Credit, Collections & Insolvency News
Equifax has been appointed by new P2P lending platform Flender to support the underwriting of loans for UK SMEs. Equifax will supply real-time consumer and commercial data so that the underwriting process can be automated and optimised. The data insight, provided via the Equifax Business Insights solution, will give a holistic view of SME loan…
Read more
Bank of England Governor, Mark Carney, has warned that a new breed of internet-only lenders are beginning to pose risks to the financial system and without tighter regulation they could trigger the next financial crash. High street banks were being displaced by online lenders that were untested in a recession, when bankruptcies might make their…
Read more
RateSetter has appointed Michael Hoare as Head of Risk Analytics and Retail Credit. Hoare joins from PayPal UK, where he was Chief Credit Risk Officer, overseeing underwriting, customer management and collections strategies for unsecured consumer and small business lending. Before PayPal UK, Michael worked at Capital One, where he held a number of positions including Credit…
Read moreA New report from KPMG and peer to peer lender (P2P) TWINO shows UK leads the way in alternative finance but also suggests that continental European lenders catching up. The report shows that the UK still leads the way in alternative finance, with four times higher volumes in aggregate than the rest of Continental Europe.…
Read more
The amount of alternative finance available under ‘asset based lending’ to UK businesses reached a record high of £4.3 billion, up 22% in the last year*, says the Asset Based Finance Association (ABFA). The ABFA explains that asset based lending allows businesses to borrow against a range of assets they already own, including inventory, property,…
Read moreOver a third (35%) of entrepreneurial Britain said they would resort to their own personal savings when starting or growing a business, new research commissioned by crowdfunding specialist Crowdfinders has found. The second most popular option in the nationally representative survey of over 2,000 UK adults was banks and institutions (28%). Whereas, 15% – the…
Read more
The Financial Conduct Authority (FCA) has given an update on the post-implementation review of the loan-based and investment-based crowdfunding market. Based on a review of the feedback received, issues seen during the supervision of crowdfunding platforms currently trading and consideration of applications from firms seeking full authorisation, the FCA believes it is appropriate to modify…
Read more
A new peer to peer lender Flender hopes to launch in 2017. Flender enables consumers and businesses to raise finance through their social circles – be they friends, family, customers or social network connections. The company has launched a crowdfunding campaign for a new platform that enables users to borrow and lend money in both the traditional…
Read more
Zopa has announced plans to launch “Next Generation” Bank Banking licence will lead to extended range of savings and borrowing products, their intention to launch a bank to enhance their market-leading peer-to-peer business. The application for a banking licence will be made to the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA). Jaidev…
Read more
A new government scheme to help small businesses turned down for loans find alternative means of finance launches today (1st November). Under the Government’s bank referral scheme, RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale and Yorkshire Bank, Bank of Ireland, Danske Bank and First Trust Bank will be obliged to offer to pass on details of…
Read more
ThinCats has appointed Damon Walford as its new Chief Development Officer. Walford will work alongside ThinCats CEO John Mould to help grow ThinCats’ existing business and capitalise on new opportunities, with a particular focus on originating loans and widening the platform’s network of sponsors across the UK. He has more than 20 years’ experience working…
Read moreLendinvest has appointed Willem Wellinghoff as VP of Compliance. Wellinghoff is responsible for leading the compliance function, setting and maintaining LendInvest’s compliance and risk management strategy. He also serves as a member of the LendInvest’s Governance Committee for Compliance and Risk. Wellinghoff boasts extensive compliance experience having spent a decade at Cabot Credit Management, a leading credit services…
Read more
Santander has teamed up with Crowdfunder to launch a £200,000 fund to support social enterprises and community projects across the UK in a collaboration called Changemaker Fund.. This is the first time one of the UK’s largest banks has partnering with a crowdfunding platform. Community projects looking to support social change can present their ideas…
Read more