Credit, Collections & Insolvency News
Anti-money laundering (AML) specialist SmartSearch has announced that it will become a Living Wage employer. The voluntary commitment sees directly employed staff including casual workers over the age of 18; receive a minimum hourly wage of £8.75 in the UK; significantly higher than the national minimum wage for over 25s of £7.83 per hour. The company, based…
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The Consumer Credit Trade Association (CCTA) has published a statement in response to the Financial Conduct Authority (FCA) ‘Dear CEO’ letter issued to all high cost short-term lenders (HCSTL) regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact. Lenders have been requested to…
Read moreConsumer confidence fell by three percentage points in the third quarter of 2018, down to -7% after the previous quarter’s record level of confidence, according to the latest Deloitte Consumer Tracker. The quarterly survey of 3,105 UK consumers, which took place between 21 and 29 September, recorded its first fall in consumer confidence since Q2…
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New research from NS&I has revealed that 14% of Britons (7 million people) think they may have lost track of a financial product, highlighting the staggering amount of money left dormant with UK financial services providers. And it’s not just savings accounts, with a fifth (20%) admitting there is a possibility that they have lost…
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Latest figures from Worldpay show that contactless transactions have overtaken chip and pin payments for the first time in the UK, as consumers embrace more convenient forms of payment. Contactless usage jumped by 30% in the past year to become the most popular form of card payment for in-store transactions. This trend has continued into the second…
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Analysis from Bank Underground shows that the higher a property’s energy efficiency rating, the less likely the mortgage borrower is to fall into arrears. Bank Underground is a blog used by Bank of England staff to publish views that don’t necessarily coincide with the Bank of England’s. In the blog’s latest post, the authors set…
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A national competition that challenges firms to deliver digital services aimed at helping those struggling with their money has been launched. Nationwide Building Society’s Open Banking for Good challenge (OB4G) will see fintech organisations and academics work together to develop Open Banking apps and services that make a real difference to people’s lives, particularly those…
Read moreLeading figures from a number of banks, building societies and other financial institutions have been provided with an update on the progress of the new Image Clearing System (ICS) for cheques, twelve months since its introduction across the UK. Delegates heard a variety of presentations at the 4th Annual Cheque Imaging & Remote Deposit Capture…
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UK Finance, the trade organisation representing around 300 firms in the finance and banking industry operating in the UK, has today announced the appointment of David Postings, Global Chief Executive, Bibby Financial Services and Mark Barnett, President of Mastercard UK, Ireland, Nordics & Baltics, to its Board. David and Mark will be joining the 22-strong…
Read morePayment company Ingenico has today a partnership with European payments company, Trustly, that will enable customers in Europe to make secure online transactions directly from their bank account. The collaboration will see Ingenico expand its range of online payment solutions and enhance its position in 26 European countries, with online banking payment method now integrated into…
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CYBG has completed the acquisition of Virgin Money, creating the UK’s sixth-biggest bank. Commenting on completing the Virgin Money acquisition, CYBG Chief Executive David Duffy, said “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers…
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Gamers will be the first in the UK to be able to send a text message so they can skip the awkward conversation about buying products on finance. Around 20 Experience GAME stores are taking part in a pilot run of Mobile for Credit, launched in partnership with Experian and Close Brothers Retail Finance, which…
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Personal finance ‘paralysis’ costs UK consumers £18.7 billion per year, according to new research from Freedom Finance. Freedom Finance, the fintech lending platform, worked with a senior economist from Strathclyde Business School to calculate the cost of personal finance indecision. The study found a failure to switch or consolidate credit card debts costs UK consumers £10.5 billion a…
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