Credit, Collections & Insolvency News
Debt purchaser, Arrow Global has announced that it has agreed terms for two acquisitions which strengthen the Group’s investment and asset management capabilities and reinforce its growing presence in Italy. The first acquisition is for Europa Investimenti S.p.A., a leading originator and manager of Italian distressed debt investments, for an equity value of €62 million.…
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The Board of Holmesdale Building Society today announces it has agreed on on terms to merge with Skipton, the UK’s fourth largest building society. Subject to approval by its members and confirmation by the Prudential Regulation Authority (PRA), the merger is expected to become effective on in October 2018. Full details of the proposed merger…
Read moreProvident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA investigations into its credit card and car finance arms. As part of its latest company results Provident said its Moneybarn division continues to cooperate with the FCA in its ongoing investigation into affordability,…
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One in two UK consumers would be happy to share transaction data with third parties if offered a more personalised service according to new research. One in three would be happy to use banking services from technology companies, because of the personalisation they offer. UK Banks that missed last month’s Open Banking deadline are facing…
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Specialist debt collection ARC (Europe), has become an Affiliate Member of the Consumer Finance Association (CFA), the principal trade association representing the short-term lending sector in the UK. Dewi Fox, Managing Director of ARC (Europe), sees clear benefits in a closer alliance with the Association and what it is trying to achieve: “We work closely…
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The private sector outsourcing market soared to a three-year high in 2017 as businesses signed contracts worth £4.93 billion, according to the Arvato UK Outsourcing Index. The research, compiled by business outsourcing partner Arvato and industry analyst NelsonHall, found that the total value of contracts signed by UK companies rose 36 per cent year-on-year, from…
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The Northview Group has appointed Mark Arnold as its new Chief Executive. Former Chief Executive Amany Attia stood down from the role last year. Northview includes the Kensington, New Street and Acenden brands. Arnold will officially join on 10th April. Northview Group executive chairman Tim Breedon says: “Mark has extensive experience and knowledge across financial…
Read moreThe Financial Conduct Authority (FCA) has today published its final policy statement on new rules for the credit card market. The FCA estimates the changes will save consumers between £310 million and £1.3 billion a year in lower interest charges. The new rules come into force on 1 March 2018, but firms have until 1…
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The Financial Conduct Authority (FCA) has announced that it has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed…
Read moreThe Financial Conduct Authority (FCA) has announced that it has launched a consultation on proposals to make information available on a wider range of individuals at authorised firms. The FCA and Prudential Regulation Authority (PRA) currently maintain a public Financial Services Register, “the FS Register”, of the firms that regulate and approve individuals. In July 2017, the…
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A one percent interest rate rise would add £10billion to the UK’s mortgage bill, ultimately adding £930 a year to the cost of servicing the average mortgage, according to new analysis from international property adviser, Savills. Four in 10 borrowers on variable rate mortgages would be first to feel the pain. Their annual mortgage bill would…
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Legislation to cap energy prices for over 11 million households will go before parliament today. This bill will impose a temporary total cap on the cost of all default tariffs. Responding to the introduction of the Domestic Gas and Electricity (Tariff Cap) Gillian Guy, Chief Executive of Citizens Advice, said “This bill is good news for…
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UK Finance has published its latest lending figures for 2018 that spending on cards was 5.8 percent cent higher than in January 2017, although higher repayment levels meant that the pace of borrowing saw little change, growing at 4.8 per cent annually. Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance said: “January…
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