Credit, Collections & Insolvency News
Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cybercriminals out of business according to the latest report from UK Finance and KPMG launched today. The report, “Staying Ahead of Cybercrime” discusses how greater cooperation both within businesses and between firms, law enforcement…
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Following a high profile campaign by the Money and Mental Health Policy Institute, the Government has announced that their new ‘breathing space’ debt respite scheme will be extended to cover people receiving NHS mental health crisis services. The campaign victory comes after the charity, established by Martin Lewis, revealed that 23,000 people in England were…
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New research has found severely low levels of awareness about the support systems available to utility customers who find themselves in circumstances of vulnerability. 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. Key amongst the report findings was that…
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The Financial Conduct Authority (FCA) is urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%. Victims of loan fee fraud are often targeted…
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More than four in 10 consumers have admited they struggle to make ends meet financially, a study has found. The findings, from a survey of 2,000 UK adults, revealed 43 per cent are short of the cash they need to pay the bills an average of seven months each year.But one quarter said money is…
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Arum has announced that is has successfully achieved world-class, globally recognised ISO certifications for its consultancy, credit management, debt collections and recovery services across the UK. These standards ensure our clients have additional confidence that the service received from Arum is of ISO standard, reliable and of good quality, with a robust management system in…
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NewDay, a leading UK consumer finance provider specialising in the UK credit card market, announced today the appointment of Sir Michael Rake as Chairman, effective on 9th May 2018. Sir Malcolm Williamson, NewDay’s Chairman since 2010, will remain on the Board as an Independent Non-Executive Director. Sir Michael Rake, FCA, FCGI, knighted in 2007, is…
Read moreScottishPower has announced it will increase its standard variable domestic gas and electricity prices from June 2018. The majority of customers affected, who pay by monthly direct debit, will see an average increase of 5.5%, or £63 on a typical annual dual fuel bill. Responding to the news Citizens Advice Director of Energy Victoria MacGregor,…
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Excel Collections & Enquiry Services Limited has announced the appointment of Laurence Venn as Chief Executive Officer (CEO) following the retirement of David Thorpe. Venn is a highly experienced credit & collections professional. His career spans over 30 years and has held senior collections leadership positions at Lloyds Banking Group, Permanent TSB in Dublin and more…
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American consumer credit reporting agency, TransUnion has announced it has reached an agreed to purchase Callcredit Information Group for £1 billion, ($1.4 billion). TransUnion, provides data, analytics and technology solutions to help businesses and consumers make informed decisions in America. International expansion is a key growth strategy for TransUnion which has offices in 33 countries. The company…
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Latest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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The Financial Conduct Authority (FCA) has announced changes to the definition of income between consumer hire leases and consumer credit after a response to its consultation. In December of last year, the FCA made a call for leasing businesses to respond to the regulator. Under the current rule, FCA fees for regulated credit agreements such…
Read moreNew research from Citizens Advice has found that 140,000 households in Great Britain (around 400,000 people) have been left without gas or electricity because they didn’t have enough money to top up their prepayment meter (PPM). The vast majority of these households (120,000) have people living there who may be particularly vulnerable to being without…
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