Credit, Collections & Insolvency News
A new non-profit company has been launched to protect cash in the UK communities. The company named Cash Access UK is made up of nine of the largest high street banks. The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment…
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The Financial Conduct Authority (FCA) is warning festive shoppers of the risk of loan fee scams as fraudsters pile on the pressure at Christmas The FCA says that loan fee fraud this Christmas, with cases already up by a fifth on last year The research shows with the rising cost of living impacting consumers’ finances,…
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The Payment Systems Regulator (PSR) has outlined the technical process that banks and building societies will have to follow as part of its new reporting requirement for authorised push payment (APP) scams. APP scams are a major problem in the UK. In the first half of this year, there were over 95,000 incidents of APP scams, with…
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Barclays has been fined £8.4m by the Payments Systems Regulator (PSR), with the bank failing to be transparent with retailers about the fees they were charged to use its card services. The PSR has taken action as it found that the bank did not provide retailers with transaction information required under the IFR. This meant retailers…
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Latest figures from Nationwide show Black Friday purchases were up 10 per cebr compared with last year as Britons made the most of lower prices amid the cost of living crisis. The rate of spending has risen more than a third since pre-pandemic times, data show. Over the course of Black Friday Nationwide Building Society…
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Consumer spending rose 3.5% in October but the hospitality and leisure industries continue to struggle as Britons cut back ahead of Christmas, according to latest data from Barclaycard. As petrol and diesel prices started to creep up again, fuel spend rose 17.7 per cent year-on-year, 6.6 percentage points higher than last month’s uplift (11.1 per…
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A new study from Juniper Research has found that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024; rising from 782 million in 2022, representing a growth of 60%. The report identified increased investment in contactless acceptance infrastructure, especially across emerging regions, as key to driving growth, through which over…
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The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
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UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage in July when compared to 2021. The data showed that there were 343.8 million credit card transactions in July, 9.8 per cent more than in July 2021. The total spend of £18.8 billion was 17.1…
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The Payment Systems Regulator (PSR) has confirmed plans to force banks to introduce new anti-fraud measures. The PSR said around 400 more firms would be required to use the name-checking service, called confirmation of payee (CoP) which helps to make sure payments are not sent to the wrong account by mistake, or to accounts run…
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Signatories to the CRM Code, governed by the Lending Standard Board (LSB), have announced that they had made strides forward in their effort to stamp out transactions resulting in Authorised Push Payment (APP) scams, though areas of inconsistent application persist, according to the latest review. The “2022 review of adherence to Contingent Reimbursement Model (CRM)…
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New figures from Lloyds Bank have shown a surge in the use of contactless debit card payments, with this method used in 87% of transactions in 2022 compared to 65% in June 2019. The rise in contactless payments as a preferred method has been driven by restaurant and health and beauty purchases, which both see…
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Half of consumers have cut back spending to cope with the cost of living crisis, although financial resilience appears robust, according to figures revealed in TransUnion’s latest Consumer Pulse study. Over 50% of consumers surveyed indicated they’d reduced their expenditure in the last three months and intend to decrease it further as the year progresses. Whilst all spend…
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