Credit, Collections & Insolvency News
Energy consumers are subsidising £7.5 billion in unjustified profits made by the businesses responsible for the UK’s gas and electricity networks over an 8 year period, according to new research from Citizens Advice. The national charity has published new research which estimates that key decisions made by the energy regulator Ofgem are allowing energy network…
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Lloyds Banking Group has announced a simplification of overdrafts for its personal current account customers. According to Lloyds statement, the new approach will be simple, clear and will give customers more control of their overdraft borrowing. “We understand that, across the banking sector, overdrafts can be complex and confusing for customers. Lloyds Banking Group has…
Read moreLowell has announced two senior appointments to its UK executive team. Bill Flynn, joins as Group General Counsel & UK Chief Risk Officer from Wonga Group, where he was Group General Counsel. Flynn joined Wonga in 2015 where was responsible for steering the business through an intensive period of regulatory scrutiny. This culminated in the business…
Read moreBritish financial firms need to respect the spirit, and not just the letter, of rules designed to prevent another financial crisis, one of the Bank Of England’s (BoE) deputy governors said on Monday. Sam Woods, who is in charge of the BoE’s day-to-day regulation of banks and insurers, said “fixed rules could never keep up…
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Coventry City Council is owed more than £12.5million in council tax, according to a new report. Only six of 36 metropolitan councils in England had lower levels of council tax arrears relative to their collectable council tax at the end of March 2017. However, only four metropolitan local authorities collected more council tax arrears than Coventry in 2016/17.…
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Energy companies are burying the details of charges on late bill payments deep in their terms and conditions, to the extent that households are unaware of the penalties. Research from comparethemarket.com shows that energy providers are charging interest of, on average, 4% APR to customers who are late in paying their bills. Most households pay their…
Read moreRobo adviser MortgageGym.com has announced an investment agreement with financial services comparison website GoCompare. MortgageGym, in partnership with GoCompare and Experian, will provide consumers with access to a first-of-its-kind digital mortgage marketplace providing an end-to-end online solution that promises to transform the UK’s out-of-date mortgage application process. The company’s website will be the only online service that…
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Helping people to build a £1,000 rainy day savings fund via the pensions automatic enrolment framework would prevent debt problems, would have a minimal impact on retirement incomes and would be better financially for people than if they stopped paying into their pensions to cover emergency costs, this is according to new analysis conducted by…
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The Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has revised and relaunched its Code of Practice to incorporate new Principles of Business. The new revised Code continues to promote best practice in terms of collections activity, and also details what the CSA expects of its members in terms…
Read moreAberdeenshire Council is owed more than £12 million in unpaid council tax for the last four financial years with the figure rising to more than £18 million including council tax owed from the financial year 2016/17. Since 1993, the local authority is owed almost £33.3m in unpaid council tax.cAn Aberdeenshire Council spokeswoman said: “We take…
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Capita has announced the sale of the Capita Asset Services businesses (CAS) to Link Administration Holdings (Link Group) for a cash free, debt free consideration of £888 million. Capita Asset Services offers a range of services including mortgage and loan servicing. Capita has previously entered the UK mortgage servicing Crown Mortgage Management and Vertex Mortgage…
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Challenge: Risk Solutions Background: At the start of 2014, Nationwide’s Customer Services and Operations (CS&O) team launched a review of its risk management and control systems. Its aim was to create a more holistic view of risk, by taking in more granular information, which may potentially have been slipping under the radar. The team found…
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New figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market fell 1% by value and 13% by volume in May, compared with the same month in 2016. This is in line with the fall in private new car sales…
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