Credit, Collections & Insolvency News
The Bank of England has decided to maintain interest rates at 4.75% following a split vote among its Monetary Policy Committee (MPC). While six members opted to keep rates unchanged, three advocated for a 0.25 percentage point cut due to concerns over stagnating economic growth. The MPC’s new projections indicate zero GDP growth for the…
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Three men from London have been sentenced at Inner London Crown Court to a combined six years and nine months for using a SIM farm to send out masses of fraudulent texts and calls, conning victims out of an overall sum of £223,183.53. The sentencing follows an investigation and arrest by specialist banking industry sponsored…
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The Financial Conduct Authority (FCA) has announced that it has extended the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). Firms now have until after 4 December 2025 to provide a final response to non-DCA complaints, in line with the extension already provided for complaints involving DCAs.…
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Community lender, Salad Money has announced the appointment of Alex Marsh as Chair of its board. Marsh will succeed Sir Tim Melville-Ross who held the role since Salad’s launch in 2019. The firm called it an important milestone as it continues to develop its lending platform, having become the UK’s largest community development finance institution…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows the rate of inflation rose to 2.6 per cent in the 12 months to November. The announcement means that the inflation rate has increased for the second month in a row, rising at the fastest rate since March. Fuel and…
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Generous grandparents are planning to spend an average of £97 on each of their grandchildren this Christmas, according to the latest research from over 50s SunLife. The research found that one in seven said they planned to spend up to £30, and half up to £60, while 40% said they would spend more than £100…
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UK Finance has predicted that mortgage lending is set to rise by 11% in 2025 UK Finance says that with rate and cost pressures continuing to ease, the outlook for 2025 is for a gradual improvement in mortgage affordability, feeding into market growth. As interest rates tick down, we expect arrears to continue to fall,…
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The Government has voiced concern that local communities are at risk of losing access to banking services without specialised hubs. Speaking as she inaugurated the UK’s 100th banking hub in Lancashire, the Chancellor Rachel Reeves said “Without these banking hubs, towns are going to be banking deserts.” The Government plans to establish 350 hubs by…
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A third of the consumers expect the cost of borrowing (around 33%) of consumers say interest rates to climb over the next 12 months, according to the latest Bank of England inflation attitudes survey, this up from 29% in August the last time the poll was taken. The data also found that 45% of the…
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The Payment Systems Regulator (PSR) has published its final report of its market review into cross border interchange fees. The report finds that the high level of fees is harming businesses. The report found that throughout 2021 and 2022, Mastercard and Visa raised their cross-border interchange fees fivefold from 0.2% to 1.15% for debit cards…
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Consumer confidence is recovering from a dip caused by pre-budget anxieties, with the GfK index rising to -17 in December, following a three-point increase in November. Despite concerns over inflation due to rising prices from businesses, the data indicates a growing optimism among consumers regarding their finances and a willingness to spend. Neil Bellamy, Consumer…
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Data science consultancy Jaywing has announced a strategic three-year partnership with Everyday Loans to implement advanced AI and machine learning solutions across their business operations. Jacob Rukin, Chief Credit Officer at Everyday Loans said “This investment in AI technology demonstrates our dedication to merging cutting-edge analytics with responsible lending practices,” “With Jaywing’s Archetype platform, we…
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Car finance lenders have been granted permission by the Supreme Court to appeal a landmark ruling on motor finance commission payments that has left firms fearing a potential £30 billion compensation bill. The Court of Appeal ruled in October that paying ‘secret’ commission to car dealers – without disclosing the sum and terms of that…
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