservative Party leader to show they can provide stability and take the necessary steps to secure economic…
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Analysis of the latest Bank of England figures from Freedom Finance has shown that rates on all major forms of consumer credit rose again in September continuing the upward trend in the cost of borrowing that has persisted all year. Household budgets are already facing a severe winter squeeze as inflationary pressures and the spike…
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UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage in July when compared to 2021. The data showed that there were 343.8 million credit card transactions in July, 9.8 per cent more than in July 2021. The total spend of £18.8 billion was 17.1…
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Experian has announced that its Boost data service will now be included in NewDay’s credit card decisioning process. Commenting on the partnership Sigga Sigurdardottir, Managing Director, Consumer Services at Experian, said “The addition of NewDay will allow more Boost users to improve their creditworthiness and access the right financial products for them. As economic uncertainty…
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Mark Steward has announced he will be stepping down as the Financial Conduct Authority’s (FCA) Executive Director of Enforcement and Market Oversight after seven years with the regulator. Since joining the FCA in 2015, Stewards has led the delivery of some of the FCA’s most complex, high-profile, and precedent-setting enforcement cases, with many notable successes…
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Lack of transparency means customers could receive very different balance transfer offers to what they applied for according to research by TotallyMoney. Regulators require lenders to only provide 51% of successful applicants the advertised credit card offer. Additionally, they aren’t expected to disclose the potential differences in limits or APRs that may be issued when…
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A report launched by the Lending Standards Board (LSB) drives forward financial inclusion for disabled customers and those with other access needs who are trying to succeed in business. The LSB, the regulator of the only protections for business customers – The Standards of Lending Practice – conducted qualitative research and interviews with disability…
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