Credit, Collections & Insolvency News
New research from Royal London has suggested that professional financial advice can help to improve emotional wellbeing by making people feel better about themselves and their finances. The company says that around 17 million people in the UK have received financial advice with the vast majority feeling positive about their adviser and the services they…
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Fraud prevention service, Cifas has appointed John Browett as its new Chair. In a career spanning thirty years, Browett has held the position of Chief Executive within a number of major UK businesses including Tesco.com, Dixons Retail, Monsoon-Accessorize, and Dunelm Group. He has extensive experience of transforming and strengthening the position of some of the…
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The Financial Conduct Authority (FCA) has set out its expectations for the steps firms should take when considering closing branches or ATMs, or converting a free-to-use ATM to pay-to-use. In its finalised guidance, the FCA makes it clear that banks, building societies and credit unions are now expected to keep the FCA informed of any…
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Figures from over 50s from SunLife suggests that more than 7 million over 50s have no private pension and more than 8 million don’t think they have enough money to fund their retirement. In its Finances After 50 study, SunLife found that 28% of over 50s do not have a private or company pension. The number…
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Consumer spending grew 0.2 per cent year-on-year in August – the first uplift since February 2020 – as Brits enjoyed the last of summer by socialising and holidaying in the UK. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 5.1…
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Bank branch staff worked with the police to stop £19 million of fraud in the first half of 2020 through the Banking Protocol, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme that enables bank branch staff to alert their local police force when they suspect a customer is…
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Anti-money-laundering (AML) firm SmartSearch has been named in the Sunday Times Sage ‘Tech Track 100’ for a second successive year. The list, published on Sunday, recognises Britain’s 100 private tech companies with the fastest-growing sales over a three-year period. Earlier in the year, the Yorkshire-based firm also reached 15th position in the Sunday Times Profit Track…
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Later-life lender LiveMore Capital has announced that it will use Experian’s data services to understand and onboard new customers as it expands its presence in the over 55s mortgage market. LiveMore, a specialist provider of retirement interest-only (RIO) mortgages, will use Experian’s CrossCore for identity validation checks to approve customers who meet its compliance policy…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2020 by 9% compared with the same month in 2019, and decreased by 23% in the first seven months of 2020. Retail store and online credit new business grew by 1% in July compared with the…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the consumer car finance market grew 19% by value and 9% by volume in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business volumes in this market remained 30% lower than…
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New figures released today by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes fell by 64%. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge…
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In the UK, the average consumer owes of £176 per person to Buy Now Pay Later (BNPL) Schemes such as Klarna, Laybuy and Clearpay according to a new report by Money.co.uk In a report titled ‘Shop Now Stress Later’ the report also suggests that as Influential organisations, such as Manchester City have begin to enter…
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Analysis by Halifax shows that the price of the average first home has increased by more than two-thirds in the last decade, jumping 69% from £142,473 in 2010 to £241,025 today. In the same period, the average house price has only risen 33%. The report also shows that the number of first-time buyers has fallen…
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