Credit, Collections & Insolvency News
The Government has announced that it is investing £121 million in quantum technology to tackle crime, fraud, and money laundering. The technology will be used to tackle the first signs of fraud and halting money laundering which could save billions for the economy. The funding is being made available over the next year to expand…
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The Bank of England’s Financial Policy Committee (FPC) has published a report on the health of the UK economy and financial system. The FPC said that the probability of adverse events had risen, and the UK’s open economy was particularly exposed to the market turmoil. The report also noted that UK banks remained well-capitalised and…
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The HM Treasury has announced the reappointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority (FCA) for a second term. Since Nikhil joined in October 2020, the FCA has undertaken reforms to strengthen the UK’s position in wholesale markets, including the biggest changes to the listing regime in over three decades. The…
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The Financial Ombudsman Service (FOS) has announced that it expects to resolve 270,000 cases in 2025/26, a 20% increase from the previous year. The FOS’ commitment comes despite recent surges in complaints, most notably the influx of cases related to motor finance commission. These account for nearly half of the current stock of around 190,000…
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Fraud prevention service, Cifas has published its annual Fraudscape report which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record. The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and…
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Financial software solutions specialist, Aryza has announced the acquisition of RiskLogix Solutions, a provider of governance, risk, and compliance (GRC) solutions. Aryza says that the integration of RiskLogix Solutions will enable significant synergies through an overlapping customer base. Existing customers of both companies will benefit from an expanded suite of products and services, creating a…
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Latest date from UK Finance has shown that landlord loans came in £9.6 billion over 52,648 cases in the final three months of last year, jumping 47.2% by value and 39.2% by case from a year ago. Average gross buy-to-let rental yields edged up to 7% in the period, compared to 6.74% 12 months ago,…
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New research by Compare the Market has found that only 17% of credit card users have a strong grasp of how credit scores are determined, while over a third (36%) admit to having limited or no understanding. More than four in ten credit card users (46%) worry about maintaining a healthy credit score. However, the…
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UK Finance data has shown that the total value of transactions on these cards was just over £1 trillion during 2024. The figures were in line with 2023 and split betwee debit card spend of £797 billion (down 0.8 per cent compared) to 2023 and credit card transactions worth £249 billion (up 5.3 per cent compared…
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TransUnion announced the completion of the acquisition of Monevo from Quint Group. Monevo’s platform enables comparison websites and other online brands known as publishers to embed highly personalised credit offers. Steve Chaouki, President, U.S. Markets, TransUnion said “We are delighted to welcome Monevo into the TransUnion family.We anticipate that Monevo’s platform will enhance our portfolio…
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New Barclays Consumer Spend data shows a record 94.6 per cent of all eligible in-store card transactions were made using contactless in 2024, surpassing the previous year’s record of 93.4 per cent. Shoppers used the technology more frequently, 236 times across the year, on average (vs. 231 in 2023) – and the cost of the…
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Consumer credit borrowing rose to £1.4 billion, higher than the average gain of £1.2 billion over the previous six months according to latest Bank of England data. Consumer credit borrowing by individuals was down from £1.7 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.8 billion from £1.1 billion.…
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This week, the UK’s Supreme Court will hear a pivotal case regarding potential compensation for millions of motorists affected by unlawful hidden commission payments in the car finance sector. Following a Court of Appeal ruling that deemed such payments illegal without buyer consent, lenders, including major banks, have set aside substantial funds for claims that…
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