Buy Now Pay Later (BNPL) provider Zilch has partnered with challenger credit reference agency and Open Banking provider Credit Kudos to better assess the affordability of its customers. Zilch says that the COVID-19 outbreak has brought affordability into sharp focus and BNPL providers are under increased pressure to protect potential borrowers – in particular young…

Specialist short term lender Hope Capital has announced the implementation of a new ID verification and messaging technology by partnering with Nivo. Nivo’s app-based messaging allows a borrower to securely verify their identity with Onfido’s biometric identity verification AI. Additionally, it provides Hope Capital with necessary documentation pertinent to the loan by sharing photos from…

Non-standard financial services company, Morses Club has announced the appointment of Graeme Campbell as Chief Financial Officer (CFO). He will also be appointed as an Executive Director to the Morses Club Board. Andy Thomson, currently interim CFO of the company, will remain in an executive capacity until the publication of the Company’s FY20 results to…

The Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…

The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…

Morses Club, says it is making good progress in accelerating its strategy of serving its customers via remote methods of lending and collection. As part of its latest results the doorstep lender says that customer responses to the launch of its remote lending remain positive. Subscribers to Morses Club’s online customer portal, which enables remote lending…

The Financial Conduct Authority (FCA) has announced that Chris Woolard will chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board. The review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment…

The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance,…

In the UK, the average consumer owes of £176 per person to Buy Now Pay Later (BNPL) Schemes such as Klarna, Laybuy and Clearpay according to a new report by Money.co.uk In a report titled ‘Shop Now Stress Later’ the report also suggests that as Influential organisations, such as Manchester City have begin to enter…

Sub-prime lender, Provident Financial has revealed its made an adjusted pre tax loss of £32.6 million for the first six months of the year to 30th June 2020 The group includes Vanquis Bank, car finance provider Moneybarn and a consumer credit division (CCD) comprising Provident home credit and Satsuma. The impact of lockdown and the…

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