The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2). PSD2 is an EU Directive which sets requirements for firms that provide payment services, and will affect banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer…

Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…

The Money Advice Service has announced its 2017 over-indebtedness figures for the UK. This year’s report by the Money Advice Service and CACI reveals that 8.3 million (15.9%) people in the UK are living with a debt problem – the figures show a moderate increase from figures released in 2016 (15.4%). The statistics from the…

Challenger Bank, Instabank has announced a partnership with Provenir.  Instabank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision. Robert Berg, CEO, Instabank said “Our entire approach is built on simplifying banking, making…

Mobile & single sign-on access pose the biggest risk to future ID verification and fraud prevention according to latest research by Callcredit Information Group. The research reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the…

The ICAEW has released new research on the accounting standard IFRS 9 and warned of the future challenges of bank reporting. IFRS will require banks to show their expected losses earlier than in the past, warning that this approach may make reporting and comparing each bank’s performance more problematic. The ICEAW says that the application of IFRS…

Business and personal insolvency experts, Fortis Insolvency have announced a Partnership with Encompas Corporation to support and enhance their Know Your Customer (KYC) compliance processes. Manchester based Fortis Insolvency provide advice and support to business and individuals across the north-west who may be facing financial and operational issues. Chris Parry, Managing Director at Fortis Insolvency said “Evolving regulations, not…

Fraud prevention service, Cifas has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017.  A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation, 83% of…

Credit decisioning specialist Zoot,  has announced a partnership with credit scorecards specialist Credit Kudos. The combination will enable lenders to easily incorporate account transaction data into their existing risk process, leveraging Credit Kudos’ pre-configured risk models through Zoot’s cloud-based platform integrating data and scoring to create a seamless application process. Adam Jackson, Zoot’s Managing Director…

The Information Commissioner’s Office (ICO) has fined TalkTalk Telecom Group PLC £100,000 after it failed to look after its customers’ data and risked it falling into the hands of scammers and fraudsters. An ICO investigation found TalkTalk breached the Data Protection Act because it allowed staff to have access to large quantities of customers’ data. Its…

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