Credit, Collections & Insolvency News
The Consumer Finance Association (CFA), bringing together CFA and the BCCA, has announced the election of Julian Graham-Rack to the position of President of the newly merged association. He was elected by the new Board of directors. Caroline Walton (former President) and Richard Fuller (Chairman of the BCCA) have stepped down from their roles. Graham-Rack,…
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The Financial Conduct Authority (FCA) has published the data on the number of complaints reported by firms for the first half of 2017. In total, 3.32 million complaints were recorded by firms in the first half of 2017. This compares to 3.04 million in the second half of 2016. Since June 2016, firms have been…
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The Financial Conduct Authority (FCA) has today banned Adrian and Christine Whitehurst, former directors of debt management firm First Step Finance Limited (now dissolved), for dishonestly misappropriating client money. Over 4000 customers lost a total in excess of £6m as a result of their actions. Between them, the Whitehursts ran First Step Finance, a debt…
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Debt purchaser Cabot Credit Management has confirmed its intention to proceed with an initial public offering (the “IPO” or the “Offer”) on the London Stock Exchange. Ken Stannard, Chief Executive Officer of Cabot Credit Management Limited said: “This is a very exciting episode in Cabot’s continued growth and development. Having built strong and entrusted Credit…
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Peer to peer lender RateSetter and information services company Experian have announced a new partnership which aims to help RateSetter make good credit decisions as it grows its commercial finance operation. RateSetter investors have lent more than £2 billion to a diverse range of individuals and businesses across the UK since the platform launched in…
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Consumer confidence has rallied in the third quarter of 2017, increasing by three percentage points from Q2 2017 after three consecutive quarters of decline, according a latest Consumer Tracker report by Deloitte. The quarterly survey of 3,000 UK consumers, carried out between 15 and 16 September 2017, saw overall consumer confidence rise to 7% in…
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Software specialist, Equiniti Data and Equiniti Cyber Security have announced the opening of a new software development centre in Exeter. The centre works across both areas of the business and allows Equiniti to accelerate the development of innovative data platforms and cyber security solutions aimed at large enterprises across the UK and beyond. Equinitech will be home…
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The Intermediary Mortgage Lenders Association (MLA) has announced that it has seen an increase in demand for 35-year mortgages. Highlights from its latest report indicate that: Nearly seven in ten (69%) mortgage brokers report an increase in demand for 35-year mortgages in IMLA’s latest Intermediary Lending Outlook research Over one in ten (13%) report a…
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The Financial Conduct Authority (FCA) has announced that they are about to undertake a new a thematic review of the debt management sector. The FCA said in a statement: Debt management remains a priority for us as poor practice by debt management firms poses a high risk to consumers, particularly those in vulnerable circumstances. It is important…
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Three of the four largest mobile phone network providers continue to charge customers extra for a handset after this cost has been covered in their fixed deal, according to Citizens Advice research. New analysis from Citizens Advice finds customers of Vodafone, EE and Three who choose to stay on the same phone plan after the…
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More than half (52 percent) of UK consumers think fraud is an inevitable part of shopping online, according to new research conducted by Paysafe, a leading global payments provider. In a wake-up call for online business, the Lost in Transaction report contradicts the widely-held belief that consumers value convenience and experience over security when shopping…
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The question of whether to build up a pension or clear up the debts is a tough decision and people need more advice and guidance to make the right call – according to a new report. The report, entitled ‘Debt & Pensions Advice – Bridging the Advice Gap’ was a joint project between Money Advice…
Read moreThe Financial Conduct Authority (FCA) has said that 50% of UK adults (25.6m) display one or more characteristics that signal potential vulnerability in their latest report the Financial Lives Survey 2017. Financial Lives survey is the FCA’s largest tracking survey of consumers and their use of financial services, drawing on responses from just under 13,000 UK consumers…
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