The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force…

Home collected credit lenderMorses Club has announced the appointment of Andrew Hayward as Chief Financial Officer (CFO), subject to regulatory approval. Hayward will join Morses Club on 1st July 2019 and will also be appointed as an Executive Director to the Morses Club Board. Hayward joins Morses Club from eServGlobal, the ASX and AIM listed…

Non-Standard Finance (NSF) has announced that it has withdrawn its £1.3billion takeover bid for Provident Financial. After talks with regulatory authorities, NSF’s offer for Provident would lapse as the regulatory condition would not be satisfied by midnight today, the company said in a statement. NSF said that after discussions with regulatory authorities, in learning that…

The Financial Conduct Authority (FCA) has announced that it will be introducing new rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector. When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. These new rules are designed to help…

The home credit division of Non-Standard Finance (NSF) is to be floated on the London Stock Exchange as an independent company if the £1.3 billion takeover of Provident Financial is to go ahead. NSF has told the Competition and Markets Authority (CMA) it would demerge the Loans at Home division to avoid competition concerns if…

Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…

UK property finance firm Lendy has collapsed with Damian Webb, Phillip Sykes and Mark Wilson of RSM appointed as administrators following a court order on Friday (24th May 2019) afternoon. The administrators are working closely with the Financial Conduct Authority (FCA) who consented to their appointment over the company. The lender was under investigation by…

The Financial Ombudsman Service (FOS) has released its latest complaints data which shows that complaints against high-cost short term loan providers (payday lending) rose by 130% in March. High-cost short term lending complaints accounted for 39,715 of the new disputes. FOS said the surge of complaints in the sector contributed to a 14% rise in…

Fintech platform Freedom Finance has announced that it has appointed Jake Ranson as Chief Customer Officer (CCO) to further drive its digital transformation. Ranson joins from Equifax where he held the position of Chief Marketing Officer for Europe. Ranson will be responsible for furthering Freedom Finance’s customer strategy, helping potential borrowers to understand and unlock…

Subprime lender Provident Financial has revealed it has spent between £17million and £22million, to date in the hostile takeover bid by its rival Non-Standard Finance (NSF). In a trading update this morning, Provident revealed the figures in a trading update for the period January 1 to March 31. the firm also published exceptional items for…

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