Credit, Collections & Insolvency News
Nearly 1 in 10 UK adults (9%) have been defrauded via their debit or credit card in the last year, equating to 4.7 million people across the country. This is according to a poll of 2,000 UK adults commissioned by Compare the Market, which found that nearly 5 million people have had their credit card,…
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Latest figures released by UK Finance has shown that mortgage arrears and possessions are continuing to decline. The figures indicate that there were 76,740 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2018, 8 per cent fewer than in the same quarter of the…
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A new study from LV has revealed that people in their early thirties are putting off life milestones such as having children or buying a home, due to being one of the least financially resilient groups in the UK. A quarter (24%) of the 30-35-year-olds in the study, of which there are 4.7 million in the…
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The Financial Conduct Authority (FCA), in collaboration with 11 financial regulators and related organisations, has announced the creation of the Global Financial Innovation Network (GFIN), building on the FCA’s proposal earlier this year to create a ‘global sandbox’. The network will seek to provide a more efficient way for innovative firms to interact with regulators,…
Read morePolish Credit Union UK has been placed in administration. In an announcement on the company website, the Credit Union said that Dean Watson and Paul Stanley of Begbies Traynor have been appointed as Administrators. Polish Credit Union UK was launched in 2013 and has 500 members under its name. The union has been declared in…
Read moreMost (77%) UK consumers have made a contactless payment in the last year, with over 19 million (37%) now saying contactless is their first-choice payment method for purchases under £30, according to new research, commissioned by GoCompare Money. The research reveals that 77% of people (40 million) have made a contactless payment in the last 12…
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RBS has announced that it has appointed Bruce Fletcher as its new Group Chief Risk Officer, subject to final regulatory approval. Fletcher is currently Chief Risk Officer for HSBC’s Global Retail Banking and Wealth Management business. He will replace David Stephen, who is moving to Westpac following an orderly handover of his responsibilities. RBS Chief…
Read moreNatWest has confirmed that debit card payments were not working for two hours yesterday. A spokeswoman for the bank apologised to those affected and said none would be left out of pocket. In response to the news Sam Murrant, Senior Payments Analyst at GlobalData, said “The payments industry is increasingly moving towards an assumption that…
Read moreHomeowners could see their mortgage bills rise by around £400 a year following the Bank of England’s decision to raise interest rates, analysis from Experian reveals. The Bank of England’s Monetary Committee has announced it is hiking base rate to 0.75%, the first rise since last November, The 0.25% rise will see those on Standard…
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The Central Bank of Ireland has publishised its third report on the financial condition of the credit union sector. Data focuses on trends in the period 31 March 2013 to 31 March 2018, including analysis by credit union asset size and common bond type. The primary focus of this publication is to provide analysis of data…
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The Bank of England (BoE) Monetary Policy Committee (MPC) has today voted to increase interest rates to 0.75 percent, its highest level since 2009. Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter of a percentage point, StepChange Debt Charity urges policymakers to keep a…
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The Financial Conduct Authority (FCA) has opened a new consultation on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors. The Consultation Paper proposes to extend the application of the Principles for Businesses and certain specific rules about promotions and communications so that they cover wider categories of…
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Lenders working closely with the Financial Conduct Authority (FCA), have agreed on common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible to move to an alternative product provided by their lender. The cross-industry voluntary commitment has been announced by UK Finance,…
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