Credit, Collections & Insolvency News
Small but significant increases in real terms pay growth may be contributing to improving levels of financial resilience. Recent months have seen pay growth rates continually failing to keep up with inflation, resulting in real terms pay cuts for many workers across the UK. However, there are indications that this trend may finally starting to…
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The financial services sector stands as one of the most intricately regulated industries, both within the UK and internationally. This rigorous oversight extends across two primary dimensions: the overarching regulatory framework governing the entirety of a company’s operations, and the pivotal focus on the individuals engaging directly with customers. Within the sector of debt recovery,…
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In the complex world of finance, credit reference agencies shoulder the responsibility of supporting informed decision-making for both lenders and individuals. Here at TransUnion, we see this as an opportunity for making trust possible between businesses and consumers, so that they can transact with confidence. As the global financial landscape becomes increasingly data-driven, the role…
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Firms often adopt a steely focus on their regulator’s definition of vulnerability. And asking ‘what is vulnerability?’ makes sense – regulator alignment is good. However, while our regulators provide documents, diagrams, and sometimes even maps to define ‘what is vulnerability?’, one question is often left hanging: Just what are our vulnerable customers actually vulnerable to?…
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While the UK’s current high-interest rates have gathered plenty of news coverage for their challenging impact on homeowners, UK renters are facing even greater levels of difficulty. Recent headlines related to interest rates and the cost of living have focused a lot on the homeowner market and the tough changes many are, or will soon…
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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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