Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
Read more
Consumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
Read more
A new toolkit to bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt has been launched by the Money Advice Service today. This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice…
Read more
The British Bankers Association (BBA) latest data from the high street banks shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month. Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said: “This…
Read more
The Council of Mortgage Lenders (CML) has released its latest member data and shows that the number of outstanding residential interest-only loans has been falling by between 10 and 13 per cent a year since 2012. In the CML survey covers well over 90% of all residential mortgages outstanding, reflecting the industry’s ongoing commitment to…
Read moreThe number of county court judgments (CCJs) against consumers in England and Wales rose to the highest level in over a decade during the first quarter of the year, according to figures released today by Registry Trust. In Quarter 1 (Q1) 2017, there were 298,901 debt judgments registered against consumers in England and Wales. Rising…
Read moreA total of 196,909 court fines imposed since 2011 in Ireland, worth a total of €48.5 million, remain unpaid. The latest figures from the Courts Service of Ireland show that the rate of evasion is increasing, with €16.5 million overdue at the end of 2017 compared to €7.5 million in 2011. Jim O’Callaghan, justice spokesperson…
Read more
The National Audit Office (NAO) has published the findings of its investigation into the Department for Work & Pensions’ closure of its 1993 and 2003 child maintenance schemes. The 1993 and 2003 ‘Child Support Agency’ schemes struggled with IT problems leading to poor customer service, backlogs and incomplete information about amounts due. Inaccurate assessments can…
Read more
Changes to the law covering bailiffs in England and Wales introduced in April 20141 are failing to protect people in financial difficulty from unfair treatment, according to a landmark new report, ‘Taking Control’, released today by a coalition of debt advice and other charities. The report finds evidence that bailiffs are: regularly using intimidating behaviour failing…
Read more
The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.9 billion in January. This is 6% lower than December’s lending total of £20 billion, but 2% higher than the £18.6 billion lent in January last year. This is the highest lending total for a January since 2008 (£25.2 billion). Commenting on market conditions…
Read more
Here is an overview of The Money Charity’s latest statistics for February 2017: Personal debt in the UK People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult. According to the Office for…
Read moreThere were more county court judgments (CCJs) against consumers in England and Wales during 2016 than any year on record, according to figures released today by Registry Trust. A judgment is incontrovertible proof that debt has not been managed. In 2016, 912,389 judgments were registered against consumers in England and Wales. Rising almost a quarter…
Read more
Marston Holdings has announced that Chris Badger is to join Burlington Group as Director of High Court Services. Badger, one of the youngest people to be appointed an Authorised High Court Enforcement Officer in 2007 at the age of 29, has worked in the industry for over 14 years. In 2013, Badger was appointed to…
Read more