Credit, Collections & Insolvency News
A cross-party committee of MPs has launched an enquiry into the pre-pension income gap ahead of the impending State Pension age increase to 67. The enquiry found that 60-64 year-olds are the joint poorest age group among working-age adults aged 25 and over, as some people leave work early to care for partners or on…
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New Financial Conduct Authority (FCA) research has warned that people should review and avoid using certain credit builder products. The review looked into credit builder products and the harm that they can cause to consumers, particularly if they are struggling with debt. Credit builder products claim to help people build a record of making payments,…
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The Bank of England has held the base rate at 4% which affects a wide range of consumer loan agreements from credit card to mortgage payments. Commenting on the MPC’s decision not to change the Bank Rate from 4%, Andrew Gall, Head of Savings and Economics at the Building Societies Association (BSA) said “Many aspiring homebuyers…
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Thousands of people at risk of experiencing homelessness will be able to open bank accounts for the first time through a new pilot between Shelter and five major banks, which will allow Shelter to support people without a fixed address removing a major barrier which stops people being able to get paid work. Lloyds, NatWest,…
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The Financial Conduct Authority has provided a further update on its motor finance redress consultation, raising feedback that analysis of the extensive market-wide data is taking firms a while and therefore extending the consultation deadline until 12th December. Final rules are now expected to be published in either February or March 2026. Commenting on the…
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Up to 1.9 million adults, equivalent to 4% of the population, are estimated to have used unlicensed money lenders or loan sharks in the past 12 months, according to an IPSOS UK survey commissioned by Fair4All Finance. The cost of living crisis has exacerbated this situation for many, reducing households’ headroom to absorb unexpected financial…
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A coalition of businesses and charities have outlined a series of demands for urgent reform to unlock home ownership for millions of renters. Following a summit in London on 29th October, the group have sent a joint letter to the Chancellor ahead of the Autumn Budget, urging reforms that would ensure renters’ payment history is…
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Criminals stole £629.3 million in the first half of the year, a three per cent increase on the same period in 2024. There were over 2.09 million confirmed cases of fraud, a 17 per cent increase on this time last year according to latest UK Finance data. There was a 12% increase in financial losses from authorised…
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The Financial Conduct Authority (FCA) reported that financial services firms paid out £283 million in redress for complaints in the first half of 2025, a 20% increase from £236 million in the previous half. The FCA received 1.85 million complaints, marking a 3.6% rise compared to the second half of 2024. Complaints about banking and…
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The Financial Conduct Authority (FCA) has this afternoon published its consultation on the motor finance compensation scheme. It estimates that, on average, customers due compensation will be eligible for £700 payouts on an expected 14 million unfair motor finance agreements, which could start next year, under an industry-wide compensation scheme proposed. Based on the number of…
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The Financial Conduct Authority (FCA), Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and the Advertising Standards Authority (ASA) are joining together to tackle misleading advertising and inadequate information provided by some claims management companies (CMCs) and law firms working on motor finance claims, and the risk that excessive fees are charged to clients. …
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Millions of drivers in the UK admit to driving without insurance due to the recent rise in premium costs according to new research by CRIF. The findings show that 5% of motorists have previously driven without motor insurance due to rising costs, despite it being a legal requirement. This equates to around 1.4 million drivers…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.0%. Commenting on the MPC’s decision not to change the Bank Rate Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said “CPI Inflation has remained elevated at 3.8% and is expected to stay higher for…
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