Credit, Collections & Insolvency News
Fifteen months after open banking launched in the UK, consumer understanding of what it means remains low. In January this year, research showed that just 9% of British adults had used open banking services, and less than a quarter (22%) had even heard of it. In fact, this is only part of the picture. Just because…
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As the Evening Standard delicately put it on Wednesday last week, having taken over consumer credit from the “light touch” Office of Fair Trading some five years ago, the Financial Conduct Authority is now firmly in charge and is sinking its teeth into lenders’ backsides. The FCA has shown its teeth several times recently, including…
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The last few weeks have seen an unprecedented number of press releases from the Financial Conduct Authority regarding the consumer credit industry. The regulator has good intentions like any worthwhile organisation but its current cosseting approach does the consumer a disservice and is consequently narrowing their availability to responsible, regulated credit. In August 2018, Sky…
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A year after they published their interim findings in March 2018, we now finally know the outcome of FCA’s review of the motor finance market. Whilst the focus of FCA’s attentions was to an extent telegraphed in their interim report, the final report still makes quite compulsive reading and begs the question – what happens…
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Cabot Credit Management has won the Employee Engagement Strategy of the Year Award at the Institute of Customer Service UK Satisfaction Awards. In the Awards category Cabot had to demonstrate an employee engagement strategy that has led to an improvement in performance and customer satisfaction. The judges were looking for improved staff retention, reduced sick…
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A report by the National Audit Office (NAO) has found that the four main regulators – Ofwat, Ofgem, Ofcom and the Financial Conduct Authority (FCA) – understand the significant difficulties facing consumers across utilities, communications and financial services markets, but cannot prove if they are effectively responding to consumer concerns or offering enough protection for…
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Cifas, the UK’s leading fraud prevention service with over 450 members, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims. The new figures reveal that Cifas members identified household…
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Companies are increasingly cautious over taking risks in their supply chain, with fears over their level of dependence on suppliers and sourcing from high-risk countries dominating their thinking, data in a new report shows. The Q4 2018 Global Supply Chain Risk Report, published today by Cranfield School of Management and Dun & Bradstreet, investigates the…
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Eighty percent of business owners admit they worry their work-life balance is negatively impacting relationships with family and friends, research has revealed. To compound the issue, more than a third (36%) of UK SME leaders feel that they struggle to spend enough time with their children, with 46 percent having missed a special occasion and…
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HM Treasury-backed rent reporting service CreditLadder and the Nationwide Building Society, have joined forces to help first-time buyers move on to the property ladder. The relationship enables would-be homeowners to be prompted if they are eligible to apply for a Nationwide mortgage. Users will then be directed to discuss potential options with Nationwide’s mortgage consultants…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industries, has announced that it has appointed Chris Gardner as its new Complaint and Compliance Administrator. Gardner will act as a first line complaint handler, providing a high level of customer service to consumers and members alike. He will ensure that…
Read morePersonal insolvency specialist Creditfix has been named as one of the best companies to work for in the UK. The company has been ranked 58th in The Sunday Times Best Mid Companies to Work For 2019 awards. The awards are based on anonymous feedback from a survey of Creditfix’s 390 employees, in its offices across…
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The Chartered Institute of Credit Management (CICM) and ITN Productions Industry News have launched “Credit Experts”, a news and current affairs-style programme exploring the evolving credit landscape – from new technologies and artificial intelligence solutions for managing customer outcomes to essential guidance for small and medium sized businesses. Credit affects both businesses and consumers. For…
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