Credit, Collections & Insolvency News
Criminals stole £629.3 million in the first half of the year, a three per cent increase on the same period in 2024. There were over 2.09 million confirmed cases of fraud, a 17 per cent increase on this time last year according to latest UK Finance data. There was a 12% increase in financial losses from authorised…
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The Financial Conduct Authority (FCA) reported that financial services firms paid out £283 million in redress for complaints in the first half of 2025, a 20% increase from £236 million in the previous half. The FCA received 1.85 million complaints, marking a 3.6% rise compared to the second half of 2024. Complaints about banking and…
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The Financial Conduct Authority (FCA) has this afternoon published its consultation on the motor finance compensation scheme. It estimates that, on average, customers due compensation will be eligible for £700 payouts on an expected 14 million unfair motor finance agreements, which could start next year, under an industry-wide compensation scheme proposed. Based on the number of…
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The Financial Conduct Authority (FCA), Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and the Advertising Standards Authority (ASA) are joining together to tackle misleading advertising and inadequate information provided by some claims management companies (CMCs) and law firms working on motor finance claims, and the risk that excessive fees are charged to clients. …
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Millions of drivers in the UK admit to driving without insurance due to the recent rise in premium costs according to new research by CRIF. The findings show that 5% of motorists have previously driven without motor insurance due to rising costs, despite it being a legal requirement. This equates to around 1.4 million drivers…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.0%. Commenting on the MPC’s decision not to change the Bank Rate Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said “CPI Inflation has remained elevated at 3.8% and is expected to stay higher for…
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The Financial Conduct Authority (FCA) has announced that it has launched a new £1 million campaign, letting motor finance customers know they don’t need to use a claims management company (CMC) or law firm to access an industry-wide compensation scheme. As part of the campaign, which will feature radio and online advertising, the FCA is…
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The Financial Policy Committee (FPC) has announced two new appointments. The Chancellor of the Exchequer, Rachel Reeves, has announced the appointment of Professor Stephen Blyth as an external member of the Financial Policy Committee. Professor Blyth is a British mathematician and academic who has served as Principal of Lady Margaret Hall, Oxford, since October 2022.…
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New research from ATM network Link has shown that fewer than half of UK adults leave home with a wallet or a purse. The research makes recommendations focused on making sure we have a resilient and effective payments system in a world where digital is increasingly dominant. It also gives hints and tips to people…
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Latest data from UK Finance has found that mortgage lending activity dipped in early Quarter 2 (Q2) following stamp duty changes but had recovered by June, with forward‑looking application data pointing to continued momentum into the third Quarter. The FCA’s mortgage affordability stress test has helped keep arrears low on mortgages granted since its introduction, but…
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Large organisations are to be criminally liable if they fail to prevent fraud, under new rules that come into force today. Under the new offence, companies could be held liable if one of their employees, agents or subsidiaries commits fraud with the aim of benefiting the business that they work for, unless able to demonstrate…
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The UK banking sector faces significant job losses as banks invest heavily in artificial intelligence (AI). A report from Juniper Research and Zopa Bank indicates that 27,000 roles, or 10% of the workforce, are at risk by 2030. The industry plans to invest £1.8 billion in generative AI, aiming for productivity gains primarily in back…
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High-cost lending firm Fernwood Financial has entered liquidation. Thousands of customers of the company will have had their debts wiped out following the company’s collapse. Liquidators are contacting clients to inform them of the debt write-off, and the Financial Conduct Authority (FCA) has confirmed that customers need not make further payments and should cancel automated…
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