Credit, Collections & Insolvency News
The government has created a new body which will operate within the FCA to further tighten the UK’s defences against money laundering. The Office for Professional Body AML Supervision (OPBAS) will work across the UK’s anti-money laundering supervisory regime, aiming to improve standards and ensure supervisors and law enforcement work together more effectively. It will…
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Hyundai has appointed Michael Stewart as fleet director. Stewart, who replaced Guy Pigounakis. Tony Whitehorn, President and Chief Executive Officer for Hyundai Motor UK, said: “Michael Stewart’s appointment is an important one for Hyundai UK as we work on growing our market share, building on the reputation we’ve earned from fleet operators large and small.”…
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Citizens Advice is urging people to do their homework before signing up to any fitness memberships this new year, to make sure they don’t end up out of pocket. As many people seek to turn over a healthy new leaf in 2018 the charity is sharing its top tips to make sure signing up for…
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Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…
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New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…
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Ferratum has announced that it will be partnering with Thomas Cook Money to introduce its first Banking-as-a-Service (“BaaS”) venture. Ferratum will provide Thomas Cook Money with a fully functional and regulated mobile consumer finance offering powered by Ferratum’s highly successful and innovative mobile banking platform. Customers will experience the world’s first mobile banking app designed…
Read moreThe shareholders of First Utility, the UK’s largest independent energy and broadband provider, today agreed to sell the business to Shell. The deal is subject to regulatory and other approvals and is expected to complete in early 2018. The sale will allow First Utility to accelerate growth and develop new innovative customer propositions taking advantage…
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ABCUL (Association of British Credit Unions) is looking to raise awareness loan shark activity in the UK. The news of this credit union activity comes as a review by the Financial Conduct Authority has been published aiming to shed light on loan shark activities. While it concludes that there is no evidence that the FCA’s…
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NextGear Capital, part of Cox Automotive has appointed Liam Quegan as its new Managing Director. Quegan has replaced David Mercer, who helped launch the business in the UK. Quegan joins NextGear from Close Brothers Motor Finance, where he worked as Chief Operating Officer for almost three years. Michael Buxton, Chief Executive Officer of Cox Automotive UK…
Read moreAs 2018 fast approaches, new data from MoneySuperMarket reveals that the average Brit will see in the New Year with over two thousand pounds (£2,172) of debt hanging over their heads. Despite 55 percent of Brits feeling confident that they will stay within budget this Christmas, the leading price comparison website reveals that eight in 10 would…
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Five banks have announced that they will fail to be able to fully comply with ‘Open Banking’ rules by the CMA’s deadline of 13 January 2018. The five banks are HSBC, Barclays, RBS, Bank of Ireland and Santander’s private banking unit Carter Allen. Under the changes, firms such as challenger or online banks will be granted…
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Ofgem had published a new league table comparing standard variable tariffs. Responding to the new league table, which ranks the ten largest suppliers according to how many customers are on poor value standard variable tariffs, Citizens Advice Chief Executive Gillian Guy said “Poor value default tariffs are ripping off loyal consumers and costing people up to…
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Mortgage sales in the UK rose by 4.1% (£637.4 million) in November, according to Equifax Touchstone analysis of the intermediary marketplace. Year-on-year sales were up 3.0% (£470.1 million). Buy-to-let sales for the month jumped 10.8% (£334.1 million) on October. Residential figures were also up, increasing 2.5% (£303.3 million) on the previous month. The majority of…
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