Credit, Collections & Insolvency News
As economic pressure mounts and further tax hikes loom, over half (54%) of small and medium-sized businesses (SMBs) say one more major cost hike could force them to shut down. The same number believe today’s economic climate is even more volatile than the Covid-19 crisis, according to research by Dext. The research shows that a year…
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The Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) have announced reforms with an aim to modernise the financial redress system to help prevent it from becoming overwhelmed, delaying consumer compensation. Currently, the majority of complaints are resolved by firms, and the redress system works well for individual cases that come to the Financial…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in May 2025 by 2% compared with the same month in 2024. In the first five months of 2025, new business in this market was 4% higher than in the same period in 2024. The credit card and…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) in May 2025 was at a similar level to the same month in 2024. In the first five months of 2025, new business was 1% higher than in the same period in 2024.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in May 2025 by 2% compared with the same month in 2024. The corresponding value of new business grew by 1% over the same period. In the first five months of 2025, new business volumes were…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 11% in May 2025. 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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In the first phase of reforms to the Senior Manager Certification Regime (SM&CR), the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are proposing to streamline the regime to make it more effective and efficient and to drive growth in financial services. As the government consults on legislative changes to the regime – including…
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Time Finance has appointed Bethan Holliday as Head of Operations in its Asset Finance team. Holliday joins Time Finance with over 20 years’ experience in the financial services industry, having previously held a senior position at Ultimate Finance. In her new role at Time Finance, Holliday will be responsible for the overall operations of the…
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Redwood Bank has appointed Simon Goodyear as its new Chief Information and Technology Officer (CITO). Goodyear brings a wealth of experience in financial services technology, having held senior leadership roles in lending and finance sectors. At JBR Capital, he led critical technology initiatives and played a central role in preparing the organisation for a successful sale.…
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New research commissioned by debt resolution specialists, DCBL has found that more than half (51%) of people aged 55+ say apps now help them manage their money. The research also showed that over three-quarters (76%) say they would proactively manage their finances via an app or online portal if their bank or finance provider gave…
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Community lender Salad has announced that it has appointed Craig Pennington as Chief Strategy Officer. Pennington joins Salad from Fair4All Finance where he was responsible for managing investments and partnering with mainstream finance with the aim of attracting investment capital to community finance providers. Salad is a community development finance institution (CDFI) which serves full-time workers…
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Latest UK credit card data from global analytics software leader FICO provides stark evidence that consumer financial confidence remains low. Whilst spending has followed the usual seasonal drop after Easter, the average active balance is 4.7% higher year-on-year, suggesting consumers are not able to clear as much of their credit card debt. The percentage of…
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Fairer Finance has appointed Helene Brichet as Chair of its Consumer Advisory Board (CAB). The Fairer Finance Consumer Advisory Board plays a critical role in overseeing the consumer group’s activities, scrutinising its commercial relationships, research, ratings, campaigning efforts, and media commentary to uphold transparency and independence. Brichet previously served as a CAB member for four…
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