Credit, Collections & Insolvency News
The UK’s self-employed workers and freelancers are making huge personal and professional sacrifices just to achieve their home-ownership ambitions according to new research by Together, Many of the country’ entrepreneurial wealth creators have put on hold important life plans such as marrying, having children or expanding their businesses – potentially hitting future earning potential –…
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Digital payment card specialist, Curve has announced a strategic partnership with challenger credit bureau Infact, using its Flex product in real-time reporting API. Will Mason, CEO of Infact said “This partnership demonstrates the benefits to lenders and consumers of accurately representing interactions with financial products on a credit report. Say goodbye to confused consumers missing…
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The Bank of England has appointed Sarah John, the Bank’s current Chief Cashier as its new Chief Operating Officer (COO). John will be replaced by the Executive Director for Payments, Victoria Cleland. Cleland was previously the Bank’s Chief Cashier from 2014-2018. She will now combine the role of Chief Cashier with her current Executive Director…
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Buying a home in London requires an average earner to save a deposit of over £350,000 according to research by longer-term lender April Mortgages. With average house prices in the capital soaring to £581,310 – more than 12x the average income – average earners require huge deposits to afford a home. Based on a typical lending…
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The Government has announced that the Payment Systems Regulator (PSR) will be abolished and its remit absorbed by the Financial Conduct Authority (FCA). The move comes amid concern that the financial regulatory system is overly complex. The PSR, which looks after payment systems like Faster Payments and Mastercard, will mainly be consolidated into the Financial…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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Many over-50s reflect on their financial choices and wish they had made different decisions in their youth, according to a survey conducted by Aviva. While 16% of respondents indicated they would have prioritised a detailed retirement plan earlier, 25% would have taken their pensions more seriously. Additionally, 22% expressed a desire to invest more in their…
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New research by Loantube has revealed that female consumers are most likely to apply for a loan for home improvements (42%), followed by debt consolidation (32%) and buying a new car (10%). Among the consumer borrowing trends, LoanTube’s data reveals that female consumers are most likely to apply for a loan for home improvements (42%),…
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First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research. The data showed that the average price for a first-time buyer home currently stands at £226,887. The analysis…
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The Financial Conduct Authority (FCA) has promised swift action on making mortgages more accessible, with the regulator set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. The FCA will look at options for making it easier to access options such as remortgaging with a new lender and reducing…
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European real estate and alternative asset manager company Arrow Global has announced that it has appointed Enrico Sanna as CEO Platforms. In his new role, Sanna will lead Arrow’s asset-backed platform strategy, focusing on platform growth, integration, and alignment with investment strategies in new and existing markets. His priorities include optimising operational value creation, advancing…
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The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have appointed Martyn Beauchamp as Chief Executive Officer (CEO) of the Financial Services Compensation Scheme (FSCS). Beauchamp has been Interim CEO of the FSCS since October 2023, and during this time he has successfully overseen the FSCS’s transition to a new operating model. Prior to…
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