Credit, Collections & Insolvency News
The Insolvency Service has announced that two directors involved in a debt management business whose actions caused distress to members of the public who were already in financial difficulty have been disqualified. Stephen Anthony Wooley and Kevin John Dursley gave disqualification undertakings to the Secretary of State for Business, Energy and Industrial Strategy following an investigation…
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Ryan Maginess, director of Camereye Contracts, has been disqualified from acting as a director of a limited company for ten years. Maginess was the sole director of the company. The disqualification followed an investigation by the Insolvency Service and was ordered at Edinburgh Sheriff’s Court. The disqualification began on 11 January 2018. The investigation found that the company…
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Collections specialist Grosvenor Services Group has announced two new appointments to its team. Russell Brewin has been brought on board as head of field operations, whilst Keigley Griffiths has been appointed as a new account manager. Brewin has 21 years’ of industry experience at NPower, where he was responsible for field operations, debt collection and…
Read moreMortgage lending for first-time buyers, home movers and buy to let purchases all fell in December 2017 compared to the previous year. UK Finance’s latest mortgage trends update reveals. However, 2017 overall saw the highest number of first-time buyers (365,000) since 2006. There were 30,800 new first-time buyer mortgages completed in December, 5.2 percent fewer…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) has announced the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme (FSCS) with effect from 1 April 2018. The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Marshall Bailey…
Read more2018 is set to revolutionise risk. With significant advancements, such as solutions that solve the ‘black box’ issue for using AI in credit scoring, through to significant reforms in Basel III, lenders will seek change to stay ahead of their peers. In our latest whitepaper, Seven risk predictions for 2018, we explore which trends lenders…
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Research from Scottish Widows suggests that one in five Brits are in a financially incompatible relationship. According to the survey of couples – both living together, living separately and those who are married – almost a fifth (17%) wish they had discussed finances earlier in a relationship. More than a third (34%) of divorcees cited…
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A surge in consumer credit growth and the prospect of faster-than-expected interest rate rises have recently prompted concerns about the possibility of a fresh debt-bust in the UK, but it is the continuing overhang from the last crisis that is of more concern, according to a new Resolution Foundation report published today. With levels of…
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The government has launched a consultation asking for views on amending the Digital Economy Act to bring in data-sharing measures that could help bring down the bills of those most at risk of fuel poverty. The consultation will explore the use of powers which would allow the sharing of information between public authorities and energy…
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9% of UK clothing retailers currently exhibit early warning signs that they are at risk of going insolvent according to latest research by Moore Stephens Out of 35,078 fashion retailers analysed, 6,580 are showing early signs of financial distress, which can include a large fall in revenue and poor payment history. Falling consumer spending and increased…
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