Credit, Collections & Insolvency News
The Central Bank of Ireland has released Ireland’s Money and Banking Statistics for June 2017. Here is an overview of the main findings. Irish resident household deposits increased by €1 billion during June 2017 to stand at €99.5 billion. The annual growth rate in the series is now 3.7 per cent, the highest seen since 2008.…
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Challenge: Create a decision engine platform Background: Since 2002 as an online and branch lender Street UK ‘The Affordable Finance Company’ has provided affordable finance for everyday living and pride themselves on being an ethical loans company. At an APR of 201% (equivalent to 0.22% per day, FCA Price Cap is 0.8% per day) and with…
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The Financial Conduct Authority (FCA) has today published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. The review provides clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial benefits to consumers. The review found that…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2017 (Q2 2017) reveal that total individual insolvencies decreased in Q2 2017, driven primarily by a decrease in individual voluntary arrangements, which decreased from a record high back to the level seen in 2016. Commenting on the statistics Joanna Elson…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreThe Bank of England has appointed Joanna Place as its Chief Operating Officer (COO), effective as of today. Place has been acting as COO since 1 May, and previously was the Executive Director of Human Resources. Mark Carney, Governor of the Bank of England, said: “I am very pleased that Jo will be the Bank’s…
Read moreGriffins has selected Encompass verify to software support them in their Know Your Customer (KYC) compliance. Griffins, specialises in providing insolvency, litigation and forensic services return to creditors through asset recovery. Encompass supports compliance with international Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations by empowering their front line staff to meet the evolving regulatory requirements of…
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The latest high street banking data from UK Finance shows that consumer credit growth was 1.9% in June, compared with 2.1% in the previous month. Gross mortgage borrowing totalled £13.0 billion in June. Net mortgage borrowing was 2.6% higher than a year ago. Eric Leenders, Head of Personal at UK Finance said “June saw consumer borrowing from high…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…
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The amount of individuals reaching out for debt management advice has increased by 20 per cent since May according to figures revealed by free debt advice provider PayPlan. Findings revealed at a recent creditor roundtable, hosted by PayPlan at the Money Advice Service headquarters in London, saw digital debt advice top the bill, with PayPlan…
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More Scots have accessed statutory personal debt solutions, with numbers increasing from the recent low levels in 2015-16. In the three months between 1 April and 30 June 2017, total personal insolvencies, which include awards of bankruptcy and protected trust deeds, increased by 17.3% from 2,420 in the same quarter a year ago to 2,839.…
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The Financial Conduct Authority (FCA) has today announced the appointment of Maggie Craig as the Head of Department, Scotland. Head of Department Scotland is a new role created to take forward the FCA’s presence in Scotland. Maggie will be focused on developing this approach and contributing to Scottish aspects of FCA policies. Craig joined the…
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