Credit, Collections & Insolvency News
Hanley Economic Building Society has announced that it has made two senior appointments and added two new members to its board. The company has appointed Jenny Jones as Head of Finance and Anna Guy as Head of Risk, while adding Ian Henley and Liz Whitfield to its board. Jenny Jones joined the society as a…
Read moreThe Financial Ombudsman Service has published annual complaints data which showed that it received over 270,000 new complaints about financial businesses in the 2019/20 financial year. PPI remained the most complained about product, with over 122,000 complaints about PPI received by the service, including a spike in complaints following the FCA’s August deadline for consumers…
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Card and contactless payments continued to increase in 2019, with card payments accounting for over half (51 per cent) of all payments for the first time, according to the latest UK Payment Markets report from UK Finance. Debit cards were the most used payment method in the UK with 17 billion payments, of which 7…
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Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…
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Metro Bank has announced that Martin Boyle has been appointed Chief Transformation Officer. Boyle will report to the CEO, Dan Frumkin and will be a member of the Bank’s Executive Committee (ExCo). Boyle is an experienced change and operations leader with extensive retail banking expertise, joins from Nationwide Building Society, where he was Chief Transformation…
Read moreThe Financial Conduct Authority (FCA) has extended the mortgage payment holiday application deadline for customers struggling to meet payments. Mortgage customers now have until the end of October to request a break from payments while repossessions are further blocked. The FCA has confirmed the support firms should give to mortgage customers who are either coming…
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Car manufacturer, Alfa Romeo has become the first in the UK to cover finance payments on new cars in the event the owner loses their job due to the coronavirus pandemic. In a groundbreaking move, Alfa Romeo has pledged to pay up to seven months of payments on its models at no cost to the…
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Customers facing temporary financial difficulties due to the coronavirus have been granted almost 1.5 million payment holidays by lenders on their credit cards and personal loans according to latest figures from UK Finance. As of 21st May, 877,800 customer accounts had been given a payment freeze on their credit card. This is an increase of…
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New research from Comparethemarket.com has found that 75% of households have managed to save £300 during lockdown, but the long-term financial impact of pandemic remains a worry. The research has found that households’ financial confidence, with signs that the UK may have moved past its peak in financial anxiety for the short-term. According to the…
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RBS will repay around £2.2 million in charges and interest to approximately 36,000 customers who went into or attempted to go into unarranged overdraft without first sending an alert to them. The bank failed to send accurate text warnings to customers, from February 2018 until December 2019, and has now agreed to fully repay the…
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The Financial Conduct Authority (FCA) has launched a consultation on additional guidance for payments firms to strengthen the way in which they look after customers’ money. The payments sector is a priority area for the FCA and the consultation follows ongoing work to ensure payments firms are adequately protecting customer funds. The guidance is part…
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Latest figures from UK Finance show 1.82 million mortgage payment holidays have been issued as of 20th May 2020 – equivalent to one in six mortgages issued by lenders. UK Finance says Lenders have welcome the FCA’s draft guidance consultation published today, and the PRA’s related publication, on the next steps for those borrowers already on…
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Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published by the Financial Conduct Authority (FCA). The FCA has published new draft guidance today for lenders which will set out the expectations for firms…
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