Credit, Collections & Insolvency News
The cost of home insurance in the UK increased by 14% year-on-year between October and December last year, according to new research from Compare the Market. The average home insurance premium climbed to £225 in the final three months of 2024 up from £197 over the same period in 2023. While the price jump seen…
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Mortgage lending growth is forecasted to more than double from 1.5% in 2024 to 3.1% in 2025, and grow to 3.2% in 2026, as rates fall and consumer confidence rises according to a report from EY Item Club. The growth is largely attributed to anticipated interest rate cuts by the Bank of England, which recently lowered…
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It has been announced that a team from fraud prevention service Cifas has won an inaugural Innovation Partnership Innovation Challenge Hackathon. After months of dedicated work, the Cifas team impressed judges with their groundbreaking ‘Events Database’ concept. This strategic initiative aims to collect and analyse fraud-risk data on events such as chargebacks, goods lost in…
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New research by Apil Mortgages has found that only 14% of the UK’s 100 largest towns and cities are affordable to single-income buyers. Buying an average home in 16 of the UK’s 100 largest towns and cities requires a deposit of more than £200,000 for a mortgage applicant earning an average salary. In more than half (52%) of these towns and…
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New research from American Express has revealed new trends in how consumers plan to prioritise their spend in the year ahead. The data has identified three types of spenders: Experience Seekers: Consumers are looking forward to an experience-filled 2025, with appetite for attending bigger events alongside smaller, regular treats. Savvy Spenders: Shoppers want more bang…
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New survey results from Provenir have found that nearly half of all financial services executives are struggling with managing credit risk and detecting and preventing fraud. The survey also discovered that many financial services are revamping their credit risk decisioning and fraud prevention strategies in 2025, with Artificial Intelligence (AI) playing a prominent role. Over…
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Boshhh Group has announced that it has partnered with Yapily to launch a fintech solution with an aim to end irresponsible BNPL lending amid the upcoming FCA affordability clampdown. The new FCA regulations tackling the lack of comprehensive affordability checks in BNPL lending come into effect in 2026 with lenders currently failing the financially vulnerable…
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One in ten high net worth individuals (HNWIs) have cut their pension contributions over the past year in order to balance pressures on their day-to-day finances, according to the latest findings from UK wealth management firm Saltus. The report found that the vast majority (93%) said that the current economic environment has negatively impacted their lifestyle…
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Spring Finance has announced that it has completed the acquisition of Masthaven Finance. The acquisition will mean that the combined entity will trade as Masthaven Finance. Andrew Bloom Founder, majority shareholder and Chief Executive of Masthaven Group and Masthaven Bank from 2005 to 2020, when he sold his controlling stake and stepped down as Chief…
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A third of couples (31%) planning to marry in 2027 or beyond will use loans to fund their weddings according to new research by Pepper Money, This is a significant increase from 23% in 2019. This shift highlights the growing financial strain on engaged couples. They are also less likely to be able to rely solely…
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The Financial Conduct Authority (FCA) has warned of a growing number of misleading and illegal financial promotions, with the regulator saying that almost 20,000 financial promotions were withdrawn or amended after intervention in 2024. This is almost double the number of cases recorded in 2023, when more than 10,000 were flagged. The report also shows…
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Latest figures reported from the Bank of England have revealed that Credit Unions across England, Scotland, and Wales continue to oversee steady growth in membership, loans, and savings, reaffirming their crucial role in supporting communities during challenging economic times. The data showed that the total number of Credit Union members in Great Britain has reached…
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The Bank of England has cut interest rates from 4.75% to 4.5%, taking the base rate to the lowest level for more than 18 months. The Bank of England Monetary Policy Committee (MPC) has voted to cut interest rates by 0.25% to 4.5%. The MPC voted 7 to 2 in favour of the cut, with two dissenting…
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