Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
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New analysis by Which? has found that banks are locking customers out of their accounts five times a week because of IT meltdowns. In the last year, the UK’s biggest banks were hit with a total of 265 systems failures. The consumer group, which looked at Financial Conduct Authority (FCA) figures from October 2018 to…
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The latest figures from UK Finance show that the £11 billion of credit card spending in October 2019 was 2.3 percent lower than in September 2018, with repayments remaining in line with credit card spending, demonstrating that consumers are managing their finances effectively overall. Repayments remained in line with credit card spending, showing that consumers…
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New research by iVendi shows that 8% of used cars have potentially conflicting information attached to their digital record – meaning that any finance quotes supplied for them could be incorrect. From a sample of around 140,000 vehicles being sold online, the motor retail technology specialist identified more than 11,000 as having a potential problem.…
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The Prudential Regulation Authority (PRA) has imposed a combined financial penalty on Citigroup Global Markets (CGML), Citibank N.A. London branch and Citibank Europe UK branch of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. The PRA says that between 19th June 2014 and 31st…
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TSB has announced plans to cut up to 400 jobs and close 82 branches next year as part of wider plans to save £100 million by 2022. The Spanish-owned bank currently has 540 branches. Detailing a new three-year strategic plan, Chief Executive Debbie Crosbie said the move would help deliver a 15 percentage point improvement…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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The board of TSB has published an independent review of the bank’s 2018 migration to a new IT platform, which it commissioned from the law firm, Slaughter and May. The report has identified the issues behind an IT meltdown at TSB which left 1.9 million customers unable to access their accounts and cost the bank…
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Fintech start-up, Snoop has been granted regulatory approved by the Financial Conduct Authority (FCA). Snoop connects to a customers’ current accounts and credit cards through Open Banking, and using a combination of both artificial intelligence and human intelligence, delivers data-driven, personalised insights to help consumers avoid rip-offs and make the most of their money. As…
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UK Finance’s latest Mortgage Trends Update reveals that there were 17,740 new remortgages with additional borrowing in September 2019, 5.9 per cent more than in the same month in 2018. For these remortgages, the average additional amount borrowed in September was £50,000. There were 19,140 new pound-for-pound remortgages (with no additional borrowing) in September 2019, eight…
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HSBC has announced that it has rolled out a new feature in its retail mobile banking app that shows customers how much they could have left in their account until payday once their scheduled bills have been taken into account. Balance After Bills is the first feature to make its way into the into the…
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Nearly a third (32 per cent) of credit card transactions and 46 per cent of debit card transactions made in the UK in August 2019 were made using contactless cards according to latest figures from UK Finance. The data shows that consumers spent £223m a day on contactless cards in August, totalling £6.9bn during the…
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Home repossessions have increased by 19 per cent to 1,330 in the third quarter of 2019 compared to the same period last year, new figures from UK Finance have revealed. UK Finance says the slight increase in possessions has been driven in part by a backlog of historic cases which are being processed in line…
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