Credit, Collections & Insolvency News
BNP Paribas Asset Management announced that its SME (Small & Medium-sized Enterprise) Alternative Financing platform has completed its first transaction, a six-year senior unsecured amortising loan. The loan will enable a specialist recruitment services company based in the West of England to support its business growth. SME Alternative Financing offers BNPP AM’s client base differentiated and…
Read moreOn 31st May the FCA published its High-Cost Credit Review. The cautious approach that the FCA has set out was welcomed by the CCTA. However, we recognise that despite ongoing reform of the consumer credit market since 2001, it remains clear that a ‘one size fits all approach’ for the high-cost short-term credit market will…
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The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls since they are at risk from those seeking to launder the proceeds of crime or…
Read moreSSE has agreed to pay £1 million to Ofgem’s consumer redress fund after providing some pre-payment meter (PPM) customers with inaccurate and misleading information in annual statements. Ofgem launched an investigation into the supplier in November last year after SSE reported the issue to the regulator. The investigation found that, between June 2014 and September…
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The Federation of Small Businesses (FSB) has called on small firms hit by TSB disruption to be compensated. Responding to the announcement that the Financial Conduct Authority and Prudential Regulation Authority are investigating recent IT disruption at TSB Bank, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “It’s vital that small business owners affected…
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Fico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…
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