The Prudential Regulation Authority (PRA) has imposed a combined financial penalty on Citigroup Global Markets (CGML), Citibank N.A. London branch and Citibank Europe UK branch of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. The PRA says that between 19th June 2014 and 31st…

Encore Capital Group, the owner of Cabot Credit Management has announced that Ken Stannard will be stepping down from his role as Executive Director and Chief Executive Officer of its European subsidiary. Cabot has appointed Craig Buick as his successor, effective at the end of 2019 (subject to certain regulatory approvals). Stannard joined Marlin Financial…

TSB has announced plans to cut up to 400 jobs and close 82 branches next year as part of wider plans to save £100 million by 2022. The Spanish-owned bank currently has 540 branches. Detailing a new three-year strategic plan, Chief Executive Debbie Crosbie said the move would help deliver a 15 percentage point improvement…

New research reveals that 19% of people are spending more than half of their monthly net household income on housing costs such as mortgage or rent payments, utility bills and council tax, and 4% spend over 75%.  The average is 34%. The findings from Engen Group, a property business that focusses on addressing environmental challenges…

A survey of commercial finance brokers undertaken by insurance provider, Purbeck, has uncovered an increasing demand by lenders for personal guarantees to secure business finance.  In the survey, 47% of brokers said they had seen a rise in demand for personal guarantees as part of a new business finance package, in the past year.  This…

Craig Jenkins has been appointed Business Analyst at LendingMetrics, the auto-decisioning technology provider. Jenkins, who joins from business insight company GBW, will work with clients to ensure they maximise the benefits of LM’s award-winning automated underwriting platform ADP. Paul Brown, Head of Operations at LendingMetrics, said “Having Craig on board really adds another level to…

According to recent government figures, Plymouth Moorview has the worst rate of personal insolvencies in the country. With a rate of 54.9 out of 10,000 adults, the area tops the list of all constituencies in England and Wales. Plymouth Sutton and Devonport is not too far behind with a rate of 45.6 per 10,000 adults – the highest since records…