Credit, Collections & Insolvency News
Specialist lender Together has announced that it is focusing on growth in the corporate lending market by significantly expanding its corporate relationships team with a series of senior appointments. The new appointments include Sonia Mann and Andrew Fouli who join as Corporate Relationship Directors in the Midlands and London respectively. Mann brings more than 20 years’ experience in business…
Read moreThe Financial Conduct Authority (FCA) has confirmed it is introducing reforms to fix a dysfunctional overdraft market. These changes will make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. The changes represent the biggest overhaul to the overdraft market for a generation.…
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Debt Purchaser, Cabot Credit Management has announced that its 100% indirectly owned subsidiary Cabot Financial (Luxembourg) II S.A. had priced an offering of €400 million aggregate principal amount of Senior Secured Floating Rate Notes due 2024 with a coupon of 6.375% plus three-month EURIBOR (subject to a 0% floor), reset quarterly, in a private placement…
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Consumers are taking a ‘pick n mix’ approach to how they make payments, with mobile banking, mobile payments and contactless all becoming increasingly popular, research by UK Finance has revealed. Just as digital technology has allowed people to customise the way they listen to music or read the news, it is now transforming the world…
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Paylink Solutions has announced that it has welcomed a global operations expert to its senior management team as part of plans to increase market share across the UK’s debt and collections sector. Navdeep Sethi has joined the Midlands-based technology company as Chief Operations Officer (COO) after his success at developing and growing one of the…
Read moreThe Ofcom Board has announced that Sharon White is to step down as Chief Executive. White is leaving to become Chair of The John Lewis Partnership. She is expected to leave Ofcom around the turn of the year. White joined Ofcom in March 2015 from HM Treasury where she was Second Permanent Secretary. Lord Burns,…
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A new study across 11 markets commissioned by Mastercard has revealed that six out of seven people use digital banking solutions at least once a month, 38 per cent do so on a weekly or even daily basis. 63% use mobile banking apps from traditional banks and one in five (20%) already from digital-only banks.…
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The Competition and Markets Authority (CMA) has announced that it is investigating the potential £1.6bn merger between One Savings Bank and Charter Court. The investigation will assess whether the deal could potentially lead to a “substantial lessening of competition” in the mortgage market. The CMA has invited comments on the merger by June 19. In…
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UK Asset Resolution (UKAR) has announced that it has now repaid its £48.7 billion taxpayer loan. The loan was not expected to be repaid until the mid-2020s but has been able to do so more quickly by selling off packages of loans to private equity buyers. UKAR which incorporates Bradford & Bingley was created in October…
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Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury. Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Baroness Manzoor…
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Non-Standard Finance (NSF) has announced that it has withdrawn its £1.3billion takeover bid for Provident Financial. After talks with regulatory authorities, NSF’s offer for Provident would lapse as the regulatory condition would not be satisfied by midnight today, the company said in a statement. NSF said that after discussions with regulatory authorities, in learning that…
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According to a new survey, half of European businesses believe their country will be cashless within ten years. The coming European Payment Report 2019 by European credit management services company Intrum, shows that a quarter of all businesses believe their country will abandon cash within five years, while another quarter believes it will happen in…
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William Molloy has been announced as the Central Bank’s Director of Financial Operations, effective from 1st August 2019. The Director of Financial Operations is responsible for leading the implementation of monetary policy in Ireland with direct responsibility for the investment management of the Central Bank’s financial assets. This role is pivotal in maintaining the liquidity…
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