Credit, Collections & Insolvency News
UK Finance has backed calls that the Financial Ombudsman Service (FOS) should be stopped from acting as a quasi-regulator”and insists on a timetable of reform for the body. The move comes in the banking body’s submission to the government ahead of the Chancellor Rachel Reeves’ Mansion House speech later this month and the Treasury’s Financial…
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Lenders said they lifted the availability of household secured credit in the three months to the end of May and expect to do so again over the coming quarter, according to a latest Bank of England survey. The survey found that lenders reported that the availability of both secured and unsecured credit to households increased…
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The Financial Conduct Authority (FCA) has extended rules on bullying, harassment and violence Previously, it was often unclear when these types of behaviours would amount to a conduct rules breach in a firm other than a bank. From !st September 2026, the same rules will be extended to around 37,000 other regulated firms, increasing consistency…
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The Financial Conduct Authority (FCA) has announced that it is developing new rules aimed at helping consumers move their savings from cash into shares, with the regulator looking to reduce the ‘advice gap.’ The proposed rules would allow financial firms to offer targeted support, replacing the current system that distinguishes between ‘guidance’ and ‘financial advice’. …
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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A criminal has been sentenced at Inner London Crown Court to over a year in prison for operating a SMS Blaster to conduct a mass smishing campaign against victims with the intent to harvest their personal details to be used in fraud. The sentencing follows an investigation and arrest by the Dedicated Card and Payment…
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The Financial Conduct Authority (FCA) has released a discussion paper on mortgage market rules to help boost home ownership. The FCA says that first-time buyers, the self-employed and people borrowing into retirement could benefit from further possible changes to mortgage rules. The regulator says that the mortgage market has changed considerably over the years. First-time…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.25%. The Bank of England has held interest rates at 4.25%. The Monetary Policy Committee (MPC) voted 6:3 for the hold, with three members voting for a cut. Commenting on the latest decision, John Phillips, CEO of Just Mortgages and…
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UK Finance has released a new report on the progress made by banks following the introduction of the Disability Finance Code for Entrepreneurship (DFCE) in December 2024, which aims to improve the entrepreneurial landscape for disabled individuals. The Code sets out several commitments that signatories must make to further widen opportunities for disabled entrepreneurs, including…
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A new House of Lords Financial Services Regulation Committee report has found that the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) must set out how they intend to address longstanding concerns with the redress framework and ensure that their views on regulatory requirements are consistent. The Committee’s inquiry examined the progress made…
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The Financial Conduct Authority (FCA) has issued a further update on the key considerations for a potential redress scheme, which would set rules for how firms assess claims and calculate redress, and also put checks in place to ensure they are following the rules. The FCA stressed that the integrity of the motor finance market…
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New survey data from Landbay has found that nearly half of the Buy To Let (BTL) landlords (44%) plan to raise rent in response to the new Renters’ Rights Bill. Landlords with portfolios of between four and 10 properties are most likely to increase rents (32%), closely followed by those with between 16 and 30…
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New research by Compare the Market has shown that 469,192 homeowners who took out mortgages in 2020 are facing a substantial increase in monthly payments as they come off five-year fixed-rate deals that had an average interest rate of 2.11%. Any of these homeowners who move onto their current lender’s standard variable rate (SVR) could…
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