Credit, Collections & Insolvency News
New analytics from Fico has found that the percentage of credit card accounts with one and two months missed payments has increased month-on-month with it appearing that repayments remain a priority for credit card holders, suggesting that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to…
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The Credit Services Association, the trade association for the debt collection & purchase sector, has launched its annual Membership Awards which is part of the Association’s annual conference – the UK Credit and Collections Conference (UKCCC). The awards are being held on Thursday 15th September at Radisson Blu, Manchester Airport, and will celebrate the outstanding…
Read moreHere is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreThe Financial Conduct Authority (FCA) has appointed Helen Charlton as the Chair of the Financial Services Consumer Panel, and Andy Mielczarek as the Chair of the FCA Smaller Business Practitioner Panel, succeeding Wanda Goldwag and Marlene Shiels respectively. The Consumer and Smaller Business Practitioner Panels are independent, statutory panels representing the interests of consumers and…
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According to a global survey by PwC, fraudsters have targeted two-thirds of British companies in the past two years, with cyberattacks the most common crime. In Britain, 64% of big corporations had been affected by fraud and other economic crimes over the period, 10% up on two years ago and significantly above the global average,…
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Wealth trade association, PIMFA has called for the Financial Conduct Authority (FCA) to be given the power to direct Ofcom to act over potentially fraudulent online adverts or user-generated content that appear on search engine and social media platforms in evidence to MPs scrutinising the Online Safety Bill today. Tim Fassam, Director of Government Relations…
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The Competition and Markets Authority (CMA) has published the findings and recommendations of a review by Kirstin Baker, one of its independent non-executive Directors, to identify lessons from Open Banking for the CMA’s approach to designing, implementing and monitoring remedies in its market investigations. Open Banking was introduced following the CMA’s Retail Banking Market Investigation,…
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Business confidence in the UK fell for a third quarter in a row, amid concerns on the tightening of the economy and rising inflation, according to latest survey results by the ICAEW. Sentiment tracked by ICAEW’s Business Confidence Monitor™ (BCM) for Q2 2022 put confidence at 18.6 on the quarterly index, down from its peak…
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Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…
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European credit management services, Lowell has announced continued growth in its latest results for the 3 months ended 31st March 2022. The results showed that collection performance was in line with forecasts at 98% whilst underlying collection performance remains strong, with the paying base performing at 99% of expected collections and default rate remaining low…
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The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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Life is fast becoming unaffordable for many older households on low and modest incomes, with millions unable to pay for basic items, according to a new report by Age UK. The charity is warning that those on the very lowest incomes are spending almost a fifth (18 per cent) of their after-tax household income on…
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Buy Now Pay Later (BNPL) popularity as an alternative payment option, has been highlighted by GlobalData’s latest report, revealing that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. BNPL made up 2.3% of the global ecommerce market, or, in other words, for every…
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