Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced that it will launch an investigation into claims management practices. The review follows concerns that consumers are being failed by some claims management companies (CMCs) and law firms. The review will look at the root causes of poor practices across the market, like aggressive marketing, misleading advertising and…
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Barclays has announced an additional investment of almost £4 million in debt charity, StepChange. The announcement builds on its longstanding partnership with and regular financial contributions to StepChange, and backs the most significant digital transformation in the charity’s history by helping more people across the UK access free, impartial debt advice sooner. With nearly one in four adults…
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New findings from fraud prevention service, Cifas, has revealed a shift in attitudes towards insider‑enabled fraud, with 13% of employees saying they have either sold their company login details to a former colleague, or know someone who has, in the past 12 months. For organisations, the normalisation of credential sharing significantly increases exposure to insider…
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A total of 161 pubs closed across Britain in the first three months of this year, an equivalent of almost two a day, according to the latest figures from the British Beer and Pub Association (BBPA). The industry body said the closures across England, Scotland, and Wales equated to more than 2,400 job losses –…
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New research by Compare the Market reveals the true scale of unexpected bills across the UK, showing that “surprise” expenses are actually a highly common and costly part of everyday life. With almost seven in ten (69%) people caught off guard by significant surprise expenses, the data highlights how regularly these costs occur and the…
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Government ministers have confirmed the appointment of Peter Walton and Koral Anderson as Non-Executive Directors (NEDs) to the board of the Insolvency Service. Walton is Emeritus Professor of Insolvency Law at the University of Wolverhampton (2024–), having served as Professor from 2013 to 2023 following a near fourty‑year academic career. A leading authority on insolvency and…
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Oakbrook has become the first UK lender to launch a dedicated GPT-powered app within ChatGPT, enabling consumers to explore combining multiple debts into a single structured repayment plan through a conversational interface. Available under OakbrookOne, the app allows users to model what replacing several existing debts with one monthly repayment could look like, without needing to…
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Lantern Group has announced the successful completion of its acquisition of Ascent, one of the UK’s largest specialist debt recovery law firms, from Irwin Mitchell, following regulatory and shareholder approval. The completion of the transaction marks a significant milestone in Lantern Group’s growth strategy and further expands its UK financial services portfolio, with Ascent joining…
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Latest data from the Bank of England has shown that consumer credit growth climbing to 8.9%, exceeding the 8.6% recorded in February. Within this total, the annual growth rate for credit card borrowing increased to 12.3% from 12.1% a month earlier. Consumer deposits with banks and building societies increased by £5.5 billion in March. The…
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Latest data from the Equity Release Council has found that total lending fell to £574 million in Q1 2026, down 9% on the previous quarter (£632 million) and 14% year-on-year (£655 million). Customer numbers also declined, with 12,958 new and returning customers accessing housing wealth, down 7% on the quarter and 10% annually. The data…
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UK businesses facing ‘critical financial distress’ have surged by 36.9% to 62,193 in Quarter1, according to BTG, while those in ‘significant distress’ rose 9.6% to 634,867 Rising labour costs, higher National Insurance contributions and sustained energy price pressures are hitting margins, particularly in hospitality and leisure. Industry experts warn that many “zombie” businesses are now…
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Lloyds Bank has cut its UK growth forecast to 0.5%, warning that the Iran conflict could trigger stagflation. The bank expects higher inflation, rising unemployment and a slowdown in the housing market. Elevated interest rates are likely to persist, further weighing on economic activity. Lloyds Business Barometer. shows that while overall business confidence fell 11…
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The Bank of England Monetary Policy Committee (MPC) has voted to keep interest rates on hold at 3.75%. At its meeting ending on 29th April 2026, the Monetary Policy Committee (MPC) voted 8–1 to maintain Bank Rate at 3.75%. One member voted to increase Bank Rate by 0.25 percentage points, to 4%. The conflict in…
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