Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced the final rules on the Directory – a new public register that enables consumers, firms and other stakeholders to find information on key individuals working in financial services. Publishing this information on a regular basis will empower customers to make sure they only deal with individuals whom an…
Read moreOver half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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The Financial Conduct Authority (FCA) has written to credit card firms to highlight the findings of its multi-firm review of fees and charges in prime and sub-prime credit card products and firms. It shared the findings of its review with participant firms and a number of changes have been made to how customers are charged…
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Consumer spending grew by 1.2 percent year-on-year in February, equating to a decline in real terms when adjusting for inflation according to new data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose by 2.3 percent, propped up by relatively modest growth in supermarkets of…
Read moreBritish banks are being hit by more than one major IT or security failure that stops customers from making payments every day, a Which? Money investigation has found. In the most comprehensive analysis carried out since banks started disclosing serious IT glitches last year, the consumer champion found there were 302 incidents that prevented customers…
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The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector after uncovering serious concerns about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor finance…
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Loans specialist 1st Stop Group has joined the London Stock Exchange Group’s international business support and capital raising ecosystem platform called ELITE. 1st Stop Group offers car finance loans, secured second charge mortgages and unsecured personal loans to UK customers, serving customers who are not able or not wishing to borrow from high street lenders.…
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UK Finance has published its Mortgage Arrears and Possessions Update for the fourth quarter of 2018, which saw 4580 homeowner possessions in 2018, the lowest level since 1980 when there were 3480 possessions. During this period, there were 6.2 million outstanding homeowner mortgages, compared to 9 million at the end of December 2018. The data…
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Morses Club the UK’s second largest home collected credit lender, has announced the acquisition of the business and assets of Hays Credit, a home collected credit lender. Hays is a family-run business which has been operating since 1957, providing loans to approximately 2,700 customers across the North East of England. Hays has outstanding balances of approximately…
Read moreThe Bank of England has today published its latest monthly Money and Credit report showing consumer credit growth slowed to 6.6 percent in the year to December 2018. Outstanding balances for consumer credit stand at £215.6 billion. The Bank of England says that the credit growth slow down reflects the continuation of relatively weak flows…
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Consumer credit firm Omni Capital Retail Finance has agreed a partnership to use an automated decisioning platform (ADP) from LendingMetrics. The finance provider, which is owned by Castle Trust Capital, has chosen Lending Metrics’ ADP platform to support its OmniPort credit approval system, which allows customers to purchase immediately at point of sale using a paperless…
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Credit reference agency and information solutions provider TransUnion (formerly Callcredit), has announced today the appointment of Satrajit “Satty” Saha as its new Chief Executive Officer (CEO). Outgoing CEO Mike Gordon will remain with the business as an adviser until the end of March 2019 to ensure a smooth transition of responsibilities. Prior to joining TransUnion’s…
Read moreConsumers are starting 2019 with outstanding borrowing from 2017, with 3.1 million people still paying for Christmas 2017 according to a new study by Sainsbury’s Bank Credit Cards. The study found more than a quarter (27%) of people have debt remaining from two years ago. This New Year, UK adults still owe money from 2017…
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