Credit, Collections & Insolvency News
Proposed reforms that would allow high court enforcement officers and certificated enforcement agents to enforce small sum County Court Judgments and Consumer Credit Act judgments have been put to the Government in a joint industry submission. The joint submission by the High Court Enforcement Officers Association (HCEOA) and the Civil Enforcement Association (CIVEA) has been…
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SME finance monitor shows only 41% of SMEs seeking finance were confident the bank would lend to them in Q4 2017. Nic Beishon, Head SME of Commercial at Equifax, said “There are millions of companies in the UK with fewer than 10 employees and many who apply for finance often have a limited credit history –…
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The Financial Conduct Authority (FCA) has said that it will continue investigations into the “risk of harm” posed by motor finance. In its motor finance investigation, the FCA revealed that it had already concluded that “the largest lenders’ approach to credit risk and asset values appears robust” and that “consumers in the lowest credit score…
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Banks and card companies prevented £1,458.6 million in unauthorised financial fraud last year, equivalent to £2 in every £3 of attempted unauthorised fraud being stopped, the latest data from UK Finance shows. In 2017, fraud losses on payment cards fell 8 per cent year-on-year to £566.0 million. At the same time, card spending increased by…
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This month marks one year since the launch of the Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they fall behind on payments. Dan Osmond, Product Owner, Lloyds Banking Group said: “As we explore the future design of customer budgets in a fast changing…
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The Money Advice Trust has launched a new e-learning course and an introductory guide to help creditor staff identify, understand and support customers who have a mental capacity limitation. The course has been developed in partnership with Argos Financial Services and can be tailored to creditor organisations across a range of sectors and in particular…
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This year, many lenders will embark on a journey to gain an Internal Ratings Based (IRB) status. Following the Basel Committee on Banking Supervision’s (BCBS) recent announcement on significant reforms to Basel III, including an aggregate output capital floor of 72.5%, lenders are faced with squeezed interest margins and increased competition from the rise of challenger…
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Following on from last year’s saga in the cases of OneSavings Bank v Burns and Shear v Clipper Holdings [1], Sheriff Hamilton at Greenock in Promontoria (Henrico) Limited v The Firm of Portico Holdings (Scotland) and Linda Arthur [2] has confirmed a degree of flexibility for lenders in executing the prescribed statutory form, when assigning…
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