Credit, Collections & Insolvency News
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…
Read moreEnergy companies do not “speak the same language” as consumers. This is one of the key conclusions of a major new report launched today by the Institute of Public Policy Research (IPPR), the independent think tank, which looks at the barriers to greater consumer engagement in the energy market. Keep it simple: Energy bills made…
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Marshall Motor has sold its leasing division to Bank of Ireland UK, who will incorporate it into its car and asset finance arm, Northridge Finance. The acquisition of Marshall Leasing is conditional upon Northridge Finance receiving regulatory approval. Established in 1979 and based in Cambridgeshire, Marshall Leasing provides a range of contract hire fleet services…
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Staffordshire Credit Union has gone into administration. The Union has more than a thousand members across the country declared it was now in default and cannot repay deposits to its members. A statement on the company website said: “Unfortunately the Staffordshire Credit Union went into administration on September 18 and has now permanently closed. “The…
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The Financial Conduct Authority (FCA) has today published an Occasional Paper outlining the findings from a project that explored how the ageing population would impact the Financial Services industry. The FCA launched the Ageing Population Project in February 2016 to explore how older people use financial services and products. The paper reviews the public policy…
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A new agreement on how deposit-takers communicate about FSCS protection has launched today. This will enhance consumer awareness of the Financial Services Compensation Scheme’s (FSCS) guarantee for deposits in banks and building societies and reassure them that their money is protected under the scheme no matter how they choose to bank. This protects deposits up…
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The average share of income that Britain’s families spend on housing has trebled over the last 50 years, with young people having to make do with longer commutes and smaller, insecure rented accommodation, according to a new report published by the Resolution Foundation. The “Home Affront ‘ report by the Resolution Foundation shows that each generation…
Read moreAccountant in Bankruptcy(AIB) has announced that paper bankruptcy applications are to end with all debtor applications to move online from September 2017. From 30 September 2017, money advisers and insolvency practitioners working on behalf of debtors will no longer be able to submit bankruptcy applications on paper forms, with the whole process moving online. Not only…
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The Money Charity has appointed Erik Porter as Head of Adult & Industry Programmes. In this role, Porter will have responsibility for adult financial capability programmes and industry consultancy services. Porter has 20 years experience in retail banking within Collections & Recoveries, Credit Operations, and Risk & Control including time spent at Citi and Barlcays/Barclaycard.…
Read moreOfcom has announced new reforms to protect consumers against bad practices at broadband and mobile providers. The regulator says the reform will focus on communication which includes poor billing service and debt collection exploiting vulnerable customers. The improvements to the rules will also include nuisance calls and complaints. The reforms include: ban providers from charging for caller display facilities,…
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