Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in April grew by 22%, compared with the same month last year. Credit card and personal loan new business together grew by 21% compared with April 2017, while retail store and online credit new business increased by 11%. Second…
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Mobile current account provider Monese has announced that it has become an official member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention. Banks of all ages…
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New research from mobile current account Monese has found that 81% of the generation would relocate up to 4,000 miles in the pursuit of work. Embracing the digital nomad culture and breaking free from the traditional 9-5 office routine, it appears young Brits are keen to broaden their horizons. 85% deliberate developing transferable skills to enable…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has confirmed the full programme for this year’s UK Credit and Collections Conference (UKCCC), including a keynote address by Romana Pearson, Head of Consumer Credit at the Financial Conduct Authority (FCA). The conference is divided into morning and afternoon…
Read moreNew research by Equifax has highlighted that a third of parents feel pressured to buy the latest technology for their children. Underlining the need for broader awareness amongst young people of the cost of the things they want – and how they might be financed – the credit information provider has released research which reveals…
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Ofgem has appointed Mary Starks as executive director of the Consumers and Markets directorate. Starks will oversee Ofgem’s work to protect consumers’ interests in the retail and wholesale energy markets, including putting in place a price cap for all those on poor value defaults deals. Starks is currently the director of competition and chief economist…
Read morePersonal insolvency specialist RSM has appointed a new Director for its the personal insolvency practice in Hull. Andy Nalliah joins with more than nine years’ experience as an insolvency practitioner acting for distressed mid-market, owner managed businesses and individuals. He now specialises in formal insolvency planning including advising individuals and partnerships and acting as a…
Read moreThe Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls since they are at risk from those seeking to launder the proceeds of crime or…
Read moreSSE has agreed to pay £1 million to Ofgem’s consumer redress fund after providing some pre-payment meter (PPM) customers with inaccurate and misleading information in annual statements. Ofgem launched an investigation into the supplier in November last year after SSE reported the issue to the regulator. The investigation found that, between June 2014 and September…
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Fico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…
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A new Open Banking Expo is set to be launched which aims to bring together a cross-section of the UK’s brightest minds to put the second payment services directive (PSD2) under the spotlight and encourage financial services – and other industry sectors – to embrace the new legislation in order to drive product innovation and…
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The Financial Conduct Authority (FCA) has announced it will investigate TSB over its IT problems. The regulator will launch an investigation over the bank’s failure to be open and transparent with customers when an IT upgrade went wrong, locking as many as 1.9 million customers out of their accounts. In a letter to the Commons Treasury…
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The number of consumer debt judgments issued in the UK during the first quarter of the year rose for the fifth year in a row, according to figures released by the TrustOnline. During Quarter 1 of 2018, 315,121 consumer judgments registered in the UK, almost doubled compared to 162,000 judgments issued during Quarter 1 2010.…
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