23rd February 2021 - Credit Connect

FCA publishes vulnerable customer guidance

23rd February 2021 Consumer Collections |

The Financial Conduct Authority (FCA) has published final guidance clarifying its expectations of firms on the fair treatment of vulnerable customers. The guidance aims to drive improvements in the way firms treat vulnerable consumers so that they are consistently able to achieve outcomes that are as good as everybody else. People can find themselves in…

Pandemic pushes up destitution

23rd February 2021 Arrears and Recoveries |

Research by the National Institute of Economic and Social Research (NIESR) shows there were 220,000 more households living in destitution by the end of last year. The pandemic has helped push the figure up to 421,500 households – with destitution defined as a two-adult household living on less than £100 a week and a single-adult…

Bounce Back Loan fraud lessons should be learned

23rd February 2021 Commercial Credit Management |

As the Government made vital funds available to support businesses through the deepest recession for 300 years, a lack of due diligence and robust ID verification left the door wide open to organised crime gangs to exploit the opportunity according to anti-money laundering (AML) solution provider, SmartSearch The company has called on lenders, brokers and…

Acceleration of digital transformation creating a data-driven approach

23rd February 2021 Consumer Collections |

New research from Experian reveals how the acceleration of digital transformation, through the Covid-19 pandemic, has led to greater demand for data insights to inform decision making and strategy. The annual Global Data Management report, which surveyed 700 data practitioners and data-driven business leaders globally, found that changing customer behaviour has intensified businesses’ need for high-quality data.…

Lords to debate ‘fair debt write-down’ amendment to Financial Services Bill

23rd February 2021 Consumer Collections |

The House of Lords will this week debate an amendment to the Financial Services Bill to ensure a ‘fair debt-write down’ is incorporated within Government’s plans for a Statutory Debt Repayment Plan. The amendment, which has been tabled by former Green Party Leader Baroness Bennett and the Bishop of St Albans, seeks to make it…

Warning of ‘financial turmoil’ as Universal Credit claims nearly doubles

23rd February 2021 Consumer Collections |

The number of people on Universal Credit has nearly doubled since March. With DWP figures due for release figures which could see this milestone breached Citizens Advice which has supported three people every minute with advice on Universal Credit since the start of the pandemic has warned that a cut to Universal Credit would hurt…

The Money and Pensions Service makes three senior appointments

23rd February 2021 Consumer Collections |

The Money and Pensions Service has announced three senior appointments including a new Chief Finance Officer and new Pensions Dashboards Programme Director. Joining the MaPS Board and Executive Leadership Team (ELT) from 1 April 2021 is the new Chief Finance Officer Mal Singh. Singh brings with him extensive experience of senior finance roles within digital,…

One in four SME leaders fell anxious about the lockdown

23rd February 2021 Commercial Credit Management |

As the UK’s third national lockdown continues, just 8% of business leaders feel supported, research from Nucleus Commercial Finance today reveals.1 Half (50%) feel worried or depressed about the current lockdown and nearly four in 10 (38%) feel anxious about the current lockdown. More than half of SME leaders (54%) say their feelings towards the…

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