Credit, Collections & Insolvency News
A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
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With 30 days until the October 31 Brexit deadline, the number of Brits saying they have put off a big financial decision has risen to one in five (19 per cent) – equal to ten million people. The major outgoings currently on ice for one in five people include booking a holiday (38 per cent…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit fell to £0.9 billion in August, slightly below the average of the past year. The statistics also showed that the number of mortgage approvals for house purchase fell to 65,500 in August, down from the 18 month…
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New figures from UK Finance show bank scam victims lost £207.5m in the first six months of this year to authorised push payment fraud – more than £1.1m a day. A total of 57,549 cases were recorded by banks – a 69% rise compared with the same period in 2018. Over the same period, £408…
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Sainsbury’s Bank has announced that it is to stop selling mortgages with immediate effect. As part of its five-year plan for financial services, it will also end all group capital injections after £35 million in 2019/20. Sainsbury’s Group Chief Executive Mike Coupe said the bank “is too expensive to run” and that its cost-income ratio would…
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UK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
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Aldermore, the specialist bank, has announced that Claire Cordell, its Director of Finance, will become its new Chief Financial Officer (CFO) and an Executive Director on its board. The news follows the decision of James Mack, the current CFO, to leave Aldermore after six years to become the new CFO at Barclays Bank in February…
Read moreMore than a third of the UK’s bank branches have shut their doors since 2015 while hundreds of those that remain have slashed their opening hours, new research from Which? reveals. The consumer champion investigated the bank branch network between January 2015 and August 2019 and found there were 3,303 closures (34%) in that period…
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State Bank of India (SBI) has launched its digital banking app YONO for customers of SBI (UK). Originally launched in 2017 by SBI in India, YONO has become very popular, especially among the youth, as it combines mobile banking and lifestyle. SBI has now decided to take YONO globally, starting from the United Kingdom. YONO…
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Over a million self-employed workers believe that they will not own their own home with over two thirds (68%) finding it difficult to get a mortgage according to research by Kensington Mortgages. A survey of more than 2,500 self-employed Britons has revealed that more than two thirds (68%) of self-employed individuals feel disadvantaged by their…
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Lloyds Bank has announced that it has developed a cutting-edge new tool – built by experts in fraud prevention, software engineering and data science – to hunt down fraudsters before they have a chance to strike. Despite increased awareness in recent years, one in 10 adults say they have been the victim of a financial…
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UK’s leading fraud prevention service, Cifas has revealed that mortgage fraud has seen a 5% increase in the first six months of 2019 compared to the last six months of 2018. The figures are released as part of the Cifas ‘Faces of Fraud’ campaign, which aims to highlight the fact that what some view as…
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The Royal Bank of Scotland Group (RBS) has announced the appointment of Alison Rose as Executive Director and Chief Executive Officer (CEO). Rose, currently Deputy CEO NatWest Holdings and CEO Commercial and Private Banking, will take up the position on 1st November 2019 after an orderly handover has taken place. Ross McEwan will formally step…
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