Credit, Collections & Insolvency News
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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The Financial Conduct Authority (FCA) has been forced to suspend parts of its £9.1 billion car finance compensation scheme, delaying payouts for millions of motorists. The scheme aimed to compensate drivers overcharged for loans due to commission payments between lenders and car dealers from 2007 to 2024. A hearing is set for December or February,…
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UK households and businesses received £69 billion of new finance from Finance & Leasing Association (FLA) members in the first five months of 2026, up 4% on the same period last year, according to new figures published today. The new figures are being released at the same time of the FLA’s first Impact Report. The…
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The Finance & Leasing Association (FLA) has welcomed the Financial Conduct Authority’s (FCA) market study into claims management services, while encouraging the regulator to take early action in areas where evidence of consumer and market harm is already well understood. The FLA said the review represents an important opportunity to improve outcomes for consumers and…
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Administrators have been appointed to lending platform Amplifi Capital. Amplifi, via the Reevo Money brand, offered unsecured personal loans. Amplifi also supported Credit Unions through the provision of customer loan origination and servicing activities. This was performed through the My Community Finance brand, which operated as an authorised credit broker. Customers were also introduced to…
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UK Finance has announced the start of an expanded pilot programme, delivered in partnership with Shelter, the housing and homelessness charity, to improve access to banking services for people who may face barriers to opening a bank account. Helping people who don’t have the standard ID or proof of address required to open an account…
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The Financial Conduct Authority (FCA) has outlined plans to widen access to mortgages for groups including first-time buyers, older borrowers and self-employed people. Proposals include expanding access to interest-only and part interest-only loans, easing later-life borrowing rules and encouraging lenders to assess applicants based on their current financial circumstances rather than relying heavily on past…
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Ten years after the Brexit referendum, UK Finance, in partnership with Freshfields, has launched a report outlining its vision for the UK and EU relationship in financial services. Unlocking Growth Through a Stronger UK-EU Financial Services Partnership calls on the EU and the UK to place financial services on the agenda for the upcoming Leaders’…
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As part of the joint regulatory taskforce, the Financial Conduct Authority (FCA) has warned customers to be wary of misleading car finance ‘money tips’ adverts issued by claims management companies (CMCs) and law firms on social media. The taskforce has identified a growing number of adverts that appear to offer independent advice from an individual but…
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The Financial Conduct Authority (FCA) has opened an enforcement investigation into Consultation Claims Limited (CCL) following concerns about its conduct in the period April 2025 to December 2025 in relation to motor finance claims. The FCA is investigating concerns that consumers may have been signed up between April 2025 and December 2025 without their consent,…
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Boss of firm which sparked almost 38,000 complaints over high-interest loan spam texts banned as company director until 2032. Leanne Richardson was the director of ESL Consultancy Services Ltd, which generated almost 38,000 spam text complaints. ESL Consultancy Services Ltd was fined £200,000 by the Information Commissioner’s Office (ICO) but went into liquidation without paying…
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