Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced plans to introduce new screening checks to clampdown on the promotion of financial products to consumers with stringent new rules blocking some firms from signing-off on adverts. Firms approving financial marketing for unregulated firms will have to demonstrate they have the necessary skills and expertise to approve adverts.…
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The Financial Conduct Authority (FCA) says that it analysing lenders’ fair value assessments following concerns that not all savers are getting good deals. The regulator has asked nine firms to provide their assessments of what value their savings products offer. The follows the introduction of the Consumer Duty in July, which requires firms to ensure…
Read moreNatWest and the Co-Operative Bank have been reprimanded by the competition regulator for potentially misleading customers about the quality of service they were receiving. The Competition and Markets Authority (CMA) found that both banks breached the Retail Banking Order by failing to fully inform customers about how their services and current accounts compared to rivals.…
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Hastings & Rother Credit Union Limited, trading as 1066 Community Bank has entered administration The Financial Services Compensation Scheme (FSCS) declared Hastings & Rother Credit Union as failed (in default). Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as Joint Administrators of financial cooperative. The East Sussex credit union with…
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The Financial Conduction Authority (FCA) is warning consumers to watch out for signs of loan fee fraud as summer spending fuels financial pressure. FCA research shows over half of UK adults (55%) are more worried about their finances this summer than they were last year with a quarter of all consumers surveyed (24%) turning to…
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Reassuring economic developments in most leading indicators of inflation mean that the Monetary Policy Committee (MPC) will struggle to justify more than one more rate rise according to EY ITEM Club. The MPC’s continued concerns about the ‘second-round’ effects of strong pay growth feeding through to high inflation, plus potential internal worries around criticisms of…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25%. The increase to 5.25%, the fourteenth rate rise in a row, taking the base rate to the highest it’s been since April 2008. The MPC voted 6 to 3 in favour of…
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A group of criminals have been sentenced after they conspired to obtain 42 fraudulent loan applications, leading to a loss of approximately £1 million to a UK bank following an investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Married couple Cebrail and Munube Polat, of…
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Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…
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The Financial Conduct Authority (FCA) says that it prepared to take action against firms failing to comply with a new duty to justify charges to customers. The rules cover all financial products and services and mean that firms must deliver good outcomes for customers. The regulator has since set out a 14-point plan to ensure banks appropriately…
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In 2022, in England, the average house price was £275,000 and the average annual disposable household income was £33,000, so houses cost 8.4 times income according to latest Office for National Statistics (ONS). The ONS affordability threshold is five times earnings and we have been above this since 2017. In England, only the top 10%…
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The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The regulators say that the revised scheme will provide clarity around what people can expect when they complain, making it more transparent and user-friendly.…
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Over £55.5 million of fraud was prevented last year thanks to the Banking Protocol rapid scam response scheme, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme developed by UK Finance, National Trading Standards and local police forces. Bank and building society staff are trained to spot the warning…
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