Credit, Collections & Insolvency News
The winners of the 2026 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 21st May) at Eastwood Hall, Nottingham. There were 19 winners (three of which were partnership wins) from the awards categories, which were presented by awards compere Eshaan Akbar. The Credit & Collections Industry Awards were…
Read more
The Government has announced that it will modernise the Consumer Credit Act (CCA) for the first time in over 50 years, giving consumers clearer information and firms the flexibility to innovate. The Government says that consumers who take out loans, credit cards or overdrafts are expected to benefit from clearer information about costs and key…
Read more
The Financial Conduct Authority (FCA) is preparing for potential legal challenges regarding the motor finance scheme. It has received four legal challenges from lenders, including Volkswagen Financial Services and Mercedes-Benz Financial Services. The FCA says that its priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance…
Read more
UK Finance has published Plan for Growth: From Strategy to Delivery, a new report outlining a practical roadmap for how the financial services sector can help deliver the government’s economic growth ambitions. The Government’s strategies to grow the economy – spanning industrial renewal, infrastructure, housing, SMEs, trade and financial inclusion – all depend on a…
Read more
The Financial Conduct Authority (FCA) has announced that it will launch an investigation into claims management practices. The review follows concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and…
Read more
The Bank of England has maintained the base interest rate at 3.75% but warned that rates could increase this year as officials look to curb inflation following a ‘significant energy price shock’ from the conflict in the Middle East. The Bank’s Monetary Policy Committee (MPC) voted eight to one to keep rates unchanged, with Chief…
Read more
The Financial Conduct Authority (FCA) has published a review into whether Annual Percentage Rates (APRs) help consumers understand borrowing costs, with the regulator seeking views on whether it should change how these are communicated in credit advertising. APRs indicate the yearly cost of borrowing, including interest and fees. A representative APR means at least half…
Read more
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced that firms will benefit from reduced costs and greater flexibility, and find it easier to comply with the Senior Managers and Certification Regime (SM&CR). The changes, which come as the first phase of a multi-stage package of reform from the Government and regulators, will maintain the core principle of senior leader accountability, and will benefit firms by giving more time to submit senior…
Read more
The Government has announced new measures on how it intends to modernise payment services regulation and update it to support innovations in money and payments. The measures include improving the regulation of payment services and electronic money by integrating it with the UK’s core regulatory approach for financial services. This will mean establishing a single,…
Read more
With just three months until new buy now pay later (BNPL) regulations come into force on 15th July 2026, RSM UK warns firms need to ensure they are fully prepared for the changes now, or face no longer being authorised to provide credit to consumers. Zoe Morton, Consulting Director at RSM UK said “Firms providing…
Read more
Adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the Financial Conduct Authority (FCA) logo without permission have been banned by the FCA. Conclusive Financial Ltd (Conclusive), a claims management company (CMC) which also trades as PCP Refunds, was required to remove its advertising…
Read more
The Financial Conduct Authority (FCA) has outlined new measures that aim to give consumers and businesses greater control over their financial data to help secure better deals. The FCA says that open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping…
Read more
A criminal from London has been sentenced at Southwark Crown Court to four years and five months in prison after defrauding customers of potentially up to £500,000 over 19 months. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between October 2022 and…
Read more