Credit, Collections & Insolvency News
New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
Read more
The Financial Conduct Authority (FCA) has announced that it will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service. The proposals are expected to be published within two weeks and, if taken…
Read more
Opus Energy has agreed to pay more than £7 million in refunds, redress and goodwill payments after identifying it overcharged almost 88,000 non-domestic customers between 2003-2023. The non-domestic supplier had two faults in its billing system, meaning customers were temporarily on the wrong tariff or their billing periods were incorrectly duplicated. The faults were initially…
Read more
Buy-to-let lender Landbay appointed Anna Macdonald as an independent non-executive director to its board. With over 20 years’ experience in institutional and wealth management, Macdonaldis currently an investment manager at Aubrey Capital Management. She previously worked as a fund manager at Amati Global Investors and Henderson Global Investors. Macdonald is also a well-respected and regular…
Read more
New research from Pay.UK, owner and operator of the Current Account Switch Service, reveals a stark generational divide in financial confidence and knowledge across the UK. Younger generations, particularly Gen Z, reveal lower levels of financial competence, with only 26% able to correctly calculate compound interest and just 35% understanding how savings accounts work. In…
Read more
Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, a new survey from accountancy and business advisory firm BDO has found. While a quarter (27%) of small businesses surveyed by the firm said they had suffered fraud in the…
Read more
In response to last month’s Court of Appeal ruling affecting commission disclosure practices, the National Association of Commercial Finance Brokers (NACFB) has swiftly enhanced its support for ,embers by issuing revised compliance templates and offering targeted guidance. The trade association’s proactive approach has included tactical support from the outset and culminated in the revision of…
Read more
The Co-operative Bank has conducted research to identify the fraud hotspots, looking at the number of fraud cases in different parts of the UK. The research also looked at the most common types of fraud in the UK and how much this is costing victims by using National Fraud Intelligence Bureau (NFIB) data. North Wales…
Read more
PayPlan has become the first volume IVA provider to formally adopt the IVA Integrity Score developed by Consumer Duty Services (CDS). For residents in England & Wales, all Payplan IVA proposals from the start of November 2024 will contain the independent and highly predictive CDS sustainability score. The score will enable FCA-regulated creditors and their…
Read more
Black & White Bridging has appointed Susan Ansermoz as its new Lending Manager, to support the company’s expansion. With a seasoned background in banking and underwriting, Ansermoz joins the company at an exciting time of expansion, ready to play an integral role in furthering Black & White Bridging’s mission to provide truly transparent lending services.…
Read more