Credit, Collections & Insolvency News
Dudley Building Society has announced the appointment of Helen Smith as Chief Growth Officer, as part of its ongoing focus on growing the Society, strengthening customer outcomes, supporting its communities, and developing its people. Smith joined the Society in April and brings extensive board-level experience across financial services, insurance, healthcare and funeral care. She has…
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Latest data from Moneyfacts has revealed that despite mortgage turmoil easing in April, first-time buyers remain under pressure from reduced choice and stretched affordability. Mortgage product choice has contracted by around 10% since the start of March, with higher loan-to-value deals (10% or less deposit or equity) falling by 14%, a blow to first-time buyers…
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The Financial Conduct Authority (FCA) is preparing for potential legal challenges regarding the motor finance scheme. It has received four legal challenges from lenders, including Volkswagen Financial Services and Mercedes-Benz Financial Services. The FCA says that its priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance…
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UK Finance has published Plan for Growth: From Strategy to Delivery, a new report outlining a practical roadmap for how the financial services sector can help deliver the government’s economic growth ambitions. The Government’s strategies to grow the economy – spanning industrial renewal, infrastructure, housing, SMEs, trade and financial inclusion – all depend on a…
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Homebuyers are experiencing the highest mortgage affordability pressures in nearly 20 years, with repayments consuming 21.3% of gross income, according to UK Finance. The data showed that 723,000 house purchase mortgages advanced in 2025, up 17 per cent year-on-year with average borrower spends 21.3 per cent of gross income on repayments. The analysis shows significant…
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The Financial Conduct Authority (FCA) has announced that it will launch an investigation into claims management practices. The review follows concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and…
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Oakbrook has become the first UK lender to launch a dedicated GPT-powered app within ChatGPT, enabling consumers to explore combining multiple debts into a single structured repayment plan through a conversational interface. Available under OakbrookOne, the app allows users to model what replacing several existing debts with one monthly repayment could look like, without needing to…
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Latest data from the Bank of England has shown that consumer credit growth climbing to 8.9%, exceeding the 8.6% recorded in February. Within this total, the annual growth rate for credit card borrowing increased to 12.3% from 12.1% a month earlier. Consumer deposits with banks and building societies increased by £5.5 billion in March. The…
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Latest data from the Equity Release Council has found that total lending fell to £574 million in Q1 2026, down 9% on the previous quarter (£632 million) and 14% year-on-year (£655 million). Customer numbers also declined, with 12,958 new and returning customers accessing housing wealth, down 7% on the quarter and 10% annually. The data…
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The Bank of England has maintained the base interest rate at 3.75% but warned that rates could increase this year as officials look to curb inflation following a ‘significant energy price shock’ from the conflict in the Middle East. The Bank’s Monetary Policy Committee (MPC) voted eight to one to keep rates unchanged, with Chief…
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Two men have been sentenced at Southwark Crown Court to a combined two years and eleven months for working together to sell fraudulent SMS spamming services online to fraudsters. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between June 2020 and November…
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Latest data from Rightmove has found that higher mortgage rates have pushed monthly repayments above the cost of renting for the first time since June 2025. The average advertised monthly rent across the UK is currently £1,547, compared to an average new monthly mortgage payment of £1,670. Rightmove used the current average asking price for…
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The Financial Conduct Authority (FCA) has published a review into whether Annual Percentage Rates (APRs) help consumers understand borrowing costs, with the regulator seeking views on whether it should change how these are communicated in credit advertising. APRs indicate the yearly cost of borrowing, including interest and fees. A representative APR means at least half…
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