Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has this afternoon published its consultation on the motor finance compensation scheme. It estimates that, on average, customers due compensation will be eligible for £700 payouts on an expected 14 million unfair motor finance agreements, which could start next year, under an industry-wide compensation scheme proposed. Based on the number of…
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The Financial Conduct Authority (FCA), Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and the Advertising Standards Authority (ASA) are joining together to tackle misleading advertising and inadequate information provided by some claims management companies (CMCs) and law firms working on motor finance claims, and the risk that excessive fees are charged to clients. …
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The Cumberland Building Society has announced that it has appointed Stuart Miller will take on the role as its new Chief Executive Officer (CEO), subject to regulatory approval. Joining from Newcastle Building Society, Miller brings over 38 years’ experience in financial services and will succeed Des Moore in 2026, following eight years of impactful leadership…
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Consumer confidence in the UK economy fell during the last quarter, reaching the lowest point so far this year, according to KPMG’s latest Consumer Pulse survey. KPMG’s poll of 3000 UK consumers saw the number of people feeling that the economy is worsening increase from 51% to 62% in the last three months – and…
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A Freedom of Information request by Which? has found that Revolut and Monzo have emerged as the top banks for fraud complaints filed with the Financial Ombudsman Service (FOS). Revolut received 1,875 complaints, while Monzo had 1,063. The data is split between authorised push payment (APP) fraud and other scam or fraud complaints. APP fraud involves…
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Households with £2,000 in savings are around 60% less likely to fall behind on household bills, according to new research from the University of Bristol’s Personal Finance Research Centre, commissioned by the Building Societies Association (BSA). The study, which followed thousands of UK households over a decade, provides new evidence that savings play a crucial…
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New research by UK Finance has found that more people are now using digital payments, with rising use of in-app purchases, digital wallets, and Buy Now Pay Later for shopping. At the same time, cash payments have again fallen. These trends indicate that people are increasingly opting for digital payment options, a trend that is…
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New research from MoneySuperMarket warned that former flatmate’s finances could be pulling down their credit score. Despite 79% of people having lived with a flatmate, 94% don’t realise that joint financial products – like shared bank accounts or bills – can directly link their credit score to a housemate’s. Worryingly, only 8% of those surveyed…
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Yorkshire Building Society has announced that Elaine Bucknor has joined its Board as Non-Executive Director. Bucknor brings 30 years of experience in the technology sector, including the delivery of complex multinational programmes and innovative strategies to support organisational transformation and growth. She has held executive, operational and consultancy roles with leading companies in the telecommunications, media,…
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Latest Bank of England data showed that net borrowing of mortgage debt fell by £200 million month-on-month to £4.3 billion in August. This came after a £900m decrease to £4.5bn in July. Mortgage approvals fell last month as uncertainty hit one of the key indicators in the property market. Mortgage approvals for house purchases decreased…
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Generation X, often described as the ‘forgotten generation,’ is heading towards retirement with worryingly low levels of preparedness, according to new research from PensionBee. The analysis found that savers over 50 have significantly smaller pension pots than they need, with women holding an average of £30,644 compared to £54,512 for men. This gulf highlights how…
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The Centre for Finance, Innovation and Technology (CFIT) has announced three senior appointments to its Board, with Chris Pond joining as Non-Executive Chair and Nausicaa Delfas and Vivienne Artz as independent Non-Executive Directors. Pond has held a range of senior roles across financial services, academia and politics. A former MP and Work and Pensions Minister…
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Nationwide has announced it has appointed Damian Thompson as its new Director of Mortgage Intermediaries and Partnerships (from 1st October 2025). Thompson, who has led The Mortgage Works as Commercial Director of Landlord since the start of 2023, will move to a new role with responsibility for leading and driving forward the Nationwide Group’s intermediary…
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