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Over half of borrowers regret using high cost credit products

Over half of borrowers regret using high cost credit products

Some 60% of borrowers on certain high-cost credit products regret using them, according to a Financial Conduct Authority (FCA) review that raises several concerns around relending

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Over half of borrowers regret using high cost credit products
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Over half of borrowers regret using high cost credit products

06 Aug 2020Lauren Tavener
Some 60% of borrowers on certain high-cost credit products regret using them, according to a Financial Conduct Authority (FCA) review that raises several concerns around relending

More news

FCA raises number of concerns over NSF’s guarantor loans division

FCA raises number of concerns over NSF’s guarantor loans division

Top Stories03 Aug 2020
Non-Standard Finance (NSF) has announced that it will be working with the Financial Conduct Authority (FCA) to conduct a review of the group’s guarantor loans division, after a visit by the regulator
NatWest Group suffers impairment losses of nearly £3bn as payment holidays reach 240,000 

NatWest Group suffers impairment losses of nearly £3bn as payment holidays reach 240,000 

Top Stories31 Jul 2020
Natwest Group suffered a net impairment loss of £2.85bn in the first half of 2020, while it provided 240,000 customers with an initial three-month mortgage repayment holiday, its half-yearly results show
Lloyds’ results analysis: Payment holidays reach 1.1m, as loss provisions hit £7.2bn 

Lloyds’ results analysis: Payment holidays reach 1.1m, as loss provisions hit £7.2bn 

Top Stories30 Jul 2020
Lloyds Banking Group has granted 1.1 million payment holidays across mortgages, personal loans and credit cards, as allowances for credit losses increased by over £3bn to £7.2bn, according to its half-yearly report
Santander UK has £40bn of loans and cards under payment holidays

Santander UK has £40bn of loans and cards under payment holidays

Top Stories30 Jul 2020
Santander UK now has more than £40bn of loans and cards under payment holidays, according to a half-yearly report that also shows its H1 pre-tax profit fell 74%
Credit Strategy launches FSE-Week, its first digital expo

Credit Strategy launches FSE-Week, its first digital expo

Top Stories29 Jul 2020
Credit Strategy is today launching FSE-Week, a new week-long event for 2020, which will be the UK’s largest broadcast trade show this year for financial intermediaries

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Chris Fitch

Premium: A costly burden or collective benefit? Why perception matters on vulnerability

06 Aug 2020Chris Fitch
After the FCA’s latest guidance release on vulnerability, firms need to focus on the benefits of treating vulnerable customers fairly, not the costs, says Chris Fitch, vulnerability lead consultant at Money Advice Trust
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Continuity in a crisis: The UK’s largest lenders explain how they’ve transitioned to WFH polices, and supported up to 1.6million customers, during the pandemic

Continuity in a crisis: The UK’s largest lenders explain how they’ve transitioned to WFH polices, and supported up to 1.6million customers, during the pandemic

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→ Worse than the 2008 crash? Our resident economist explains why this year’s recession could be deeper than the economic depression of 08/09

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The CS Interview

Premium: Yorkshire Building Society’s Tracey Newton on scaling the lender’s reward offering to its staff

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Tracey Newton of Yorkshire Building Society discusses innovating a reward strategy to serve nearly 4,000 people, whatever stage of their life or career they are in
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Opinion

Chris Fitch

Premium: A costly burden or collective benefit? Why perception matters on vulnerability

06 Aug 2020Chris Fitch
After the FCA’s latest guidance release on vulnerability, firms need to focus on the benefits of treating vulnerable customers fairly, not the costs, says Chris Fitch, vulnerability lead consultant at Money Advice Trust
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Opinion: Amid new FCA guidance for motor finance, how ready are you to ‘keep customers well informed’?

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With the release of the Financial Conduct Authority’s finalised, updated guidance for the motor finance sector, the message is clear, explains Andy Thomas, motor finance operations director at collections and recoveries specialist Chartsbridge
Jason Wassell

“It is time for a grown-up discussion about the role of consumer credit”

28 May 2020Jason Wassell
An evidence-based discussion, led by the Treasury, is needed to define the role consumer credit lenders can play in our society and the economy’s recovery, argues The Consumer Finance Association’s Jason Wassell
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Features

Over half of borrowers regret using high cost credit products
Share on LinkedInShare on Twitteremail

Over half of borrowers regret using high cost credit products

06 Aug 2020Lauren TavenerLauren Tavener
Some 60% of borrowers on certain high-cost credit products regret using them, according to a Financial Conduct Authority (FCA) review that raises several concerns around relending

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Credit Strategy speaks to Experian’s Rob Haslingden at the Lending Summit 2019

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Continuity in a crisis: The UK’s largest lenders explain how they’ve transitioned to WFH polices, and supported up to 1.6million customers, during the pandemic
A broader view: Cambridge Building Society’s Victoria Stubbs explores the broadening responsibilities chief risk officers now face
The game changer: Now in charge of £23bn of public sector debt, the Cabinet Office’s Steve Coppard talks cultural change
Safe passage: How chief risk officers are navigating economic threats
Digital Fortress: Captains of Industry survey reveals FTSE executives’ fears around data protection
Fast lane: Why IFRS 9 is already accelerating debt sale activity
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