Credit, Collections & Insolvency News
Ofwat has called on water companies to do more to help customers in debt and to also support consumers at risk of being in debt, to help pay their bills. In a media statement, Ofwat said performance among water companies in dealing with bad debt varies, but the sector as a whole lags behind its…
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Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud.…
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Paul Horlock has been appointed as the Chief Executive of the UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, which between them process over £6.4 trillion pounds of payments every year. Horlock has worked in the banking sector for over 15 years,…
Read moreCitizens Advice Cymru has called on the Welsh Government to ban letting agent fees in Wales. New analysis from the charity reveals that renters in Wales pay at least £3 million a year in fees when they move into a privately rented home, with charges averaging £178. The total figure could be even higher as…
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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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