Credit, Collections & Insolvency News
The Bank of England and Prudential Regulation Authority (PRA) have finalised a package of changes to firms’ resolution reporting and disclosure requirements which reduces the burden of regulation while maintaining a robust and credible regime that supports growth and competition. The UK’s resolution regime is designed to ensure that banks can fail safely, without disruption…
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The Payment Systems Regulator (PSR) has set out its work programme for 2026/27 highlighting its focus on tackling high card fees, maintaining world-leading protections against Authorised Push Payment (APP) fraud and supporting innovation and competition across UK payments. This year’s work plan sets out how the regulator will build on recent reforms, take forward further…
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More than 12 million adults with credit products aren’t confident they understand APR, one of the most important measures of borrowing cost, according to new research from Creditspring. The data also suggests that millions of UK adults are using loans, credit cards, and Buy Now, Pay Later (BNPL) products without fully understanding key terms or…
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The Bank of England has announced that it has held interest rates at 3.75% with the Monetary Policy Committee (MPC) voting unanimously to keep interest rates on hold. The Bank says that a “shock to the economy” sparked by the war in the Middle East could push inflation as high as 3.5% later this yeart,…
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Plans to reform the Financial Ombudsman Service (FOS) have been revealed by the Government. The reforms will return the FOS to its original role as a simple, impartial dispute resolution service that resolves complaints quickly and effectively, while ensuring it operates within a clearer and more predictable framework alongside the Financial Conduct Authority (FCA). The…
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Fraud prevention service, Cifas has revealed that more than 444,000 cases were recorded to the National Fraud Database (NFD) in 2025, the highest number ever recorded in a single year, and a 6% increase on 2024. The scale of fraud continues to accelerate, with Cifas members recording more than 1,200 cases every day and preventing…
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A man has been jailed for running an illegal sale-and-rent-back scheme targeting struggling homeowners. Rajinder Gill and his accomplices were sentenced for their involvement in a sale-and-rent-back scheme. Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages.…
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New research from Aegon’s Money has found that one in three adults has done nothing to prepare for their death, while 83% of adults say financial preparation for death matters with 43% deeming it ‘very important.’ A third (32%) have taken no steps at all, with only 38% having written a will, 26% having communicated…
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The Financial Conduct Authority (FCA) has announced that it is likely to make several changes to the proposed compensation scheme after receiving more than 1,000 responses to its consultation on the plans. The FCA said that final decisions on the scheme have not yet been made. Given the scale and complexity of the scheme, there…
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Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the Financial Conduct Authority (FCA). The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all. The changes…
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The Payment Systems Regulator (PSR) has fined Bank of Ireland UK for failing to implement Confirmation of Payee (CoP) by the required deadline. The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.7m for failing to implement a crucial fraud protection service on time. The bank missed the deadline by 14 months, leaving…
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The Financial Conduct Authority (FCA) has outlined new measures for Buy Now, Pay Later (BNPL) lending, which will aim to simplify information for borrowers whilst ensuring income checks and support for those in financial difficulty. Lenders must now be authorised and comply with the FCA’s Consumer Duty, ensuring clearer information on agreements and affordability checks.…
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Complaints to the Financial Ombudsman Service (FOS) fell to the lowest level in two years in Quarter 4 2025. Between October and December, the FOS received 47,300 complaints compared to 68,400 in the closing quarter of 2024. The decline comes after an overhaul of rules from regulators and the Treasury, which means professional representatives now…
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