Credit, Collections & Insolvency News
UK SMEs say that economic uncertainty (45%), ongoing digitalisation efforts (41%) and increased competition (37%) are the three biggest challenges facing their organisation in the next two years, according to new research from Robert Half UK. SMEs require strong leadership to navigate this period of change in the next two years, but a significant proportion believe…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Raphael Bank (Raphaels) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of…
Read moreDebt charity, StepChange has raised concerns that consumers with long-standing debts on credit cards, who have received letters encouraging them to make more than the minimum payments are could be unclear in their messaging. Rules set by the Financial Conduct Authority (FCA) mean that many people will now be receiving a second reminder suggesting they…
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Citizens Advice has found regulators have allowed water, energy, broadband and telephone networks to overcharge customers by £24.1 billion over the past fifteen years. The charity is calling for companies to return some of this to customers through a rebate on their bills and for regulators to stop this happening again. The research follows its…
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Three Unexplained Wealth Orders (UWO) have been secured as part of a National Crime Agency investigation into London property linked to a politically exposed person believed to be involved in serious crime. The UWOs, which were obtained at the High Court last week, are for three residential properties in prime locations – originally bought for…
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The home credit division of Non-Standard Finance (NSF) is to be floated on the London Stock Exchange as an independent company if the £1.3 billion takeover of Provident Financial is to go ahead. NSF has told the Competition and Markets Authority (CMA) it would demerge the Loans at Home division to avoid competition concerns if…
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Edinburgh water company Business Stream has appointed former Tesco Bank and HBOS executive Margaret McLay as Director of Business Transformation. McLay was head of management operations at Tesco Bank where she helped deliver the transition after RBS sold its share in the Tesco Personal Finance business. McLay will be responsible for overseeing the transformation of…
Read moreIt would take the average person in the UK 26 years and 9 months to pay off the average credit card debt, if they only make the minimum payment each month, according to the May 2019 Money Statistics, produced by The Money Charity. With the average credit card debt per UK household standing at £2,655 in March…
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Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…
Read moreNew analysis by EY has forecasted that demand for consumer credit will grow by just 1.6 per cent this year, despite the recent rise in incomes. The research found mortgage lending is also expected to increase at its slowest rate in eight years, amid uncertainty about Brexit and ongoing concerns over affordability Whilst Business lending is…
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Latest household finance update statistics from UK Finance, show that £11.4 billion was spent on credit cards in April 2019 this was 11.7 per cent higher than the same month in 2018, This growth in spending reflects consumers’ increased preference for using credit cards as a means of payment, particularly online, because of purchase protection…
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Generation Z is the most likely to seek out personal advice when it comes to buying a financial product, according to a new report by business process outsourcing (BPO) Target Group. The findings form part of Target Group’s latest report, which examines the attitudes of consumers from across several generations, determining what is most important…
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Kensington Mortgages has announced that it has appointed Mark Foulsham as its Chief Operating Officer. Foulsham has over 30 years’ experience in the industry, having previously held positions at Scope, Surrey Innovations, CIO Connect and esure. He is also currently the founder and director of Keyenable Ltd, and on the advisory board at CIONET. Kensington…
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