Credit, Collections & Insolvency News
The Treasury has been urged to boost the living standards of low-income working families by ending the freeze on benefits and tax credits and increase them in line with inflation at the Spring Statement next week. Ministers are being warned that a failure to end the freeze this year will increase poverty and make life…
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Full disclosure of commission paid on motor finance at the point of sale could be imminent following the publication this week of a new FCA review, according to motor finance e-commerce specialist iVendi. James Tew, CEO at iVendi said that the results were harder hitting than many in the industry expected and a clear sign…
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Non-Standard Finance (NSF) has been warned by the Financial Conduct Authority (FCA) that its plans to shake up Provident Financial if it succeeds with its £1.3 billion hostile bid must not result in customers being exploited for higher profits. The FCA said borrowers’ rights must be protected and lending rules cannot be relaxed. FCA retail…
Read moreOver half (52%) of financial services customers feel that financial services firms treat consumers unfairly, according to new research by Voice of the Customer (VoC) pioneers Maru/edr. The findings are from a new study into customer treatment in the financial services industry, which interviewed 1,000 independent customers who held at least once financial product in…
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Moneyhub has integrated Starling Bank into its Payment Gateway, the first challenger bank to support PSD2 PISP legislation and joining the growing list of payment providers on the Moneyhub platform. Moneyhub’s integration with Starling Bank’s API allows users to initiate a payment straight from one account to the other quickly, easily, and at a fraction…
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Knowledge Bank’s Criteria Activity Tracker for February shows that searches regarding people with debt issues were four of the five top criteria searches in the second charge category, for the very first time. UK Knowledge Bank’s monthly criteria index reveals the searches brokers perform prior to mortgage product sourcing. Concern might be raised within the…
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The Financial Conduct Authority (FCA) has written to credit card firms to highlight the findings of its multi-firm review of fees and charges in prime and sub-prime credit card products and firms. It shared the findings of its review with participant firms and a number of changes have been made to how customers are charged…
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With established markets in Italy, Spain and Greece still at the at the forefront of investor’s attention for Non-Perfoming Loans (NPL) investment, there is increased appetite to seek out new markets according to a new research report from law firm Ashurst. The report, A Global NPL Perspective, compiled the views of senior executives across the…
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Consumer spending grew by 1.2 percent year-on-year in February, equating to a decline in real terms when adjusting for inflation according to new data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose by 2.3 percent, propped up by relatively modest growth in supermarkets of…
Read moreThe Access to Cash Review has published its final recommendations calling on the Government, regulators and banks to act now or risk leaving millions behind. The review concludes that digital payments don’t yet work for everyone and around eight million adults (17% of the population) would struggle to cope in a cashless society. The Review’s…
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Finance teams lack the digital skillset to embrace the latest advancements in artificial intelligence (AI), causing a negative impact on revenue growth, according to a new study from the Association of International Certified Professional Accountants (the Association) and Oracle. The study of more than 700 global finance leaders found that despite a clear correlation between…
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Retail finance technology provider, Deko, has announced it has partnered with Featurespace, the leading machine learning Adaptive Behavioural Analytics fraud and risk management company, to bolster the security of its consumer finance lending platform. Deko will use Featurespace’s ARIC™ Fraud Hub to boost the capabilities of its retail originations technology, increasing the security benefits of…
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Fraud against older people soared last year as criminals looked beyond the UK’s cities and towns for new victims, according to Experian. City dwellers whose mail is left in communal areas or in mailboxes outside of their property have long been the main target for fraudsters, as they need to intercept the credit or debit…
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