Company directors could be fined up to £500,000 if their business is behind nuisance phone calls, under government moves to clamp down on the problem. The law is to be changed in Spring 2017 to make directors personally liable for breaches of regulations. At the moment only firms can be fined for ignoring rules on cold calling,…
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New figures from the Insolvency Service Ireland show that almost 900 people applied to put a formal insolvency arrangement in place with their lenders. The figures were for the three months to the end of September. This was up 102% on the same three months last year. But the number of heavily-indebted people who secured a…
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The Royal London National Funeral Cost Index reveals funeral debt in the UK has risen to £147million as people borrow from friends and family or the ban to fund the last wishes of loved ones. Royal London’s research highlights that the average cost of a funeral in the UK is now £3,675, with 93,359 adults…
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Here is an overview of The Money Charity’s latest statistics for October 2016: Personal debt in the UK People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult. The average total debt per household…
Read moreThe Financial Conduct Authority (FCA) has banned Andrew Barry Hart, the sole director, controller and ultimate owner of Wage Payment and Payday Loans Limited (WPPL), from performing any role in regulated financial services. The FCA has also cancelled WPPL’s interim permission and refused its applications for WPPL to be authorised to carry out regulated activities…
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Glasgow-based independent law firm Yuill & Kyle Limited has secured full authorisation from the Financial Conduct Authority. Yuill + Kyle managing partner Stephen Cowan said: “Quite often as part of an audit process a creditor may take the view that they will not deal with a legal firm unless they have the FCA consent. Because Y+K…
Read moreThe Money Charity has released statistics indicating that after years of steady falls, cases of mortgage arrears have risen for the second quarter in a row. According to the Financial Conduct Authority, at the end of Q2 2016 there were 218,279 mortgage loan accounts with arrears of more than 1.5% of the current loan balance. This…
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Target Group has today announced the appointment of Jeremy Edwards as the company’s Chief Client Officer (CCO). Having held senior leadership positions at Accenture, Firstsource Solutions and Hinduja Global Services, Jeremy brings with him a wealth of experience in financial services, business process outsourcing (BPO) and client services. The new role brings together business development, client…
Read moreUlster Bank has sold off £2 billion tranche of loans to Cerberus. The portfolio consists 900 mortgages, across Ireland. Around 14% of the debt is based in Northern Ireland. A spokesman for Ulster Bank said: “Ulster Bank has confirmed the completion of a sale of significantly impaired loan portfolio, predominantly in the Republic of Ireland, enabling…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 5% by volume in August, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year. Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6%…
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South West law firm Clarke Willmott LLP has announced the appointment of a new Marketing Development Manager for its Debt Recovery team in Taunton. Emma Kitchen joins the firm having previously worked in the Energy and Financial Services industries and has a background in marketing communications, strategy and planning. Kitchen, who has extensive knowledge and experience…
Read moreFinancial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published today by the Financial Conduct Authority (FCA). The total number of complaints was 2.05 million. Payment protection insurance (PPI) is still the most complained about product. Complaints about current accounts…
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