Credit, Collections & Insolvency News
In terms of technology adoption, it is widely acknowledged that the mortgage market lags behind the consumer credit sector. The COVID-19 pandemic in particular has highlighted the need for lenders to boost their automation capabilities to enable better digital services for customers, enhance their risk management capabilities and streamline their operations to aid recovery. As…
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Latest figures published by HM Treasury have revealed how the banking and finance sector is helping businesses of all sizes get through these tough times. Lenders have approved £27.5 billion to more than 650,000 businesses so far through the three major government-backed lending schemes. The industry is providing an unprecedented level of support to businesses…
Read moreA new group of top-level executives from the worlds of finance, consumer rights, research and technology is being convened to ensure the Money and Pensions Service (MaPS) delivers on its mission of everyone making the most of their money and pensions, and so that the UK Strategy for Financial Wellbeing is as successful as possible…
Read moreSpecialist subprime lender, Provident Financial has announced its latest financial results. The company has tightened its lending standards in the wake of the pandemic crisis, leading to a fall in customer numbers. New customer business via the Vanquis Bank division in the four months through April has fallen by about 75%, while a credit line…
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Aberdein Considine has added further industry experience to its Lender Services Practice Group with the appointment of a new Operations Manager. Tahir Bashir has joined the firm from the Ascent Performance Group, bringing with him 20 years of frontline experience in property and volume debt recovery. Bashir has worked extensively with clients such as RBS,…
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Business and consumer insights specialist, Equifax has announced a partnership with customer onboarding and KYC RegTech provider, HooYu, to expand its range of identity and fraud tools. The partnership will support Equifax clients across regulated and non-regulated sectors that are striving to improve their digital customer onboarding experience, and bolster their anti-fraud processes, while meeting…
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Retail sales volumes remained deeply depressed in the year to May, according to the CBI’s latest monthly Distributive Trades Survey. The pace of decline slowed a little compared with April (when retailers reported the joint-fastest drop since the start of the survey in 1983). And volumes are expected to fall at a slightly slower –…
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Young people are relying on non-traditional forms of credit, such as Buy Now Pay Later schemes (BNPL), to cover their finances during lockdown as a result of COVID-19. New research from comparethemarket.com reveals that nearly a quarter (23%) of 18-24 year-olds are more likely to use BNPL to fund purchases since the government lockdown. While…
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