Credit, Collections & Insolvency News
The Department for Work and Pensions (DWP) has appointed John Govett as the first Chief Executive Officer of the new Single Financial Guidance Body (SFGB). Govett is vastly experienced, having worked in leadership roles across the public, private and charitable sectors including as Group Chief Executive at Ixion Holdings, Managing Director of Surrey County Council,…
Read moreThe New Payment System Operator (NPSO) has confirmed the representation of its newly-created Participant Advisory Council: Twelve experts and executives from across the payment services landscape have been appointed, to help ensure that views from the industry are heard and acted upon by the NPSO. The Participant Advisory Council will operate as a non-executive advisory…
Read moreThe Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…
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Consumer debt continues to be a pressing issue and one that isn’t going away. Our research into debt recovery processes earlier this year highlighted this, finding that more than one in three consumers (35%) have fallen into arrears due to their outgoings rising above household income – a 7% increase since we carried out similar…
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A new webinar taking place on Tuesday 24th July will explore how consumer debt collections can be optimised. The webinar will explore collections analytics and lessons learnt from over 100,000 collections calls. Presenter and MD of Lightico Zviki Ben Ishay said “Debt collectors spend countless hours trying to contact borrowers to reclaim their overdue payments. After…
Read moreOnline research from Equifax has revealed the lack of awareness of banking options among consumers. When presented with a list of digital banks 60% hadn’t heard of any of the brands and only 20% would opt for a challenger bank if opening a new account today. The survey, conducted with Gorkana, showed 44% of consumers…
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A total cost cap on rent-to-own items like washing machines, fridge freezers and televisions could save consumers £276 (28%) per product, new analysis from Citizens Advice has found. The national charity has modelled the impact its proposed total cost cap in the rent-to-own sector would have. The FCA has indicated it will implement a cap…
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The 2018 winners of the UK’s largest consumer-voted awards for the consumer credit industry have been revealed at a ceremony in London. Launched in 2016, Birmingham-based not-for-profit Fair for You took home two awards, including ‘Best Alternative Finance Provider’ and the much coveted ‘Firm of the Year’, beating some of the UK’s largest consumer credit…
Read moreA higher percentage of women than men in England and Wales entered insolvency in 2017, continuing the trend of recent years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. Looking at the geographical spread in the statistics, the North East and coastal towns such as Plymouth…
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British lenders expect consumer borrowing to pick up in the third quarter, according to the Bank of England’s latest credit conditions survey. The report found “a significant increase in default rates on credit card loans” between April and June this year, indicating that consumer budgets could be coming under pressure. The Bank of England is…
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Money Advice Scotland has announced that it has appointed David Hilferty its new Deputy Chief Executive. Yvonne MacDermid, CEO of Money Advice Scotland, said: “I am delighted that David has been promoted and accepted the post of Deputy Chief Executive. This new appointment will strengthen our team, and our ability to deliver on our five-year…
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Europe’s largest peer-to-peer property platform Lendy announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA). Lendy’s secured lending model was authorised by the FCA following a detailed end to end assessment of its business and operating model. Lendy, which launched in 2012 and has to date facilitated over £400m in…
Read moreUK Finance has released its Mortgage Trends update for May. Highlights from the report include: There were 32,200 new first-time buyer mortgages completed in the month, some 8.1 per cent more than in the same month a year earlier. The £5.4bn of new lending in the month was 12.5 per cent more year-on-year. The average…
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