Credit, Collections & Insolvency News
A new study from Juniper Research has found cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business…
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Consumer sentiment has continued to decline as the cost-of-living crisis escalates, according to the latest update to PwC’s Consumer Sentiment Survey. Sentiment is now at -36, falling a further 16 points from the last iteration in March. Sentiment is now lower than at the start of the first national lockdown in March 2020 (-26%) but still higher than…
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One-in-six UK households (4.4 million) are now in ‘serious financial difficulties’ compared to one-in-ten (2.8 million) in October 2021 according to research by abrdn Financial Fairness Trust. The figures are worse than at any point during the pandemic. Of those 4.4 million in serious financial difficulties, to make ends meet 71% have reduced the quality…
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An estimated 2.1 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the last month according to new research from consumer group Which? This marks the sixth month this year that an estimated 2 million or more households have missed a payment. Although those on lower incomes…
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The Consumer Council for Water (CCW) has published a report charting the progress that has been made over the past year in delivering the proposals set out in its independent review of water affordability on behalf of the UK and Welsh Governments. The report shows 6 of its 10 key recommendations have been implemented as part…
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While the majority of older households own their home outright, a quarter still have either rent or mortgage payments, according to the Department for Levelling Up, Housing and Communities’ latest survey. The research found that the majority of older households own their home outright, but a quarter still have either rent or mortgage payments. In…
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KMPG has announced that Brian Horn, Chris Coley and Paul Richards have joined the firm and will be working within its Special Situations and Turnaround team based in London. Their primary focus will be on helping to preserve and restore value to organisations that may be facing a period of financial uncertainty. The team’s expansion…
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HM Treasury has announced the appointment of Ashley Alder as the new Chair of the Financial Conduct Authority (FCA). Alder is currently Chief Executive Officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011. Alder also chairs the Board of the International Organization of Securities Commissions (IOSCO)…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2022 by 4% compared with the same month in 2021. The corresponding value of new business grew by 6% over the same period. In the five months to May 2022, new business volumes were…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in May 2022 by 5% compared with the same month in 2021. In the five months to May 2022, new business was 2% higher than in the same period in 2021. The…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 43% in May 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 20% in May 2022 compared with the same month in 2021. In the five months to May 2022, new business was 28% higher than in the same period in 2021. The credit card and personal loan sectors…
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Julian Hynd has been named as the new Chief Commercial Officer (CCO) at Redwood Bank. Hynd of two brings more than 30 years’ experience in financial services to Redwood. He was most recently the COO at Shawbrook Bank and has previously held senior roles within large multinationals, including First Rand, Siemens and Ford Credit Europe…
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