More than a quarter in the dark about interest rates

More than a quarter in the dark about interest rates and the price impact on payments according to research by Hargreaves Lansdown. The research found that 27% of people don’t know what interest rate they’re getting on their savings. This rises to 31% of the squeezed middle (aged 35-54), 35% of women, and 38% of…

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Mortgage rates adding affordability pressures to homeowners

The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…

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Payment firms urge PSR to reconsider fraud refund rules

Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…

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Call for next government to appoint dedicated fraud minister

17th June 2024 Consumer Lending | #fraud

Which? is calling on the next Prime Minister to appoint a dedicated fraud minister to finally get a grip on fraud, as the consumer champion launches its agenda for Government. Fraud continues to blight the lives of millions of consumers and accounts for around 40 per cent of crimes committed in England and Wales.Losses to…

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Firms to recommence GAP insurance sales following FCA action  

The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value.   To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules.  …

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Building Societies Act passes legislative stage

The Building Societies Act 1986 (Amendment Bill) has been completed in Parliament. This new Act of Parliament was introduced by Julie Elliott MP (Lab, Sunderland Central) to help to put building societies on a level playing field with their banking competitors, enabling them to support more lending to first-time buyers and homeowners in the future.…

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FCA reminds lenders on consumer duty rules

24th May 2024 Consumer Lending | #FCA

Data released from Step Change shows one on four (24%) adults have relied on credit to pay for essentials such as food and household bills  as in the cost of living crisis. RSM UK is reminding banks and other credit agencies of their responsibilities as lenders, in line with Consumer Duty rules.  FCA guidance for credit providers…

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Cards schemes not facing effective competition

21st May 2024 Consumer Lending |

A new report by the Payment Systems Regulator (PSR) has found that Mastercard and Visa, the two biggest card schemes, do not face effective competition when dealing with merchants and acquirers. The report found that in respect of core scheme and processing services, there is currently no effective competition to Mastercard and Visa. In some…

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Criminal sentenced after using stolen post to commit fraud

21st May 2024 Consumer Lending |

A criminal has been sentenced after using stolen post to commit over £32,000 of fraud. Adrian Brown, from South London, has been sentenced at Inner London Crown Court to 18 months for stealing at least £32,000. He stole post from letterboxes which enabled him to commit fraud through gaining access to banking customer information. Sentencing…

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New data shows progress in financial inclusion for deaf community

7th May 2024 Consumer Lending |

A new report from the Lending Standards Board (LSB) shows the progress made by UK banks and lenders over the last 12 months in offering better accessibility support to deaf customers. In the UK, one in five adults are deaf, have hearing loss, or tinnitus. Hearing loss affects more than 40% of people over 50…

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FEATURE: Using AI to improve consumer lending outcomes and drive financial inclusion 

With the rise of artificial intelligence (AI) and machine learning, the way consumer loans have been offered and priced has been quietly revolutionised, opening up opportunities for more consumer-centric, personalised products. As a data scientist and advanced analytics consultant to the banking industry, I’m fascinated by modern AI tools and their ability to give pricing committees a much deeper view of their…

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Car Insurers hit with nearly 40% charge for paying monthly

17th April 2024 Consumer Lending |

Car owners are being hit with eye-watering annual percentage rates (APR) of nearly 40 per cent when paying for their insurance monthly, a new Which? investigation has found. The study found some home insurers charging up to almost 35 per cent APR on monthly payments. The consumer champion is now calling on the Financial Conduct…

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UK Finance announces new RLN experimentation phase

16th April 2024 Consumer Lending |

UK Finance has today announced work on a new UK Regulated Liability Network (RLN) experimentation phase with eleven of its members. The UK RLN is envisaged as a common ‘platform for innovation’ across multiple forms of money, including existing commercial bank deposits and a shared ledger for tokenised commercial bank deposits.  Through a collaboration of…

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