Credit, Collections & Insolvency News
Irish Credit unions need to invest in new technologies in order to compete with challenging new entrants to the market, according to the Central Bank. Speaking at thethe annual conference of the Credit Union Development Association. Patrick Casey, the regulator’s registrar of credit union said “Today, the traditional business models of all financial institutions are…
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RELX Group, the parent company of LexisNexis has announced that it has entered into a definitive agreement to acquire the entire issued share capital of ThreatMetrix, for a consideration of £580 million. ThreatMetrix is a leader in the global risk-based authentication sector, headquartered in San Jose, California and founded in 2005. ThreatMetrix’s technology analyses connections…
Read moreLeek United Building Society has made two new senior appointments announcements. Andrew Davies joins as the new Head of Risk and Compliance from the Co-operative Bank, where he was Lead Treasury Risk Manager. He brings to his new role at Leek United more than 30 years’ experience in the financial services industry, which began in…
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Latest figures from the Office for National Statistics (ONS) has shown that the value of fraud is continuing to increase. Commenting on the statistics Sundeep Tengur, Banking Fraud Solutions Manager SAS UK & Ireland said “Although the number of cases reported has fallen, recent research shows that the value of the UK’s fraudulent activity hit…
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Provident Financial has announced that David Sear, FinTech veteran and former founder of WorldPay has decided to step down from the board. Sear joined the board a year ago to assist with the development of the group’s strategy in this arena and broader IT direction, the group now finds itself in very different circumstances and…
Read moreThe Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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Future Energy, a regional energy supplier with about 10,000 domestic customers mainly in the North East and Yorkshire, has ceased trading, energy regulator Ofgem has confirmed. In the announcement, Ofgem has made the following statement “Under our safety net, customers of Future Energy will have their energy supply continue as normal, and their outstanding credit balances will…
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Peter Wyman’s independent review of funding of debt advice in the UK, commissioned by the Money Advice Service, has been published. Commenting on the release of the report, Andy Briscoe, Chair of the Debt Advice Steering Group, said “I am very grateful to Peter Wyman for this critically important independent review into the funding of…
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Four out of five finance professionals have said that their department is not keeping pace with the rest of the organisation’s digital transformation plans, leaving them struggling with productivity, cost and efficiency issues, according to new UK research among senior finance and IT executives. IT which most commonly leads digital transformation said finance was the…
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Debt advice experts are calling for enhanced training for legal advisers and court staff following last week’s announcement by the High Court that up to 17 people in England and Wales were unlawfully sent to prison in 2017 for council tax arrears. While the court failed to declare this a ‘systematic failing’, it was acknowledged…
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UK Finance has published the latest mortgage lending figures. Key data highlights from the report include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. Gross mortgage lending in the month is estimated to have been £20.2 billion, 1.2 percent more than a year earlier. Credit card spending decreased slightly…
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Cleo, an Artifical Intelligence (AI) money manager has launched a one-click charity giving feature, for online and mobile giving across the UK. Since 2015 the number of people giving monthly has fallen, while the number giving on an ad hoc basis has risen. At the same time, the proportion giving via mobile and online – through…
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UK renters are putting themselves at risk of homelessness by failing to have a financial safety net in place, research from Scottish Widows* has found. More than a third (38%) of private renters admit that they’d not be financially secure if their household lost its main income. And nearly four in 10 (39%) – amounting…
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