Lenders across the UK have been warned to ‘go easy’ on homeowners as repossessions restart following a period of halt. Lenders have been warned by the Financial Conduct Authority (FCA) that they must treat the 1.8 million homeowners who have taken out a mortgage holiday over the past few months fairly. Director of Consumer and…
Lenders have been warned to expect extra scrutiny on how they treat borrowers during the pandemic, with a particular focus on digital lending, according to Equifax. Equifax, a credit reference agency, warned that the shift towards digital lending and open banking that the coronavirus pandemic has caused will come with its own set of challenges. …
Peer-to-peer lending platform Lendable has been named in a list of the top 100 fastest growing tech companies in the UK. The annual Tech Track 100 league table is put together by research firm Fast Track and featured in The Sunday Times. The list assesses some of the countries leading and fastest growing private tech…
The UK’s Financial Conduct Authority (FCA) has confirmed it is set to ban motor finance commission models that offer incentives to dealers and brokers to set higher interest rates. The ban will refer to commission models in the motor finance market where the amount of commission the broker receives is linked to the interest rate…
Mortgage lenders have been told by the Financial Conduct Authority (FCA) that they are expected to continue offering support to borrowers who are in a difficult financial situation thanks to the coronavirus pandemic. New guidance published by the FCA last week is in place for consumers who continue to be affected by the pandemic as…
The Financial Conduct Authority (FCA) have issued a stark warning to high-cost lenders in regards to their re-lending practices. They have raised ‘significant concerns’ over the marketing practices used by high-cost lenders which they believe drive vulnerable borrowers into further debt. The warning comes after a review of 250,000 customers of the short-term, high-cost credit…
Forecasts have suggested that consumer borrowing from UK banks is set to plummet at the fastest rate on record this year, thanks to the recession caused by the coronavirus pandemic. The pandemic has seen a major change in how banks operate and their lending patterns. Whilst lending to businesses continues to increase thanks to lockdown…
Looking again at the market sectors in and around the UK in light of Covid 19, this week we look at the commercial markets. Pretty much everything about the current economic contraction is unprecedented — but one very familiar phenomenon could be emerging that will extend and deepen the crisis. The health of the commercial…