Credit, Collections & Insolvency News
A major Independent Review of the Funding of Debt Advice, led by Peter Wyman, reached a key milestone today with the launch of a “Call for Evidence”. The Review, set up in response to a challenging and complex debt advice funding landscape will make recommendations for an appropriate funding framework for the future, and look…
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The Money Advice Trust has launched a new face-to-face training course designed to help creditor staff to better support customers affected by gambling, alcohol and substance addictions. The course has been developed in partnership with the Royal Bank of Scotland and NatWest, and can be tailored to creditor organisations across a range of sectors. The…
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Mobile & single sign-on access pose the biggest risk to future ID verification and fraud prevention according to latest research by Callcredit Information Group. The research reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the…
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The ICAEW has released new research on the accounting standard IFRS 9 and warned of the future challenges of bank reporting. IFRS will require banks to show their expected losses earlier than in the past, warning that this approach may make reporting and comparing each bank’s performance more problematic. The ICEAW says that the application of IFRS…
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A new study by GoCompare Mortgages has revealed that 31% of tenants in rented accommodation cannot imagine ever owning their own home. The survey also revealed that more than a fifth (21%) of renters think that the removal of mortgage interest tax relief on buy-to-let properties, which came into force in April 2017, will reduce…
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The Financial Ombudsman Service (FOS) has published its latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures show that the ombudsman took on a total of around 170,000 new cases in the first six months of this year. This represents a 13% increase in complaint figures when compared to the…
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RSM Restructuring Advisory LLP Administrators of Debt Free Direct has agreed a sale of the business to Aperture Debt Solutions. Debt Free Direct Ltd, based in Chorley, Lancashire, is an Individual Voluntary Arrangement (IVA) business that delivers debt solutions for individuals across the UK and employs 72 people. The Company was part of the wider Fairpoint…
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Business and personal insolvency experts, Fortis Insolvency have announced a Partnership with Encompas Corporation to support and enhance their Know Your Customer (KYC) compliance processes. Manchester based Fortis Insolvency provide advice and support to business and individuals across the north-west who may be facing financial and operational issues. Chris Parry, Managing Director at Fortis Insolvency said “Evolving regulations, not…
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As FCA affordability regulation continues to evolve, the industry is carefully considering the impact on end consumers. Affordability must be properly assessed to ensure that consumers only access products that are right for them. Checks vary in complexity depending on the product being applied for, but they largely focus on an individual’s credit history and…
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Peer to peer platform RateSetter has appointed Dave Bibby to its specialist property development team, RateSetter Property Finance. In a newly created role, Bibby will have responsibility for development of RateSetter Property Finance’s business across the North of England. Bibby has more than 30 years of experience in the banking sector, with 20 years spent…
Read moreUK Finance has published the latest contactless usage figures as contactless technology hits its 10th anniversary. The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017. During the first half of this year, the amount spent using contactless technology (£23.23 billion) almost matched the amount…
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Parents who increasingly have to fork out for iPads, extracurricular activities and uniforms when their children go back to school, are being advised to budget carefully to avoid being pulled into a cycle of debt. PayPlan says that while the price of uniforms has been driven down in recent years, families still have to pay…
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Short term lender, Cheque Centre has gone into administration. The firm once had more than 300 high street branches but last year closed its remaining outlets to focus on trading over the internet under the Square Today brand. FRP Advisory have been appointed administrators. FRP Advisory said the shift in business strategy left Cheque Centre with…
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