Credit, Collections & Insolvency News
Latest UK Finance data has indicated that 2021 is set to be a record year for mortgage lending. Publishing its housing and mortgage market forecasts for 2022 and 2023 together with projections for 2021 full year numbers UK finance has estimated that gross lending overall will peak this year at £316bn, up 31 per cent…
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According to new research from Lloyds Banking Group, consumers across the country are concerned about the current challenges the UK housing market is facing, with only one in five believing there are enough affordable homes in their area. This news comes as house prices reach record highs and activity levels remain robust. Despite more than…
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Research by PwC and Local Data Company shows that over one in ten (11%) of chain shops in Scotland failed to reopen after the lockdown in the first months of this year. The overall picture showed that there were 99 units, 4.7% of the total, that closed permanently while a further 143, or 6.8%, did…
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The Government has announced that it will fund £510 million to target fraudsters lying to the DWP about their benefit claims. The money will be used to improve the department’s capability and capacity to detect and deter benefit fraud and catch fraudsters, recovering more taxpayer money that funds essential public services. This crackdown will include…
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Consumers experiencing financial difficulties as a result of economic abuse will receive further support to help them regain control of their finances and their independence, as part of an updated industry Code. The changes, in UK Finance’s revised voluntary Financial Abuse Code of Practice, will enable the industry to continue its commitment to helping victim-survivors…
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UK Finance’s Business Finance Review for Quarter 3 2021 has shown that gross lending to SMEs was around £5.2 billion in Q3 2021, indicating that business lending figures broadly unchanged from the previous quarter. The report Applications for new loans and overdrafts continued to trend down over the quarter – consistent across sectors and regions.…
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New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business of only 1% by value, but 11% by volume in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business volumes were 7%…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 11% in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business was 13% higher than in the same period in 2020. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) have indicated that’s second charge mortgage new business volumes grew by 43% in October 2021 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),…
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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) fell by 7% in October 2021 compared with the same month in 2020. In the ten months to October 2021, new business was 17% higher than in the same period in 2020. The…
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A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…
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The Payment Systems Regulator (PSR) publishes its regulatory framework for the renewal of the UK’s interbank payments infrastructure that allows people and businesses to make payments from one payment account to another. Earlier this year, the PSR consulted on reducing risks to competition and innovation once the New Payments Architecture (NPA) is operational. If these risks materialise, competition…
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New research by Visma | Onguard has found that 61% of organisations now either use Robotic Process Automation (RPA)/robotisation or are developing ideas on how to incorporate the technology into their business. This represents an increase of 15% compared to 2020 figures (46%). This rise in RPA adoption coincides with the increased use of Intelligent…
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