News in Other Credit Markets


The Bank of England’s research

Has revealed that defaults on credit cards and personal loans jumped in the quarter to June with household expenses rising faster than wages. Banks meanwhile are expected to be even more cautious than previously due to concerns over Brexit.

Lloyds Bank has been ordered to pay back £283m to 590k customers charged fees, including litigation fees, for mortgage arrears. This was due to a failure to consider affordability issues correctly. The FCA determined that Lloyds will now refund all arrears fees charged from 1st Jan 2009 to end of January 2016. Jonathan Davidson, executive director of supervision stated; “Ensuring fair treatment of customers, especially those in financial difficulties or who are vulnerable, is key priority for the FCA.”