Credit, Collections & Insolvency News
The latest stress test analysis carried out by the Bank of England (BOE) reveals the core banking sector is now holding over three times the amount of capital ratio than before the global financial crisis. Consumers, on the other hand, are less prepared than they were in 2008. The UK households’ saving ratio has almost…
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Consumer Credit Solutions (CCS) has announced the appointment of Shanny Rasul as Business Development Manager. Rasul will take on account management responsibility for home improvement retailers across the South East of England. Rasul has a background in private banking and commercial finance. He spent almost 10 years with Barclays Premier and Clydesdale Private Bank, before…
Read moreEquiniti Credit Services, a consumer credit technology and outsourced service provider, has announced the publication of its latest annual research report. A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity, and flexibility. The sixth…
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Brilliant Energy Supply, an energy supplier with about 17,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, will continue and the outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…
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The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…
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Mortgage arrears would soar by 30% over the next three years in the event of a no-deal Brexit, according to data modelling by Kensington Mortgages, the specialist mortgage lender. Using its proprietary risk modelling tool, Vector, Kensington’s analysts tested a series of scenarios based on a representative data set of 750,000 loans (with an outstanding…
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Cabot Financial, the debt purchase arm for the Cabot Credit Management Group (CCM), raised £122,633 for two children’s hospices last year with £94,212 being donated to Demelza in Kent and £28,421 to Chestnut Tree House in Sussex. Cabot Financial has two sites in the UK, one in Kings Hill, Kent and one in Worthing in…
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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 moreNew figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market increased 1% by volume and 6% by value in January, compared with the same month in 2018. The POS consumer new car finance market reported new business volumes up by 4%…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business in January was at a similar level to the same month in 2018. Credit card and personal loan new business together fell in January by 3% compared with the same month in 2018, while retail store and online credit new…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer that the second charge mortgage market reports volumes up by 18% in January Commenting on the January 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association…
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The Financial Conduct Authority (FCA) has announced that the Financial Ombudsman Service (FOS) will soon be able to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 limit will increase to £350,000 for complaints about actions by firms on or after that date. For complaints about…
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The Irish Central Bank of Ireland has published an analysis of over 4,500 applications for approval to occupy senior roles within regulated firms in Ireland (under the Fitness and Probity regime) in 2018. The Central Bank has committed to publishing this analysis on an annual basis as part of its continued focus on the importance…
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