Credit, Collections & Insolvency News
Co-op Insurance, which forms part of Co-op Group, has announced the expansion of its presence in the financial services market by offering personal loans, in partnership with ClearScore. The move into loans follows feedback from member-owners, who expressed a desire for greater access to finance, particularly loans. Through its loans panel, Co-op Insurance aims to…
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The Financial Conduct Authority (FCA) has announced that it has launched a new £1 million campaign, letting motor finance customers know they don’t need to use a claims management company (CMC) or law firm to access an industry-wide compensation scheme. As part of the campaign, which will feature radio and online advertising, the FCA is…
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New data from Updraft has shown that social media–fuelled travel fear of missing out (FOMO) is the largest driver in credit card debt, with September now emerging as a peak month for overspending. In a survey of 2,002 UK adults and 274 recent credit card loan recipients, 46% said they overspent this summer after feeling…
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Consumer card spending grew just 0.5 per cent year-on-year in August, down from 1.4 per cent in July and lower than the latest CPIH inflation rate of 4.2 per cent, according to new data from Barclays. Essential spend declined, however, discretionary spend rose 2.0 per cent, as clothing, furniture and health & beauty stores all…
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Chetwood Bank has announced it has appointed Alan Cleary as Interim Managing Director (MD) of its mortgages division. Cleary, who has worked in specialist lending for more than 30 years, is best known for co-founding Charter Court Financial Services, which merged with OneSavings Bank (OSB Group) in 2019. He led the Precise Mortgages, Kent Reliance…
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The Financial Conduct Authority (FCA) has announced new proposals that would enable contactless card payments to exceed £100 and potentially become unlimited under new proposals to allow banks and other providers to set limits. The regulator says that it wants to give card providers the flexibility to decide the right limit for themselves and their…
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Latest data from the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA has shown that the outstanding value of all residential mortgage loans increased by 0.3% from the previous quarter to £1,703.6 billion, and was 2.6% higher than a year earlier. Mortgage Lending and Administration Return (MLAR) data shows that mortgage advances decreased…
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Later life mortgage lending continues to rise with people over 70 lending increasing by almost 10% according to latest UK Finance data. The data shows that £570 million pounds of lending was to borrowers over 70 up by 9.62%. Meanwhile there were 33,130 new loans advanced to borrowers over 55 in Q2 2025 – up…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in July 2025 by 1% compared with the same month in 2024. The corresponding value of new business grew by 4% over the same period. In the seven months to July 2025, new business volumes were…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2025 by 4% compared with the same month in 2024. In the seven months to July 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and…
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Real-time credit intelligence bureau, Infinian, has announced the appointment of Emma Steeley as its new Chief Executive Officer (CEO). Steeley joins Infinian with deep expertise in growing businesses in the consumer lending and credit industry. Previously Chief Executive Officer of Aro Financial, a leading credit marketplace, for three years, she led its growth and successful…
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Two-thirds of businesses believe Artificial Intelligence (AI) will be a key driver in UK economic growth, according to research by Lloyds’ Financial Institutions Sentiment Survey (FISS). The research has found that the sector is entering a new phase of AI maturity, with firms reporting tangible business benefits and increased investment in the technology over the…
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The Financial Policy Committee (FPC) has announced two new appointments. The Chancellor of the Exchequer, Rachel Reeves, has announced the appointment of Professor Stephen Blyth as an external member of the Financial Policy Committee. Professor Blyth is a British mathematician and academic who has served as Principal of Lady Margaret Hall, Oxford, since October 2022.…
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