Credit, Collections & Insolvency News
Money laundering is big business. The United Nations Office on Drugs and Crime estimates that between 2% and 5% of global GDP – up to 1.87 trillion Euros – laundered each year. A report from Transparency International estimates that in the UK alone it exceeds £325 billion per annum. From comparatively small beginnings, money laundering…
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It seems that lately, you can’t move for news about the Artificial Intelligence (A)) revolution, which is taking place all over the world, and which has resulted in many business sectors looking at how they may deploy AI in a way that adds value to their business and customer experience. As Head of Strategy for…
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Last week, I had the pleasure of chairing the Online Collections Technology Think Tank, powered by Credit Connect, something I always find enlightening. Reflecting on the conversation there were a couple of trends that really stood out this time around. A low growl Firstly, the trend around arrears levels which, surprisingly, has not really seen…
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With the cost of living crisis relentlessly continuing, signs are emerging of many of its most inequitable effects on disadvantaged groups and households. The dominant narrative over recent months has been the heavy impact the cost of living crisis has been having on people in all kinds of situations throughout the UK. However, as so…
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As regulatory requirements evolve, debt collection agencies regulated by the Financial Conduct Authority (FCA) in the UK must continually adapt their compliance strategies to ensure they remain up to date. In this article, I look at how our industry can stay ahead of the changes, utilising various tools and digital solutions to uphold compliance, meet…
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Reduced lending amounts, prompted by interest rate rises, indicate a crisis of mortgage unaffordability for people across the UK. With interest rates continuing to rise and lending figures falling in kind, the signs are of a brewing crisis of mortgages becoming unaffordable, both for existing borrowers and those new to the property market. The Bank…
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Does the sales ‘Big Hitter’ really work in this procurement-led environment? In the current marketplace, it could be said that the traditional role of the Sales ‘Big Hitter’ is becoming less relevant in today’s procurement-led environment. Building relationships and making connections with prospective clients still remains an important element, but over recent times more and…
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Soaring rises in the cost of food and drink are fuelling ongoing high inflation and causing hard-pressed UK households to need to rely more on credit products. Keeping up with the most everyday basic needs appears to be proving more and more challenging for households across the UK, forcing many to make stark spending choices…
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There are just four months left until Consumer Duty takes effect. During the last few weeks, the FCA has stepped up its efforts to reach those who aren’t yet engaging with Consumer Duty, and to bust the myth that firms don’t have to act. Despite what some might think, the incoming regulations won’t apply only…
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Like spring, there was a burst of energy in the Lending Technology Think Tank this week. Lots of new ideas and concepts coming through… Clearly, Quarter 1 has been super busy for most folks, and as we know plenty has been happening economically, with regulation and in society, both in the UK and around the…
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The recent Spring Budget brought some promising new financial developments and extensions of lines of support for UK households, but overall the signs remain clear that these are unlikely to be anywhere near enough for far too many people. One of the government’s primary Budget headlines was the announced U-turn on extending the Energy Price…
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Last week was the Collections Technology Think Tank, there was some good attendance which was great, and we were lucky enough to have some great speakers covering some new topics. On the day it is always busy, juggling between asking questions, fielding questions from the attendees and keeping the time on track. However, there were…
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The UK is experiencing an unprecedented energy crisis as the true cost of winter begins to be seen, with many millions of households living in fuel poverty. In the lead up to this winter, concerns were widespread of significant hardship for many UK households in coping with the cost of living crisis, specifically the energy…
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