Credit, Collections & Insolvency News
It is clear that myriad challenges will exist for lenders implementing IFRS 9 this year. A number of banks identified many issues within their classification and measurement approaches due to complexity faced within the application of the SPPI (Solely Payments of Principle and Interest) guidance given. Another key challenge raised is agreeing a testing approach and…
Read moreHave you, like me, sat through courses on telephone collections? How many times has the course leader emphasised that we must have empathy with the customer. After all if you make “friends” with the customer you’ll be able to establish a rapport and gather information the net effect of which will improve recovery rates. All…
Read more
There have been a number of high profile fines levied on well-known brands in recent years, and these mega fines are only getting more common. Last year a firm based in Manchester repeatedly failed to comply with regulations and was fined £80k. An Irish bank was fined over €3 Million . Compliance is a relevant…
Read moreJust in case you are wondering it appears that attempts to jail Scottish debtors over non payment of instalments are alive and well. To be honest I thought that such an approach passed away along with ‘Dickens’. It appears I’m wrong! For my misinterpretation of the law I apologise. For the judicial outcome which clearly…
Read more
2016, it feels, has been a year of extremes of accomplishment and uncertainty. In the UK we have seen everything from feats of skill, agility and strength at the Olympics, to political turmoil with a vote to leave the EU by the narrowest of margins. On a wider global scale, we have seen a fractious…
Read more
After a hectic 2016, chief risk officers will be hoping for a quiet wind-down to the year and a high-performing, risk-managed 2017. But what do they need this Christmas in order to have a successful 2017? Top of each CRO’s wish list is speed. Companies need to accelerate customer onboarding and are continuously striving to…
Read moreThe International Accounting Standards Board (IASB), has outlined the new international standard on financial assets accounting, IFRS 9. This will be a revised update of the former IAS 39 regulation, motivated by the delayed recognition of credit losses on loans in the 2008 financial crisis. IFRS9 will be fully implemented on January 1st 2018. IAS…
Read moreTackling illegal lending The research and analysis department at Western Circle recently carried out a survey that revealed some startling facts about the payday loan industry. Since January 2015, over 35,000 nurses have applied via Cashfloat’s online form for a payday loan. In fact, we discovered that 11% of all nurses in the UK have…
Read more
The NACFB has a new training and education programme which has now been established for a few months, so we can see how enthusiastically it is being taken up by our members. One thing we have had to bear in mind when preparing a set of exams for members is that the topics have to be…
Read moreFollowing a period of sustained focus on payday lenders, it seems the time has come for rent-to-own firms to face the music. Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA), made clear that price caps would not be the first measures he’d be likely to take, but were a possibility: “The price cap is…
Read moreTechnology advances are quietly changing the face of the Collections industry and there are significant implications for organisations that don’t keep up with consumer demand and recognise the potential both financially and operationally. Customer Service as it stands is a frustrating business and rarely achieves positive results. Do you remember the last time that you…
Read moreIf you’re involved in the world of debt – perhaps you’re a lender, collector, debt adviser, debt buyer, regulator or insolvency practitioner – you might just want to check your diary. As autumn draws to a close, with the last of the conkers get swept away and the trees briefly revealing their true colours, there’s…
Read more
Knowing who you are contracting with is a very simple question. Indeed for any credit controller the identity to whom you are granting credit must be the first question asked before a credit decision can be made. Knowing who your customer is, and the decision whether or not credit should be granted should help a…
Read more