Monthly Archives :

June 2018

Building Societies and the Future of Retail Banking

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For those following Financial news over the last few months, it can seem like quite a dark time in the retail banking and mortgage space, with a lot of doom and gloom surrounding “mortgage prisoners”, affordability rules and the possibility of an apparently impending interest-only mortgage time-bomb. There’s a sense of panic amongst some customers, who fear raising the issue with their provider, thinking perhaps they’ll be asked to pay immediately and be in an even worse situation. Personally, I believe that this is a very exciting time of great opportunity for Building Societies to really show why they can be a fantastic alternative to…

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Changes Afoot Following the FCA’s High Cost Credit Review

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Earlier this week the Financial Ombudsman Service published their annual review, which showed an overall 4% rise in banking and credit complaints. Excluding PPI, consumer credit complaints accounted for 24% of all new complaints over the last year and the numbers get even more concerning when we look at the increases in complaints about specific credit products and services. Complaints about payday loans are up 64%, complaints about hiring, leasing and renting are up 73%, and complaints about home credit have increased by a staggering 146%. 1 in every 4 new complaints that wasn’t about PPI involved consumer credit in some way. To some degree,…

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