Credit, collections & insolvency news
Latest figures from UK Finance have indicated that there was a slight annual increase in mortgage arrears in Q1 of 2021. However, the figures show that the levels remain close to historically low rates. The number rose by 230 in the first quarter to a total of 77,640 homeowners with mortgage arrears of 2.5% or…
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The Financial Conduct Authority (FCA) has outlined plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to. Firms are already bound by FCA rules and principles to treat customers fairly and many firms are delivering the right outcomes for consumers, including…
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The insolvency and restructuring profession rescued 297,000 jobs and returned £1.82 billion to creditors in insolvency cases in 2019 – the equivalent of around 800 jobs and £5 million a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring…
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UK Finance and the largest retail banks and building societies have made five commitments to continue to preserve access to cash for consumers and businesses over the long term. The financial institutions which have signed up for these commitments are Barclays Bank UK plc, Coventry Building Society, HSBC UK Bank plc, Lloyds Banking Group, Nationwide…
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Latest company results from home credit provider Morsese Club have shown that revenue has fallen by 25.1% to £100.2 million due to the impact of pandemic and the firm’s inability to lend to new Home Collect Credit (HCC) customers during the lockdown. Total group customer numbers declined to 180,000 and total credit issued to all…
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A quarter of 18-24-year-olds (young consumers) struggle to understand their energy bills according to new research from Octopus Energy and the National Literacy Trust. The research showed over 91% of the youngest bill payers couldn’t correctly identify all six key energy bill terms – including “dual fuel”, “kWh” and “tariff” – compared with just 21%…
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New research from Aviva has revealed that a quarter (25%) of middle-aged (45-54-year-olds) consumers (equivalent to 2.25 million people) say their total debts have increased in the 12 months to April 2021. This is despite headline figures claiming that consumers have saved more than £180 billion during the Covid-19 pandemic. One in five (18%) of…
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Investors in People has again awarded credit management group Intrum gold accreditation, demonstrating the firm’s commitment to high performance through good people management. In a year of change driven by the Covid-19 Pandemic, Intrum has responded successfully to changing ways of working, operating remotely while undergoing significant growth in the credit management and business process…
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PrinSIX has announced that it has entered into a partnership with AccountScore. The partnership will allow lenders and other Financial Services businesses to deploy Open Banking within intelligent, personalised onboarding journeys AccountScore’s Open Banking solution offers insights into customers’ circumstances. PrinSIX creates smart Open Banking journeys, optimising conversational outcomes while delivering the customer experience. Julian…
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