Credit, Collections & Insolvency News
On 9th May, Christians Against Poverty (CAP) published its annual client report, Changing Perceptions. The report is designed to highlight some of the running trends we are seeing in the lives of our clients, helping to build a picture of what life is like in debt and poverty in the UK today. In 2018, CAP…
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The number of businesses and individuals coming to me over the last few years with debt and mental health issues has worryingly increased. The damage I have seen to people’s lives because of mental health issues caused by debt can be heart-breaking. But with the right help and action plan that doesn’t need to be…
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Companies and consumers are both preoccupied with data. Companies want to know how they can make the best use of the data they gather, while customers try to ensure that companies collect as little data about them as possible. Data is hot and, in our technology-driven world, everyone is engaging with it in one way…
Read moreLike many of you reading this, I have been doing the rounds at several SM&CR events focused on the extension of the Senior Managers and Certification Regimes of late and have picked up (as well as delivered) some useful insights into the good and the bad experiences across the banking sector and the similarities or…
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Has the desire for better consumer protection, without full consideration of what is financially and technologically possible, placed both customers and the industry into a position which in the long-term is untenable? Following the financial crisis of 2007/8, the UK regulators and particularly the Financial Conduct Authority (FCA) have sort to put consumers of finance…
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March 2019 saw the Prudential Regulation Authority (PRA) publish a new consultation paper (CP 5/19), proposing several updates to the current Pillar 2 capital framework. The March proposal does not introduce substantial changes in direction, but rather clarifies and formalises certain elements of the Pillar 2 capital assessment processes, to reflect the significant developments in the…
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With the European Council’s decision on 21st March to allow a slight – and conditional – extension to the date that the United Kingdom leaves the EU, the chances of a No Deal Brexit have decreased somewhat. What has not changed is the level of uncertainty as to what will happen, and the implications for…
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Amongst the many causes of financial challenges encountered by businesses and retailers in recent years, payment of invoices is one not so often talked about. Unpaid invoices, while often not the primary cause of difficulties faced by businesses and high street retailers, can only compound the array of factors contributing to further financial woes. If…
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The FCA’s review’s findings set the scene for changes in the commission model, transparency and affordability, with lenders set to adopt an active role in dealers’ promotion of finance. Addressing the changes required is clear. The FCA has thrown down the gauntlet to lenders and dealers to improve the customer proposition and experience. We see…
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The term ‘big data’ has become linked to the stories of exabytes of data being created each day, 90% of the data in the world having been generated in the past two years, and companies collecting and analysing every online move we make. What the term really reflects is that we can now manage, store…
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It can be frustrating when you call only to be told that the person you want to talk to is too busy to talk to you. Same goes for when you always get their voicemail. It’s quite a common response from smaller businesses when the person responsible for paying the bills wears more than one…
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Fifteen months after open banking launched in the UK, consumer understanding of what it means remains low. In January this year, research showed that just 9% of British adults had used open banking services, and less than a quarter (22%) had even heard of it. In fact, this is only part of the picture. Just because…
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As the Evening Standard delicately put it on Wednesday last week, having taken over consumer credit from the “light touch” Office of Fair Trading some five years ago, the Financial Conduct Authority is now firmly in charge and is sinking its teeth into lenders’ backsides. The FCA has shown its teeth several times recently, including…
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