13th July 2022 - Credit Connect

Fraud increased by 11% in the first half of 2022

13th July 2022 Consumer Lending | #fraud

Latest Cifas data shows that levels of fraudulent conduct increased by over 11% in first half of 2022 with a warning that consumers and businesses face a growing risk of identity fraud as criminals prepare to target consumers during the cost of living crisis. The warning comes as 200,000 cases of fraudulent conduct were filed…

CSA urges HM Treasury to modernise consumer credit regulation

13th July 2022 Arrears and Recoveries | #consumer credit regulation

The Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase industry, has cautiously welcomed the Government’s recent announcement of their intention to reform and modernise the now almost fifty-year-old Consumer Credit Act. In a new report, the trade body draws attention to the mismatch between the requirements of the…

Call for credit and debt stakeholders to back new Partial Settlements Register

13th July 2022 Consumer Collections |

Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines, is calling on stakeholders from across the credit and debt landscape to support its project to create a Register of Partial Settlements. Registry Trust’s monetary judgments data is used for public good in millions of credit and lending decisions every year…

FCA tells banks to support struggling small business borrowers

13th July 2022 Business Lending | #business collections

The Financial Conduct Authority (FCA) has told banks to improve the treatment of struggling small business borrowers. As part of its work in response to the increased cost of living, the FCA has told banks they must treat small business customers fairly when collecting and recovering debts. A review of 11 bank’s collection practices identified…

Concerns raised over debt collection by administrators of failed energy suppliers

13th July 2022 Arrears and Recoveries | #energy collections

Citizens Advice has raised concerns over unregulated debt collection by the administrators of failed energy suppliers and called for an urgent review of the interactions between insolvency rules and the Supplier of Last Resort (SoLR) process. Customers of failed suppliers are at risk of aggressive debt collection tactics from administrators because they’re not bound by…

Households £8,800 a year worse off than those in France or Germany

13th July 2022 Arrears and Recoveries | #cost of living

Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…

Recognise Bank and TruNarrative agree onboarding partnership

13th July 2022 Commercial Credit Management |

Fintech business lender Recognise Bank has announced that it has partnered with TruNarrative, a LexisNexis® Risk Solutions company, to transform the onboarding process for its SME business lending customers. The Bank, which received its full authorisation in September 2021, is a digital bank created for the UK’s 5.5million SMEs, combining a national network of relationship…

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