Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal. The rule change means that around 30,000 homeowners now have the freedom to move elsewhere. In some cases, so-called “mortgage prisoners” have previously been told that they cannot afford a new mortgage…
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Professional services insolvency consultancy Begbies Traynor has acquired London-based insolvency and business recovery practice Alexander Lawson Jacobs (ALJ) for an initial consideration of £2.35m. Begbies said the acquisition of ALJ, a well-established firm ranked as a top 20 UK insolvency practice, was in line with its strategy to increase the scale and market share of…
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The Treasury Committee has published a unanimously-agreed report on IT Failures in the Financial Services Sector. The report was agreed when Catherine McKinnell MP was Interim Chair. Rt Hon. Mel Stride MP has since been elected as the Chair of the Treasury Committee. Steve Baker MP has been the Committee’s lead member for this inquiry…
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The Bank of England has set out its proposed changes to the capital requirements that apply to Credit Unions. The reforms propose a move from the current approach to a new system that applies graduated capital requirements as Credit unions move through size bands on their assets. The changes include: Capital requirements based on membership…
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Some of the largest credit unions in Ireland have come together under the currentaccount.ie brand, to roll-out a new full-service current account for its credit union members. Credit Union members will be able to open an account online or in the Credit Union Offices. Over the coming weeks, 30 Credit Unions, with 115 Branches nationwide…
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A significant number (32%) of 18-34 year olds have had financial help from grandparents to get on the property ladder according to new research by Trussle. Nearly one-in-four prospective buyers expect help from their grandparents, whilst the research also identifies a growing trend of assistance with just 3% of over 55s previously receiving help from…
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Ofgem has appointed EDF Energy to take on supplying Toto Energy’s 134,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. EDF Energy is offering customers a competitive tariff and many of Toto’s customers will see a reduction in the price they pay. All outstanding credit…
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