Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in June by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with June 2017, while retail store and online credit new business increased by 5%. Second charge…
Read more
UK Finance has published its latest Mortgage Trends update for June 2018 which has revealed that there were 37,400 new homeowner remortgages completed in the month, some 8.4 per cent more than in the same month a year earlier. The £6.8bn of remortgaging in the month was 13.3 per cent up year-on-year. Other highlights from…
Read more
UK tech firm CreditLadder is one of three Fintech companies to win through to the final of HM Treasury’s Rent Recognition Challenge (RRC) announced by Chancellor Philip Hammond as part of the Autumn budget statement in November last year. The RRC was launched to help develop applications that will help renters boost their credit scores,…
Read more
Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read moreFrom today the Financial Conduct Authority (FCA) will enforce new rules requiring providers of personal and business accounts to publish information that will help current customers to compare bank accounts from different providers. Banks will have to report major operational and security incidents that have taken place and disclose whether 24-hour customer helplines are available. The pressure…
Read more
Fraud prevention service, Cifas has released new figures showing that identity fraud has fallen for the first time since 2014. Cifas members recorded 84,463 cases in the first six months of the year, a 5% drop compared to the same period in 2017 (89,199). Despite the reduction, identity fraud still represents over half of all…
Read more
The finalists for Credit Connect’s second annual Credit & Collections Technology Awards 2018, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 18 categories. The Technology focused-Awards scheme seeks…
Read more
New research from GoCompare has revealed the £41billion bill for modern goods and services -things that are sapping our finances now, but which most of us wouldn’t have been paying out for just 10 years ago. The comparison site has identified 20 so-called ‘Nouveau Bills’ that are costing UK adults £66 a month or £788 a year…
Read more
New open banking specialist Moneyhub has secured Payment Initiation Services Provider (PISP) authorisation by the Financial Conduct Authority (FCA). The authorisation goes one step further from Account Information Services Provider (AISP) status, enabling seamless payments as well as visibility of all financial transactions across accounts in one place. Alongside giving control of payments, income, expenditure,…
Read moreA new report by Which? has revealed how the broken deposit system is placing financial pressure on renters, with some tenants facing weeks to get their money returned or having to challenge charges that they feel are unreasonable. The consumer champion’s findings reveal that two in five (43%) renters that faced moving costs used a…
Read more
Consumer awareness and incentive remain vital to Open Banking success according to Equifax. It now two years on from the Competition and Markets Authority (CMA )market review which initiated Open Banking. Jake Ranson, banking and financial institution expert and CMO at Equifax said “Open Banking was established to encourage competition. It’s well known that current account switching remains…
Read more
Leeds Building Society has appointed Nick Young as its new Director of Business Transformation to further enhance member and colleague experience. Young has a background in commercial management and strategic change delivery. He joins the Society from Lloyds Banking Group customer products team where he was responsible for successfully delivering a number of high-profile change…
Read more
The latest RICS UK residential market survey suggests that supply issues could lead to rents increasing by 15 per cent by the middle of 2023. The most striking feature of the July 2018 survey is the continued reduction of new property being put on the market in the lettings sector with 22% more respondents seeing…
Read more