Credit, Collections & Insolvency News
Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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The Credit Services Association (CSA, has welcomed efforts to remove the cost to the individual for the completion of the Debt and Mental Health Evidence Form (D&MHEF). At a meeting held recently at Number Ten Downing Street, CSA President John Ricketts and Chief Executive Peter Wallwork joined the Minister for Mental Health, Jackie Doyle-Price, and…
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R3 has published its latest UK personal finances statistics which indicated that two-fifths (41%) of British adults are at least fairly worried about their current level of debt, while a similar proportion (40%) say they sometimes or often struggle to make it to payday, says insolvency and restructuring trade body R3. The figures, from the…
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Mounting debt is causing six in ten (59%) ‘Middle Britain’ families to fall short of the recommended level of savings to be financially resilient – leaving them at risk of being hit hard if they were to lose their income, according to new research by leading insurer, LV=. In the final instalment of its ‘Income…
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UK finance has published its latest mortgage lending data estimating that overall gross mortgage lending in August was £24.2bn, of which £15.1bn was lent by high street banks. Accounting for seasonal factors, this figure is in the same ball park as monthly lending over the course of 2017 according to it’s latest lending figures. House…
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The FCA has rejected calls to cap interest rates charged on credit cards saying that planned measures to help people avoid excessive debt should be given time to work. Speaking at Reuters Financial Regulation Summit Andrew Bailey, Chief Executive of the Financial Conduct Authority said “We are not there at the moment,” said in response…
Read moreJacky Cooper Senior Compliance Manager, at UK Search has been awarded life honorary membership of the CSA. in return for her devoted service to the credit and debt collection industry. Jacky received her award at the CSA’s Annual Conference (UKCCC) and Gala Dinner at the Hilton Hotel Wembley. Cooper received her award at the CSA Annual Conference…
Read moreThe Bank of England’s (BoE) Financial Policy Committee (FPC) has said that lenders are creating pockets of risk by placing too much weight on recent benign conditions. In a statement from its policy meeting on 20 September 2017, the BoE said that the overall credit quality of consumer credit has improved significantly since the financial crisis.…
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Patrick Casey has been appointed Registrar of Credit Unions in the Central Bank of Ireland. Casey is currently Head of Resolution in the Central Bank. He will be responsible for the regulation and supervision of the credit union sector in Ireland and succeeds the previous Registrar Anne Marie McKiernan who has recently become Ireland’s representative…
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RBS has announced its plans to postpone the introduction of cut-price credit cards and the Labour Party has pledged to back legislation limiting the amount of interest that can be charged on credit card debt. Key industry groups have responded to the developments in the consumer credit landscape. Steve McNicholas, Managing Director – Credit and…
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Beverley Building Society has appointed Karl Elliott as its new Chief Executive Officer. Elliott joins from financial services mutual OneFamily in Brighton where he was Marketing Director, having previously worked for Harrogate based Engage Mutual for 15 years. Brian Young, Chair of Beverley Building Society said: “This announcement concludes the board’s thorough process to recruit Karl as…
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Financial services software must become easier to use and more useful to customers in the face of the new Revised Payments Services Directive 2 (PSD2) regulation according to financial software firm Copernicus. Allen Jones, Managing Director at financial software experts Copernicus believes that ease of use and practicality are principles that need to be embraced…
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The Paragon Group of Companie has announced a strategic reorganisation of the Group to accelerate its transformation into a diversified specialist banking institution. This reorganisation will increase operational and financial efficiency, enhancing engagement and delivery to customers and business partners and will increase the Group’s capacity to meet its ambitious growth plans. As part of…
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