Credit, Collections & Insolvency News
Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
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UK consumers are being put at risk of fraud because banks are “seriously lagging behind international competitors” when it comes to security according to new research by GBG. The research also finds that UK financial services organisations are failing to invest and not keeping up with digital investment seen in other sectors. While other countries…
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The Financial Conduct Authority (FCA) has today published a discussion paper on transforming culture in financial services which presents views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector. The paper is a set of essays that discuss what a…
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There were more County Court Judgments (CCJs) against consumers in England and Wales during 2017 than any other year since current records began in 2005, according to figures released today by Registry Trust. In 2017, 1,138,058 judgments were registered against consumers in England and Wales. Rising almost a quarter on 2016, the total number of…
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Styles & Wood has announced that it has secured new contracts to deploy its Award-winning Arctick Governance Risk and Compliance RegTech solution to support two financial services firms. Artick won Best Regulatory Technology solution at the 2017 Credit & Collection Technology Awards. Go Car Credit Limited, a consumer motor finance lender, has chosen an off-the-shelf…
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Experian has announced that it is introducing a new seamless process for loan applications, delivering significant time savings for consumers. The new journey integrates the loan purchase experience into one place, with customers having to enter far fewer details because Experian’s data insights allows it to pre-populate the relevant information. As well as being given a…
Read moreTesco Bank has cancelled some of its customers’ credit cards, after concerns that a number of accounts may have been compromised. The bank said that only a tiny number of its three million credit card users would be affected, and apologised for the inconvenience. A Tesco Bank spokesman said “We take the security of our customers’ accounts…
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The Finance & Leasing Association (FLA), working alongside employers in a Trailblazer group, has launched its Motor Finance Specialist apprenticeship to offer employment and training opportunities to those entering one of the UK’s fastest growing sectors. A new section on the FLA’s website provides all the necessary information that firms will need to get their…
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Debt purchaser, Motormile Finance UK (MMF) has announced that it will now be known as Lantern going forward. Since 2008, MMF have purchased more than 2 million accounts with a notional value of over £1bn. In 2015, the company underwent a significant transformation as a result of regulatory changes in the sector, which includes the implementation…
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Personal finance should be included as a standalone subject in UK schools, according to the deVere Group. Nigel Green, the founder of deVere Group, has made the suggestion speaking out days after the leader of the Church of England, the Archbishop of Canterbury, said that learning about finances is as important as learning about sex…
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Ofgem has proposed new rules that would lead to UK consumers saving £5 billion on energy bills over five years. The Office of Gas and Electricity Markets (Ofgem) has announced a proposal to input strict price controls on energy costs. The proposals will lead to £15-£25 in savings per year for household consumers and 5…
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Welcom Digital has announced that it has launched a new and refreshed website. In a statement, the company said “We’ve introduced a fresh look and feel to our website that better reflects our position as a forward-thinking FinTech business. The new site is easy to navigate and includes new content and features. These changes make it easier for…
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Debt purchaser, Lowell has announced the appointment of John Pears, to the new role of UK Managing Director. Pears will join the business later this year, subject to formal approval from the Financial Conduct Authority. Pears will join Lowell’s UK and Group Executive teams and report to Group CEO, James Cornell. He will take charge…
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