Credit, Collections & Insolvency News
Over half (62%) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research. Unsurprisingly, the research found that 64% of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreThe Financial Conduct Authority (FCA) has asked lenders to do more to tackle the issue of maturing interest-only mortgages with the FCA finding that many people have still not talked to their lender about their repayment options. Nearly one in five mortgage customers have an interest-only mortgage and the FCA is concerned that shortfalls in…
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Significantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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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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