There were more County Court Judgments (CCJs) against consumers in England and Wales during 2017 than any other year since current records began in 2005, according to figures released today by Registry Trust. In 2017, 1,138,058 judgments were registered against consumers in England and Wales. Rising almost a quarter on 2016, the total number of…
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Debt purchaser, Motormile Finance UK (MMF) has announced that it will now be known as Lantern going forward. Since 2008, MMF have purchased more than 2 million accounts with a notional value of over £1bn. In 2015, the company underwent a significant transformation as a result of regulatory changes in the sector, which includes the implementation…
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Debt purchaser, Lowell has announced the appointment of John Pears, to the new role of UK Managing Director. Pears will join the business later this year, subject to formal approval from the Financial Conduct Authority. Pears will join Lowell’s UK and Group Executive teams and report to Group CEO, James Cornell. He will take charge…
Read moreSoftware development company, Intelligent Environments (IE) has announced it has launched the latest iteration of Interact® Collect – a solution that finally rewires the debt recovery and reconciliation process for the digital world. Simon Cadbury, Director of Strategy at Intelligent Environments. said “Intelligent Environments continues to reduce the friction of managing debt, taking the collections…
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Despite the launch of Open Banking in 2018, new research suggests consumers need more education on the subject, with nearly 58% of people not knowing what Open Banking is. Whilst the new regime went live in January, new research by YouGov, surveying 4,458 British adults on behalf of the challenger bank, CYBG, provides a stark…
Read moreOfgem has announced that is going to formally back-billing. Energy firms will be banned from charging catch-up bills for energy used more than 12 months earlier. Customers who pay via direct debit often receive bills based on estimated meter readings. When an actual reading is taken, the supplier “back-bills” the customer for any shortfall. A…
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Peter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. Commenting on the latest figures Money Advice Trust Joanna Elson OBE, Chief Executive said “Whilst the…
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Debt purchaser, Arrow Global has announced that it has agreed terms for two acquisitions which strengthen the Group’s investment and asset management capabilities and reinforce its growing presence in Italy. The first acquisition is for Europa Investimenti S.p.A., a leading originator and manager of Italian distressed debt investments, for an equity value of €62 million.…
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One in two UK consumers would be happy to share transaction data with third parties if offered a more personalised service according to new research. One in three would be happy to use banking services from technology companies, because of the personalisation they offer. UK Banks that missed last month’s Open Banking deadline are facing…
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The Financial Conduct Authority (FCA) has today published its final policy statement on new rules for the credit card market. The FCA estimates the changes will save consumers between £310 million and £1.3 billion a year in lower interest charges. The new rules come into force on 1 March 2018, but firms have until 1…
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The Financial Conduct Authority (FCA) has announced that it has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed…
Read moreThe Financial Conduct Authority (FCA) has announced that it has launched a consultation on proposals to make information available on a wider range of individuals at authorised firms. The FCA and Prudential Regulation Authority (PRA) currently maintain a public Financial Services Register, “the FS Register”, of the firms that regulate and approve individuals. In July 2017, the…
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