Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) and the Insolvency Service have signed a Memorandum of Understanding committing the two organisations to increased collaboration. The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities. In it’s 2016 Corporate Governance reform: green paper, the government outlined measures…
Read more
Over two-thirds (70%) of UK consumers would like customer service to be more convenient and offer more channels to get in touch with organisations, according to a new report, ‘Customer engagement – the road to 2020’, commissioned by West Unified Communications Services. This shows that contact centres are still behind in offering digital technologies that…
Read more
Kevin Mooney has been appointed to the position of head of business intelligence at Startline Motor Finance. The role will see him take over management of a wide range of information related to the performance of the Glasgow-based motor finance specialist. A graduate of Strathclyde University, Kevin is also a qualified CIMA accountant and has…
Read moreThe speed and scale of digital transformation within the financial services industry is contributing to the emergence of new non-financial risks, according to a new report Sustainable Financial Services in the Digital Age, a joint report from UK Finance and Parker Fitzgerald, comes only days ahead of the introduction of the General Data Privacy Regulation (GDPR) and…
Read more
New research by Intrum suggests that GDPR is unknown to more than one out of four European businesses. The report shows that 27 percent of all businesses in Europe state that they have not heard of GDPR. The report also indicates that every eight (12 %) large corporation, defined as companies with more than 250 employees,…
Read more
One-in-six (15%) people who declared their assets when entering bankruptcy in 2016-17 had assets worth over £50,000, according to latest data provided by the Insolvency Service. In 2016-17, 60 people entering bankruptcy declared assets between £500,000 and £999,000; 26 had assets over £1m. Bankruptcy is a personal insolvency procedure where the insolvent person’s assets may…
Read more
The Financial Conduct Authority (FCA) has published a decisions notice, which sets out its decision to ban Darren Newton from working in any regulated activity in the financial services sector Newton is disputing the FCA’s decision and has referred the matter to the Upper Tribunal at which the FCA and Newton will be able to…
Read more
Nearly two-thirds of UK adults (63%) say that stress over money has affected the mental health or wellbeing of someone they know according to new research from the Money Advice Service released in support of Mental Health Awareness Week. Adults in the UK are most likely to have been worried about the mental well-being of…
Read more
Debt Purchaser Lowell, has announced its latest set of quarterly results for the period 1 January to 31 March 2018. Commenting on the results Colin Storrar, CFO, said: “We have built on the momentum of the final quarter of last year and started 2018 positively. Focus has been maintained on the delivery of our core strategy…
Read more
More than half (52%) of people feel there is a negative stigma attached to asking their credit card provider for help if they fall into debt, according to new research. The study, completed by outsourced customer contact specialist Echo Managed Services, surveyed 1,000 UK residents on their experiences, knowledge and attitudes to household arrears. It…
Read more
HSBC has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax. The solution will facilitate quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit. Each submission is presented directly to HSBC UK…
Read more
Just under seven million Brits believe they are living debt free despite owing millions, according to the first consumer debt profile from uSwitch.com. The research shows that while three quarters (74%) of consumers are in debt, one in five (14%) don’t realise their monthly bills, for example, their car insurance or store card payments, is actually repaying…
Read more
The debt collection industry has taken a step towards stopping people in debt with mental health problems from having to pay to prove their condition at the very time they are least able to afford to do so. Coinciding with Mental Health Awareness Week, the Credit Services Association (CSA), the voice of the UK debt…
Read more