Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for significant weakness in its financial crime systems and controls. Between June 2014 and July 2017 Gatehouse failed to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing. Gatehouse also failed to undertake the correct…
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Latest research by The Bank of England’s Credit Conditions Survey suggests more households and businesses will default on loans in the coming months, with lenders expecting the availability of mortgages and consumer and corporate credit to decline. The Bank of England says that this is likely to see default rates on mortgages, credit cards and…
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The latest report from the National Audit Office (NAo) into the Covid-19 business support schemes criticizes the Government for not doing more to prevent mistakes and fraudulent claims when rolling out the programs. The NAO said a total of £4.5 billion or nearly 4.6% of the total cost of the Government’s £96.9bn emergency Covid-19 support…
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UK Finance has published its latest fraud report, covering the first half of 2022. The reports shows that while the end of the pandemic has seen a fall in overall fraud losses, some fraud types have increased as criminals continue to adapt their methods. A total of over £609.8 million was stolen through fraud and…
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Open banking platform, Tink has announced a partnership money saving app Snoop which will enable consumers to gain real-time insights on how to cut their bills, pay off debt, grow their savings and save where they spend. John Natalizia, co-founder and CEO at Snoop said “Consumers are already having a terrible time of it right…
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