Credit, Collections & Insolvency News
Latest Cifas data shows that levels of fraudulent conduct increased by over 11% in first half of 2022 with a warning that consumers and businesses face a growing risk of identity fraud as criminals prepare to target consumers during the cost of living crisis. The warning comes as 200,000 cases of fraudulent conduct were filed…
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Analysis from Freedom Finance has found that the retail store and online credit sector experienced its fastest ever start to a year in 2022 and looks set to reach further highs this year, Monthly updates from consumer finance trade body, the Finance & Leasing Association (FLA), show that new business volumes reached £2,120 million in…
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Freedom Finance has announced that Emma Steeley will be joining the company as Chief Executive Officer (CEO). Steeley will lead the next stage of the company’s exciting growth ambitions following fresh investment and the completion of recent product upgrades to the award-winning digital marketplace. Emma joins from Equifax, where she spent nearly four years as…
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A new study from Juniper Research has found cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business…
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HM Treasury has announced the appointment of Ashley Alder as the new Chair of the Financial Conduct Authority (FCA). Alder is currently Chief Executive Officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011. Alder also chairs the Board of the International Organization of Securities Commissions (IOSCO)…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2022 by 4% compared with the same month in 2021. The corresponding value of new business grew by 6% over the same period. In the five months to May 2022, new business volumes were…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 20% in May 2022 compared with the same month in 2021. In the five months to May 2022, new business was 28% higher than in the same period in 2021. The credit card and personal loan sectors…
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Poor credit scores are putting 20.2 million consumers at risk of paying an extra £693 interest on credit card balances according to new research by TotallyMoney. The credit app has calculated the cost of a poor credit score for those with interest-bearing credit card balances finding that those with a credit card balance of £2,472,…
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The Financial Conduct Authority (FCA) has appointed six Directors as it expands its headcount to meet a growing remit. Roma Pearson has been appointed as the FCA’s Director of Consumer Finance, responsible for the supervision and policy development in the consumer lending and mortgages sectors. Roma has been at the FCA and its predecessors since…
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The cost of a mortgage is expected to grow by £2,500 by the end of this year compared with December 2021, according to Zoopla. Economists anticipate mortgage rates to rise in the coming months, with the Bank of England looking to tackle soaring inflation, which is at 9.1% and set to climb. Average rates for…
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Get Safe Online has partnered with Cifas, to launch ‘Check-a-Website’. The new service, hosted on www.getsafeonline.org, will invite users to check if a website is safe to use before accessing. The aim from the launch is to prevent thousands of people in the UK falling victim to unwanted online scams every year. Criminals are increasingly turning…
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Buy now, pay later (BNPL) finance firm, Payl8r, is calling for the adoption of open banking as a legal requirement for credit assessing in the same way that credit checks are, to ensure safer lending for borrowers in the face of rising costs of living. Payl8r says open banking technology connects banks, third parties and…
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Consumers cut back on credit card borrowing in May, according to figures from the Bank of England. Consumer borrowing fell to a four-month low of £800 million in May, from £1.4 billion in April, with May’s total also below the pre-pandemic average of £1bn. Analysis shows that credit card loans accounted for £400 million of…
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