Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2025 by 5% compared with the same month in 2024. The corresponding value of new business fell by 2% over the same period. In the first four months of 2025, new business was 1%…
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A new House of Lords Financial Services Regulation Committee report has found that the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) must set out how they intend to address longstanding concerns with the redress framework and ensure that their views on regulatory requirements are consistent. The Committee’s inquiry examined the progress made…
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Social lender Fair for You has announced the appointment of Kumaran Adithyan as a Non-Executive Board Director. Adithyan is currently General Manager, Global Electronics and Home at online marketplace and commerce platform eBay. He has been at eBay since 2017, and previously worked at Walgreens Boots Alliance, the owner of health and beauty retailer Boots.…
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New research from HSBC and Young Enterprise has found that Gen Z feels judged about their financial management, with 67% expressing embarrassment, primarily from family. Nearly two thirds (63%) of Gen Z respondents say they’ve ‘felt judged’ about how they manage their money – whether by family (39%), friends (31%), or by social media (17%).…
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The Financial Conduct Authority (FCA) has announced that it has appointed Sarah Pritchard as its Deputy Chief Executive to manage growing remit, support growth and drive reform The new role has been created to reflect the FCA’s expanding remit, with the integration of the Payment Systems Regulator, regulation of stablecoin and crypto firms as well…
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UK Finance has published its later life mortgage lending update for Q1 2025 which showed that there were 38,510 new loans advanced to older borrowers in Quarter 1 (Q1), increased 33.5 per cent year on year. The value of this lending was £6.1 billion, which was up 42.6 per cent compared with the same quarter…
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The Financial Conduct Authority (FCA) has issued a further update on the key considerations for a potential redress scheme, which would set rules for how firms assess claims and calculate redress, and also put checks in place to ensure they are following the rules. The FCA stressed that the integrity of the motor finance market…
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Nine in ten (87%) of Africans living and working in the UK have been turned down for a mortgage because of circumstances relating to the fact that they are a foreign national, according to research of 500 UK-based African diaspora by specialist lender Afin Bank. The research found that almost half (48%) said they were…
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Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
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New data from UK Finance has shown that the average first-time buyer mortgage term is now 31 years. The data also showed that mortgage lending surged in the first quarter of 2025 (Q1), driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Mortgage completions rose sharply in the first…
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NatWest Group has announced the appointment of Solange Chamberlain as the CEO of its Retail Bank, effective on 1st July, subject to regulatory approval. Chamberlain will report directly to the Chief Executive Officer, Paul Thwaite, and be a member of the Executive Committee of NatWest Holdings. Chamberlain joined NatWest in 2019 and has held a number…
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Furness Building Society has announced that it has promoted Simon Broadley from Chief Commercial Officer (CCO) to Chief Executive Officer (CEO). Broadley was appointed as CCO in 2022 with a remit to oversee and manage the society’s commercial operations. He has more than 20 years of experience in the financial services sector, predominantly in the…
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New survey data from Landbay has found that nearly half of the Buy To Let (BTL) landlords (44%) plan to raise rent in response to the new Renters’ Rights Bill. Landlords with portfolios of between four and 10 properties are most likely to increase rents (32%), closely followed by those with between 16 and 30…
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