Credit, Collections & Insolvency News
Ofgem has set the final level of the price cap, following the regulator’s statutory consultation published on 6 September, at £1137 per year for a typical dual fuel customer paying by direct debit. When the price cap comes into force suppliers will have to cut the price of their default tariffs, including standard variable tariffs,…
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Provident Financial has announced the appointment of Simon Thomas as Chief Finance Officer. Thomas will join the board and start as Chief Finance Officer on the 3rd December 2018. Andrew Fisher, the current Finance Director will step down from the Provident Financial board when Thomas takes up his appointment, but will remain employed by the company…
Read moreExperian has announced that it is launching a new range of services to help lenders evolve their approach to making consumer credit decisions, so businesses can make more informed decisions and deliver fairer, more affordable outcomes for their customers. The service is called Experian Credit 3D. Experian says knowing a consumer’s credit information at a single…
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TransUnion, the global risk and information solutions provider, has announced it has an agreement to sell its Noddle business, the UK-based free-for-life credit reporting and monitoring service, to Credit Karma. TransUnion acquired Noddle earlier this year as part of its acquisition of Callcredit, the second largest credit reference agency in the UK. John Danaher, TransUnion’s…
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Almost half of those working in the financial services sector (47%) are convinced that robotisation will lead to far fewer jobs within the industry in the UK. In addition to the fact that robotisation will have a significant impact on employment, employees also expect that artificial intelligence (36%) and the arrival of big data (36%)…
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R3 has welcomed the news that the Government has launched a consultation on introducing a “breathing space” for indebted individuals, Stuart Frith, President of insolvency and restructuring trade body R3, said “R3 welcomed the Government’s plans for a ‘breathing space’ for indebted individuals, during which they will have an opportunity to seek advice about their finances…
Read moreHousehold energy debt has soared by a quarter (24%) compared to this time last year with research showing that three million households collectively owe nearly £400 million to their energy supplier at the start of autumn, according to uSwitch.com. At a time when they would expect to be in credit, more than one in ten energy bill…
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Vanquis Bank has announced its Managing Director will step down. In a statement, the company said that the Board of Vanquis Bank announces that Chris Sweeney, Managing Director, Vanquis Bank will from today step down from his role and also the Board of Vanquis Bank. Sweeney will remain employed by Provident Financial Group until the end…
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In the past decade, technological advancements have changed our daily lives beyond recognition. There is no surprise, therefore, that the demands of today’s consumers are forcing businesses to rethink the way they service their customers. The demand for immediate, round-the-clock access to information raises expectations in nearly every industry – and the lending market has…
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A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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More than half of UK consumers (54 percent) would be ready to use biometric payment cards if they were available at their bank today, according to new research revealed by digital security leader Gemalto and conducted by GfK. For 82 percent of consumers, it would even become their preferred payment card – generating a clear ‘top of…
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The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
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The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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