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Consumer Credit Firms to Help FCA Recover £62m Deficit
Regulated consumer credit firms will pay to replenish the Financial Conduct Authority (FCA)’s £62m deficit over the next decade. The deficit, which is in the funding for consumer credit activities, relates to the change in the FCA’s scope to include consumer credit, and has been highligh...
Figures Show Consumer Finance Fell 2% in April
The latest figures to be released by the Finance and Leasing Association have revealed that consumer finance new business fell by 2% in April, compared with with April 2016. Compared with last year, personal loan new business and credit cards grew by 3%, although retail store and online credit new b...
P2P market matures as alternative asset class for investors
Ten years after the very first peer-to-peer sites emerged in the UK, an important milestone for the sector was reached when two of the largest UK sites – Zopa and Funding Circle – were approved by the City watchdog, heralding a seal of approval for the lenders. The steady rise of peer-to...
Consumer Confidence Index Increased 2 Points in May
The latest data has shown a two point increase in market research firm GfK’s Consumer Confidence Index, scoring -5 in May. The index, which has five measures overall, saw four measures increase and one remain unchanged. The index measuring changes in personal finances over the last year has al...
FCA signs agreement with Hong Kong to support FinTech Innovation
The Financial Conduct Authority (FCA) has entered into a co-operation agreement with the Securities and Futures Commission (SFC) in Hong Kong in a bid to foster collaboration in support of financial technology innovation. The agreement follows the creation of the FCA’s Innovation Hub in 2014, ...
Overview of the FCA’s ‘Regulation Round-Up’ – May 2017
The Financial Conduct Authority (FCA) has published the May edition of its monthly ‘Regulation Round-Up.’ In her opening statement, Linda Woodall, Director of Life Insurance and Financial Advice, revealed that over 600 firms took part in the FCA’s assessing suitability review, and ...
“Broken” loan market costs UK lenders £400m a year
Recent research from high-street bank TSB has concluded that the UK’s personal loan market is “broken,” with underhand tactics costing consumers up to £400m every year. The research centred on calculating the costs of market behaviours on consumers, based on the impact of both mult...
Stats Show Sharp Rise In Young People Seeking Help With Personal Debt
Statistics from the UK Personal Debt Index (PDI) have revealed that the number of young people (between 20 and 25) seeking help for personal debt rose by 7.8% in Q1 2017. Individuals in their early-mid twenties accounted for over one in ten of those undertaking support for their personal finances. C...
FLA Reveal Single-Digit Growth in Consumer Finance For Q1 2017
Consumer finance new business has experienced a 10% growth, according to figures released today by the Finance and Leasing Association (FLA). The growth is compared with March 2016, with a 6% growth in Q1 2017 as a whole. Personal loan and credit card new business grew in March by 7% (compared with ...
Monthly Overview of UK Financial Statistics: May 2017
The latest estimates from the Office of National Statistics have revealed that the UK economy grew by 0.3% in Q1 2017. The rate of inflation in March was 2.3%, and credit card debt per household averaged £2,504. Everyday in the UK, net lending to individuals increased by £156 million per day, with G...
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