Home insurance premiums rise by 32% year-on-year

16th February 2024 Consumer Lending | #home insurance

Home insurance premiums increased by nearly a third (32%) in the final three months of 2023 compared to the same period in 2022, according to new research from Compare the Market. The average home insurance premiums in the UK jumped by £47 from £146 in the fourth quarter of 2022 to £193 in 2023. All…

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Company shut down after direct debit scam

16th February 2024 Consumer Lending | #fraud

A company which tricked people into signing up for monthly direct debits has been shut down following an investigation by the Insolvency Service. Paragrim Ltd, trading under the Mediacraze.net website, deliberately misled consumers into providing bank details for what they assumed were everyday online purchases, such as car parking or television streaming services. But after…

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FCA stops thousands of misleading ads and promotions 

Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority (FCA), an increase of 17%, year-on-year. The FCA also published 2,285 alerts to help prevent consumers from losing their money to scams, up from 1800 in 2022. After being given new powers by the Government,…

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SmartSearch appoints new VP of Technology

15th February 2024 Appointments |

Digital compliance and anti-money laundering (AML) software company SmartSearch has announced that it has promoted Andrew Booth to the position of Vice President of Technology – one of 16 promotions across its nearly 200-strong team. Booth joined SmartSearch more than five years ago and has served as its head of technology. In his new role of…

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Moneyline agrees financial inclusion partnership with Ordo

15th February 2024 Company News |

Social lender and financial inclusion Moneyline has announced the expansion of a partnership with Ordo. The partnership means that Moneyline can now offer a payment option that can help reduce the amount of interest borrowers pay in real terms. Interest is calculated daily, so paying off a portion of the balance sooner when funds are…

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Consumer car finance fell by 8% in December

14th February 2024 Consumer Lending | #car finance

New figures by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in December 2023 by 8% compared with the same month in 2022. The corresponding value of new business was also 8% lower over the same period.  In 2023 as a whole, new business by value and volume…

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Consumer finance fell by 2% in December 2023

14th February 2024 Consumer Lending | #consumer lending

New figures by the Finance & Leasing Association (FLA) show that consumer finance new business in December 2023 fell by 2% compared with the same month in 2022.  In 2023 as a whole, new business was also 2% lower than in 2022. The credit card and personal loans sectors together reported new business up by…

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Mortgage rates record biggest month-on-month fall since December 2022

13th February 2024 Consumer Lending | #mortgage rate fall

Moneyfacts data shows that the average two-year fixed mortgage rate on the market recorded its biggest month-on-month fall since December 2022 in February. Analysis shows that across all deposit sizes, the average two-year fixed-rate mortgage had a rate of 5.56% at the start of February 2024, down from 5.93% at the start of January this…

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Families face ‘triple savings challenge’

13th February 2024 Consumer Lending |

Families across Britain face a ‘triple savings challenge’ of insufficient ‘rainy day’ savings of at least £1,000, an inability to cope financially with bigger life events like family breakdown, and inadequate retirement incomes. But all three can be addressed by building on the success of auto-enrolment into pension saving to encourage more liquid saving too,…

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FCA clamps down on GAP insurance providers

12th February 2024 Consumer Lending | #GAP insurance

The Financial Conduct Authority (FCA) has announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the financial regulator.  The firms which have agreed to this action account for 80% of the GAP market.   THE FCA intervened amid concern that consumers are not getting value for money.…

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Tesco Bank to be acquired by Barclays

9th February 2024 Company News |

Barclays Bank has announced it has entered into an agreement to acquire the retail banking business of Tesco. The sale only includes its banking operations in credit cards, loans and savings. Tesco bank has around five million customers. The acquisition and partnership are subject to regulatory approval and expected to complete in the second half…

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UK Finance makes new board appointments

9th February 2024 Appointments |

UK Finance has announced new board appointments. Thierry d’Argent, CEO, Societe Generale UK; Saif Malik, CEO, UK, Standard Chartered; and Mickey Schiller, CEO, Leumi UK, have all been appointed. TS Anil, CEO, Monzo and Kelly Devine, Divisional President UK & Ireland, Mastercard, stepped down from the board on 1st February. Anne Marie Verstraeten, Vice Chair…

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Unfair commission claims increasing pressure on motor finance providers

9th February 2024 Consumer Lending | #motor finance

As the Money Saving Expert encourages consumers to claim for potentially unfair motor vehicle credit arrangements, RSM UK is warning that credit providers could face increased operational pressures. In January, the Financial Conduct Authority (FCA) announced it was undertaking a review of historic car finance arrangements, and would take regulatory action if widespread misconduct means…

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