Credit, Collections & Insolvency News
Businesses across the UK will benefit from greater transparency over the card fees they pay, after the Payment Systems Regulator (PSR) confirmed new requirements on Mastercard and Visa. The measures follow the PSR’s market review of card scheme and processing fees. Card scheme and processing fees are paid by businesses to accept card payments –…
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The Information Commissioner’s Office (ICO) has executed search warrants across the UK as it cracks down on suspected nuisance marketing linked to car finance mis-selling claims as part of the joint regulatory taskforce. More than 12 million complaints about nuisance marketing text messages have been submitted by the public since September 2025, with up to…
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The Bank of England maintained interest rates at 3.75% in a 6-to-3 vote. The Committee said that it is appropriate to maintain the Bank Rate at this meeting. The Committee stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term. Commenting on the…
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Millions of car finance customers who may be owed compensation can get help making a complaint for free, as the Financial Conduct Authority (FCA) launches a new national advertising campaign. Research by the FCA found that 27% of car finance customers lack confidence to make a complaint without using a claims management company (CMC) or law firm, despite free tools from…
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As part of the joint taskforce’s continued crackdown, in June the Financial Conduct Authority (FCA) had 170 misleading car finance claims adverts removed or amended by claims management companies (CMCs), bringing the total up to 1,200 since January 2024. Some of the misleading adverts seen by the FCA were disguised as a consumer posting on social media recommending…
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The Buy Now, Pay Later (BNPL) sector will come under the regulation of the Financial Conduct Authority (FCA) from today (Wednesday 15th July), seeing the launch of stronger protections in place for consumers. New YouGov polling commissioned by StepChange reveals the increasing popularity of BNPL products, but raises the concern that many are using it…
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The Finance & Leasing Association (FLA) has said its members stand ready to support the Government’s plans to drive economic growth by providing the specialist finance that enables businesses to obtain equipment, consumers to buy cars and households to invest in their homes. Ahead of the Chancellor’s Mansion House speech, the FLA said delivering sustainable…
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New analysis from debt advice provider PayPlan, has revealed that Buy Now Pay Later (BNPL) usage among its customers across the UK has increased by 3,793% between 2020 and 2025, highlighting the growing role the credit product is playing in household finances. The findings reveal a significant awareness gap when it comes to the new…
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The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will start overseeing the first Critical Third Parties (CTPs) on following designation by HM Treasury (HMT). Critical Third Parties (CTPs) are technology and other service providers whose services underpin the UK financial system. The HMT has announced its…
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The Financial Conduct Authority (FCA) has set out what financial firms can do to improve how products and services can better meet consumers’ needs. When products are designed with consumers’ needs firmly in mind, they can support good outcomes, helping people make informed choices, get fair value, and receive the support they need over time…
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The era of near-invisible checkout credit is set for a major reset, as previously unregulated Buy Now Pay Later (BNPL) products come under the Financial Conduct Authority’s oversight. The new rules will apply to Deferred Payment Credit agreements, meaning lenders will need to carry out affordability checks, provide clearer information on repayment terms and fees,…
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A new report by the Treasury Committee has found that students were not told clearly enough that loan terms could change retrospectively, and called for a U-turn on the decision to freeze the income threshold at which some graduates start repaying their loans. The report also says that the Government has a moral obligation to…
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New research by the Financial Conduct Authority (FCA) has found that banks have been pushing homeless people or those in financial hardship towards unsuitable online applications and away from basic bank accounts. These accounts are free, do not include an overdraft facility, and provide essential banking for those unable to open a mainstream account. Now,…
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