Credit, Collections & Insolvency News
Irish regulator, The Competition and Consumer Protection Commission (CCPC) has published a detailed report analysing the Personal Contract Plan (PCP) car finance market. Prompted by the growing popularity of this type of finance, the large sums of money involved and the complexity of the agreements, the CCPC began a study of the market in July…
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Young people across the UK are slashing spending to make ends meet at the start of the year, according to the latest Lloyds Banking Spending Power Report. In the monthly Ipsos MORI survey of over 2,000 bank account holders in the UK, 60% of all consumers say they have changed their eating and going out…
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Fraud prevention service, Cifas, has released new figures showing stark increases in the number young people acting as ‘money mules’ and those falling victim to identity fraud. The data has been released to coincide with the launch of new anti-fraud lessons plans, developed by Cifas, in association with the PSHE Association, the national body for…
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Software development company, Intelligent Environments (IE) has announced it has launched the latest iteration of Interact® Collect – a solution that finally rewires the debt recovery and reconciliation process for the digital world. Simon Cadbury, Director of Strategy at Intelligent Environments. said “Intelligent Environments continues to reduce the friction of managing debt, taking the collections…
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Ofgem has today outlined its commitment to cap the energy bills of millions of households on poor value default deals by the end of 2018 if legislation is passed this summer. The price cap, outlined in government legislation unveiled last week, will protect these people from being overcharged for their energy. Around 12 million households…
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70% of UK households would be better off if energy policy costs were removed from gas and electricity bills and applied according to household income. That is according to research published today by the UK Energy Research Centre. In ‘Funding a Low Carbon Energy System: a fairer approach?’, researchers from the University of Leeds propose alternative…
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Despite the launch of Open Banking in 2018, new research suggests consumers need more education on the subject, with nearly 58% of people not knowing what Open Banking is. Whilst the new regime went live in January, new research by YouGov, surveying 4,458 British adults on behalf of the challenger bank, CYBG, provides a stark…
Read moreOfgem has announced that is going to formally back-billing. Energy firms will be banned from charging catch-up bills for energy used more than 12 months earlier. Customers who pay via direct debit often receive bills based on estimated meter readings. When an actual reading is taken, the supplier “back-bills” the customer for any shortfall. A…
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Mann Island Finance has announced that Head of Sales John Hughes has been appointed as Managing Director of the business. Hughes replaces Jo Jenner who has now moved to a new role at parent Investec. Hughes has been part of the team that sold the business to Investec in 2014,and will be taking the lead…
Read morePeter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. Commenting on the latest figures Money Advice Trust Joanna Elson OBE, Chief Executive said “Whilst the…
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Credit reference agencies are using traditional credit scoring methods that are out of sync with modern financial life and that fail to accurately capture the creditworthiness of many people according to research released by trade body Responsible Finance. As a result, consumers are either completely financially excluded or pay a premium for credit. Responsible Finance…
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A new app that can help users save hundreds of pounds every year by managing their recurring payments has become the first of its kind to be regulated in the UK. Bean (usebean.com) connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities…
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