S&U plunges 10 per cent after issuing profit warning as motor finance arm suffers from ‘weak consumer confidence’ February 9, 2024 Specialist auto and property lender S&U has issued a profit warning ahead of its full-year results amid an “intemperate economic climate”, while an FCA probe looms over the sector.
UK economy: Consumer borrowing dropped last month in latest recession warning January 30, 2024 Consumer borrowing dropped sharply in December in the latest sign that the UK economy probably slipped into recession at the end of last year.
Auto finance industry could face £16bn in compensation payouts from FCA probe January 25, 2024 UK auto lenders could be hit by up to £16bn in compensation payments after the City watchdog confirmed its probe in historic commission arrangements would look at cases going back to 2007.
Lloyds and Close Brothers shares drop as FCA motor finance review looms January 17, 2024 Shares in Lloyds Bank and Close Brothers extended losses on Wednesday as investors digest a surprise increase in inflation and analysts estimate the two firms could be rocked by a City watchdog review into motor finance.
UK banks could face major losses over FCA motor finance review January 15, 2024 UK banks could be on the hook for billions in compensation, according to analysts, after the City watchdog announced a review into unfair costs on discretionary car finance commissions.
Regulator to investigate historic claims on car finance commissions January 11, 2024 "There is significant dispute between some firms and consumers on whether firms have breached legal and regulatory requirements," the FCA said.
Shares in Admiral and Direct Line sink after FCA regulator takes aim at premium finance January 10, 2024 In an interview with Insurance Post, Matt Brewis, head of insurance at the Financial Conduct Authority (FCA), described premium finance as a "poor product".
Government profits from surging insurance costs as tax on policies soars December 21, 2023 HMRC tax receipts for the first two-thirds of the 2023-24 financial year showed that £6bn was collected in IPT. This was an 11 per cent jump on the £5.5bn raised over the same period last year.
It’s Quiz-mas! How will you score in Deloitte’s big economics quiz of the year? December 20, 2023 The answers and a brief explanation of the factors at work are at the end of this note. Obviously, our readers won't be cheating....
Household borrowing dips as higher rates ‘percolate’ through UK economy November 29, 2023 Consumer borrowing fell in October in the latest indication that higher interest rates are weighing down on demand in the economy.