Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…
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Debt management specialist Gregory Pennington, has announced that it has integrated an Open Banking solution, provided by Equifax in partnership with AccountScore, into its annual customer review process. The technology automates an often onerous operation for customers, saving time and inconvenience, as well as significantly reducing Gregory Pennington’s operational costs. Customers of the debt management…
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A petition demanding government action against High Street lenders has been started by the director of UK credit reference agency LendingMetrics. The petition – lodged this week, alleges that some clearing banks are systematically discriminating against start-ups by refusing to open business current accounts for them. Signatories claim there is a growing number of non-mainstream…
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New data published by Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose modestly by 2.2 per cent, boosted by a 4.1 per cent growth in petrol spend while supermarket sales contracted 0.5 per cent. Non-essential spending, meanwhile, saw year-on-year growth of 3.4 per cent. Yet,…
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First Trust Bank announced that it will rebrand as AIB. The change will mean that all First Trust Bank operations, products and services will rebrand as AIB on a phased basis to create a shared and unified brand for our customers across all our business operations from 2020. Over the past number of years, AIB…
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A new report produced by a Scottish debt charity Stepchange has highlighted the extent of the debt burden in Scotland. In its report, Scotland in the Red, StepChange Debt Charity Scotland outlines the financial situation of Borderers who have sought their assistance with managing debts. The report draws on data from telephone debt advice sessions…
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Virgin Money recently worked with data science expert, Jaywing, to deploy Artificial Intelligence (AI) tests through the use of its AI product, Archetype in its credit card business. AI modelling enables Virgin Money to gain a deeper understanding of its customers, so that it can further improve the customer experience and enhance risk modelling. AI…
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The newly launched Money and Pensions Service is calling on organisations throughout the UK to get involved in the development of the organisation’s strategy to improve the nation’s financial wellbeing. The new organisation, which has officially launched today, is a joined-up service for everything from debt help to money and pensions guidance. Uniquely, the organisation…
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In the decade since the first debt relief order (DRO) was approved in 2009, £2.3 billion of debt relief has been granted helping more than a quarter of a million people out of debt. The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 2% by volume and 6% by value in February 2019, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the…
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New figures released by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year. Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage market new business volumes increased by 24% in February. Commenting on the February 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In…
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Hundreds of thousands of people who were mis-sold high-cost short term loans will receive a fraction of the compensation they are entitled to after WageDay Advance loans collapsed into administration last month. Customers are now receiving emails to explain how much they owe or are owed. However, now the company is in administration, those who…
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