Credit, Collections & Insolvency News
A new study by Dun & Bradstreet examining the current state of the compliance and procurement functions, as measured through professional sentiment on related issues like regulation, fraud, technology, and resource has found that increasing regulation continues to be the chief concern for professionals in these industries, while the overall outlook sentiment is positive. The…
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The switch to Universal Credit is hitting parents with upfront childcare bills that have reached £1,000, new analysis from Save the Children has revealed. In a new report, the charity has warned that this will force families into ‘childcare debt’ or block them from going back to work unless the government makes urgent changes. The report…
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The Association of British Credit Unions (ABCUL) has announced that it has appointed a new Chief Executive to replace Mark Lyonette who stood down in May. Robert Kelly, the current Chief Executive of NHS Credit Union and former President of ABCUL, will take up the role later in the year. Kelly brings with him a…
Read moreIreland’s Central Bank has fined St Canice’s Kilkenny Credit Union €210,000 and reprimanded it for eight breaches of the Credit Union Act following an investigation. The breaches have been admitted by the firm and the enforcement action has been concluded by way of settlement agreement between the parties. The Central Bank’s investigation found governance and…
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Figures published by UK Finance have revealed that £24.7 million of fraud has been prevented and 197 arrests made thanks to the introduction of the Banking Protocol, a ground-breaking scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch. The publication of the latest figures marks one…
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Credit reference agency, Experian has announced that it can now offer Open Banking and PSD2 (Payment Services Directive 2) services to enable the exchange of bank account information between people and organisations. The FCA has given it permission to operate as an Account Information Services Provider (AISP). The accreditation allows Experian to help people and…
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Credit cards are getting more expensive according to new data released by Moneyfacts which revealed that credit card borrowing is rising by around £3 billion year-on-year and £318 million of debt on plastic was written off in the first quarter of 2018. The report says that it is more likely than not that interest rates…
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In 2016–17, 27% of 25-54-year-olds (6.9 million people) reported having a longstanding illness, of which 18% (1.3 million) reported having a longstanding mental health problem. The number with a longstanding mental health problem rose by 250,000 since 2013–14. These are among the key findings from IFS’s annual report on Living Standards, Poverty and Inequality…
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New research by Santander Mortgages shows that average mortgage repayments are now lower than average rental payments in every region of the UK. Potential first-time buyers would have lower monthly outgoings if they bought a property rather than renting one. The research shows that homeowners could save £2,268 a year if they were able to…
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The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
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New research from StepChange Debt Charity has found that one in five its clients had an additional vulnerability (such as illness), on top of their problem debt. New analysis from the charity now shows that they tend to be in a notably worse financial position than other clients. This underpins the importance of the financial…
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Personal insolvency specialist, Creditfix has taken 15th spot in a major employee poll to uncover the best companies to work for. Headquartered in Glasgow, the firm is the only debt advice specialist to appear in the 2018 “50 Best Companies to Work For in Scotland”, scoring high marks in three key areas – wellbeing, community…
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Energy provider E.ON has announced that it is raising prices for approximately 1.8 million standard variable customers by 4.8%. E.ON is the last of the six largest energy suppliers to raise the cost of its standard variable tariff (SVT). In April this year, the supplier removed certain discounts for SVT customers, amounting to a 2.6%…
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