Car insurance costs fall for first time since June 2022

25th October 2024 Consumer Lending | #car insurance

The cost of car insurance has fallen by £72 (-8%) year-on-year, according to new research from Compare the Market. The average premium declined to £776 in September 2024, compared to £848 in September 2023. August 2024 and September 2024 were the first months where car insurance premiums have been cheaper than the same period in…

Read more

TransUnion appoints new CEO for UK and Europe

25th October 2024 Appointments | #appointments

Global information and insights company, TransUnion has announced the appointment of Madhusudan ‘Madhu’ Kejriwal as its new Chief Executive Officer (CEO) for UK and Europe. Kejriwal will officially join TransUnion in January 2025. The appointment is subject to the required regulatory approvals. Kejriwal started his career with Capital One in Fraud & Credit Risk and…

Read more

Equity release figures rise for second successive quarter

24th October 2024 Consumer Lending | #equity releases

The Equity Release Council’s latest quarterly market report for Q3 2024 shows that new plans agreed and total lending rose for a second successive quarter for the first time in two years, as the market’s gradual recovery continues. Homeowners over the age of 55 withdrew £615m of property wealth from their homes between July and…

Read more

Call for BNPL providers and retailers to act now to protect vulnerable customers

24th October 2024 Buy Now Pay Later | #BNPL

As the government plans to regulate buy now pay (BNPL) later firms by 2026, more than one in ten millennials (13%) and Gen Z (11%) consumers plan to put Christmas on credit using buy now pay later apps, RSM UK’s latest Consumer Outlook reveals. In addition, previous data from RSM UK shows that Gen Z…

Read more

Just Mortgages appoints new area Director

23rd October 2024 Appointments |

Broker, Just Mortgages has expanded its self-employed management team with the appointment of James Hoskins as Area Director. Based in Bristol, Hoskins will be supporting and mentoring self-employed brokers in the region and up into the Midlands. He brings with him two decades of experience in the mortgage market and wider financial services. As part…

Read more

Volkswagen Finance fined £5.4m by FCA

22nd October 2024 Consumer Lending | #FCA

The Financial Conduct Authority (FCA) has fined Volkswagen’s UK financial services arm £5.4m for its unfair treatment of customers in financial difficulty. The City watchdog found that between January 2017 and July 2023. The investigation, Volkswagen Finance took cars away from vulnerable customers without considering other options. The firm failed to understand customers’ individual circumstances…

Read more

Over £571m stolen by fraudsters in the first half of 2024

21st October 2024 Consumer Lending | #fraud

UK Finance’s half-year fraud report has found that criminals stole £571.7 million through unauthorised and authorised fraud, a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems with 72 per cent of APP fraud started online and 16 per cent started through…

Read more

Government announces BNPL consultation

Shoppers who use Buy Now, Pay Later (BNPL) loans are to get new safeguards against unaffordable borrowing and credit card-style protection for their purchases, under rules outlined by the Government. Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently…

Read more

Over a quarter have never checked their credit score

18th October 2024 Consumer Lending | #credit score

Over a quarter (26%) of people in the UK admit they’ve never checked their credit score, sparking concern from CredAbility, who warn that a lack of financial knowledge could be limiting people’s access to credit and leading to higher interest rates on fewer options.  The survey also found that 49% don’t know their credit score,…

Read more

1 in 20 have hidden credit score problems from their partner

18th October 2024 Consumer Lending | #credit score

New research from personal finance specialist Finder has found that 1 in 20 consumers have hidden credit score problems from their partner. The research also showed that a third of consumers (34%) – an estimated 18.5 million people – have withheld important information about their finances from their partner in a current or previous relationship.…

Read more

Inflation falls unexpectedly – consumer credit industry reaction

17th October 2024 Consumer Lending | #inflation

Inflation fell unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, according to the latest Office for National Statistics (ONS).  However, households were hit by a jump in food and non-alcoholic drink inflation, with stronger price increases for milk, cheese, eggs and fruit. Lower airfares and petrol prices…

Read more

One in three would rather spend in retirement rather than commit to their children’s inheritance

16th October 2024 Consumer Lending |

New data SunLife has revealed a real split amongst households on the ‘inheritance’ debate. The report, found that a third of people over 50 (32%) would rather spend their kids’ ‘inheritance’ on enjoying their own retirement, even if it means there would be nothing left to inherit. With 63% of over 50s worrying about the cost…

Read more

Experian and Sardine agree fraud prevention partnership

16th October 2024 Company News |

Experian has announced a new partnership with Sardine, the specialist in behavioural biometrics and device intelligence-based fraud prevention. As online attacks and scams become increasingly sophisticated with the use of GenAI deep fakes, mobile emulators, advanced bots, and VPNs, it’s critical for businesses to identify genuine customers to prevent fraud losses and meet evolving compliance…

Read more