Credit, Collections & Insolvency News
The average credit card debt per borrower has climbed to £2,920 according to research by TransUnion. With two-thirds (67%) of consumers feeling financially comfortable and 43% optimistic about their household finances over the next 12 months – up from 26% in 2022 – demand for credit is growing. Since 2022, the average credit card balance…
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Complaints to the Financial Ombudsman Service (FOS) have surged, with 305,726 recorded in the year to 31st March 2025. This is the highest total since the 388,392 seen in the year to March 2019, when the PPI scandal drove a spike in complaints. The latest increase comes amid the motor finance scandal, with the Supreme…
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The Government has published the first major update on its Personal Insolvency Framework Review since August 2023, when it released a summary of responses to the 2022 Call for Evidence. Responding to the update, Nicky Fisher, R3 Personal Insolvency Committee Chair, said “R3 welcomes the Insolvency Service’s continued commitment to reforming the UK’s personal insolvency…
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The Financial Conduct Authority (FCA) has extended rules on bullying, harassment and violence Previously, it was often unclear when these types of behaviours would amount to a conduct rules breach in a firm other than a bank. From !st September 2026, the same rules will be extended to around 37,000 other regulated firms, increasing consistency…
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StepChange Debt Charity has announced it has appointed Sue Murdoch as its new Chief People Officer. Murdoch brings over 25 years of experience across telecoms, professional services, financial services, and banking, She has held senior leadership roles spanning every aspect of the people agenda—including transformation, organisation development and organisation design, recruitment, reward, talent to and…
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Debt management provider Lantern has announced a partnership with DebtStream to improve its customer-facing portal, providing clients with greater support as they manage their financial situations. Modernising what was an outdated model, the platform provides customers with simpler payment options, and data driven personalised customer journeys enabling better outcomes for customers. The software works alongside…
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As MPs successfully push the UK government to drop Clause 5, the Mental Health Foundation is calling on the Government to also drop Universal Credit measures. Reforms to the benefits system that the Mental Health Foundation called ‘counterproductive and cruel’ have been partially curtailed following concessions by the UK government ahead of a vote on…
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Cornwall Insight has forecasted that the energy price cap will fall to £1,698 a year for a typical dual fuel consumer in October. Thi is £22 lower than the July 2025 cap of £1,720 and a slight decrease on the prediction released in May. Although a drop of just 1%, the forecast offers some relief…
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Santander UK has announced that it will acquire TSB from Banco Sabadell in a £2.9 billion deal. The all-cash takeover values TSB at five times its projected 2026 net income. The acquisition will add five million customers, £34 billion in mortgages, and £35 billion in deposits to Santander’s portfolio, resulting in a combined customer base of…
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A survey from the Confederation of British Industry (CBI) indicates that private sector businesses anticipate a decline in activity over the next three months. The companies expect activity to fall at a firm pace in the three months to September (weighted balance of -18%). Expectations are less negative relative to May, but extend a period…
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Two-thirds (64 per cent) of wishful parents are dreaming of the day when the financial tide turns and they no longer have to support their grown children, but instead get to enjoy being on the receiving end of their generosity according to research by Moneyfarm. In fact, mums and dads hope the financial scales will…
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The Institute of Directors (IoD) has announced the appointment of Liz Barclay as Special Adviser for Small Business and Entrepreneurship. Barclay will work with the IoD to advise on ways that SMEs can adopt technology to help create a growth mindset and risk appetite which will allow them to succeed. Jonathan Geldart, Director General of…
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UK small and medium sized enterprises (SMEs) are being significantly impacted by the upending of the global trading environment, propelled by the US administration’s tariff policies, according to new research from independent funder Bibby Financial Services (BFS). BFS’s Trading Places report, which surveyed over 500 UK SMEs that trade overseas, found over half (55%) see…
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