Credit, Collections & Insolvency News
Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone. Financial completion is expected within the…
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Restructuring and advisory work is an increasingly important focus for professionals who advise insolvent businesses, according to a survey by insolvency and restructuring trade body R3. A large majority (68%) of respondents said that demand for advisory work had increased in recent years, with over half saying this is because awareness of business rescue options has…
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Commenting on figures published by the ONS today (Friday), which shows that unsecured borrowing is at its highest level (as a share of household income) in 8 years, TUC General Secretary Frances O’Grady said: “Today’s figures should set alarm bells ringing. The last thing our economy needs right now is another consumer debt crisis. But…
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With the announcement that the new debt pre-action protocol (PAP) has been approved and the implementation date set for 1 October 2017, debt recovery specialists are examining what the changes will mean for creditors and debtors. The main departure from the previous regime is that sole traders are now to be considered an individual rather…
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The FCA has released a new report into how firms are treating customers who fall into arrears, focusing in particular on how firms are interacting with customers and examining the different forbearance options that are being offered across a wide range of products, including credit cards, personal loans, store cards and point of sale finance.…
Read morePeer-to-Peer real estate lender Relendex has confirmed full authorisation from the Financial Conduct Authority (FCA). Law firm Howard Kennedy has advised Relendex on the process. The Howard Kennedy team was led by Daniel Tunkel, Partner and Head of Regulation, supported by Financial Regulation Associate David Gilinsky. Daniel Galinksy said: “Peer-to-peer lenders have generally struggled to secure full…
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Regulators in the water, energy, telecommunications and financial services sectors could do more to support the increasing number of vulnerable consumers, according to the National Audit Office (NAO) Consumers spend around £136 billion annually on energy, water, telecommunications and retail financial services. Vulnerable consumers are those who, because of their circumstances, are particularly susceptible to…
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Bibby Financial Services (BFS), has appointed Edward Winterton as UK Chief Executive Officer. Commenting on Winterton’s appointment, David Postings Global CEO at BFS, said: “I have worked with Edward for five years. His knowledge, experience and tenacity are a huge benefit to BFS and I am confident that under his leadership, our UK business will…
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John Charcol has announced the appointment of its new director of partnerships. Alan Young brings with him a track record of growth through the development of strategic partnerships and increased cross-sale revenue. Young joins John Charcol from GoTo Mortgages, where he worked as Managing Director. Speaking about Alan’s appointment, Simon Knight, CEO of John Charcol,…
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