Credit, Collections & Insolvency News
Intermediaries think government policy is the number one risk to the mortgage market, according to research from Black & White Bridging. Black & White Bridging polled one hundred intermediaries active in the bridging sector and asked them to rank risks to the mortgage market, risks that included Bank of England base rate decisions, consumer affordability,…
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Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for failing to manage financial crime risks from October 2016 to July 2021. The FCA found that Nationwide lacked adequate anti-financial crime systems, allowing customers to misuse personal accounts for business activities. This oversight led to missed opportunities in detecting £27.3m…
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The Financial Conduct Authority (FCA) has announced new plans to reform the mortgage market to widen access to affordable mortgages for consumers. The four areas of focus include simplifying mortgage rules for first-time buyers and underserved consumers; reviewing retirement interest-only requirements to make them more accessible; improving innovation and disclosure rules and working with…
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Consumer payments platform, Zilch has announced that it has secured a payments services licence from the Financial Conduct Authority (FCA). The licensing marks a significant milestone for Zilch, removing the reliance on third-parties and enabling the business to build more payments methods in-house, develop and bring new products to market even faster and innovate quickly…
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The Finance & Leasing Association (FLA) has submitted its response to the Financial Conduct Authority’s (FCA) consultation on a proposed Section 404 Motor Finance Consumer Redress Scheme. While lenders fully support a robust and credible redress programme for customers who have suffered loss, the FLA warns that the scheme as drafted cannot deliver the fairness,…
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The Financial Conduct Authority (FCA) has confirmed changes to simplify its rules and lower costs for insurers, while maintaining appropriate levels of protection for smaller commercial customers. The regulator’s final rules aim to give insurance firms greater flexibility and responsibility, including determining the frequency of their product reviews and how much continual professional development (CPD)…
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A new report from the Financial Conduct Authority (FCA) looks to promote the growth of the mutuals sector, which includes customer or worker-owned organisations and credit unions. The FCA’s report offers a series of recommendations aimed at encouraging Credit Unions to expand and to offer more services. Credit Unions serve 2 million members and hold…
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The Financial Conduct Authority (FCA) has announced that it will lift the pause on the handling of motor finance complaints on 31st May 2026, rather than 31st July 2026 as originally consulted on, to ensure consumers receive fair and timely outcomes. The regulator says that this timeframe enables the regulator to finalise and begin implementing…
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The Financial Ombudsman Service (FOS) plans to increase its levy on financial firms by an extra £16 million. The proposals are to increase the current levy of £70 million to £86 million by 2026/27. The FOS is also consulting on raising its case fee from £650 to £680, in line with inflation. The ombudsman also…
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The Prudential Regulation Authority (PRA) has announced that the amount of a customer’s money protected if a UK bank or building society or Credit Union becomes insolvent will rise to £120,000 from December 2025. This increases the limit from the current £85,000 which was set in 2017. It is also more than the previous PRA…
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Contracts for Difference (CFD) providers have been warned by the Financial Conduct Authority (FCA) to provide fair value, after its review found some firms had not risen to the Consumer Duty. Introduced in July 2023, the duty set a higher standard for consumer protection in financial services. The FCA says that good practice was in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in September 2025 by 5% compared with the same month in 2024. The corresponding value of new business was 9% higher over the same period. In the nine months to September 2025, new business volumes grew…
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A cross-party committee of MPs has launched an enquiry into the pre-pension income gap ahead of the impending State Pension age increase to 67. The enquiry found that 60-64 year-olds are the joint poorest age group among working-age adults aged 25 and over, as some people leave work early to care for partners or on…
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