Credit, Collections & Insolvency News
Eamonn Crowley has been named as Permanent TSB Group’s new Chief Financial Officer. Crowley is currently the Chief Financial Officer at Bank Zachodni WBK SA, Banco Santander’s publicly listed Polish retail and commercial bank. While at Bank Zachodni, Eamonn executed the merger between the bank and Kredyt Bank to form Poland’s number three bank. Jeremy Masding, group Chief…
Read more
Retiring with debts outstanding is a problem that has started to grow again according to new research by Prudential. The proportion of people retiring in debt this year is at its highest level for seven years– jumping to one in four (25 per cent) of 2017’s retirees, up from one in five in 2016. Prudential’s…
Read more
Aberdeen City Council’s debt will climb to more than £1.2billion by 2019 according to forecasts by financial officers. In a budget report, it is estimated the authority will owe a total of £1,205,669,000 by the financial year 2019/20 before the debt begins to fall again. Currently the debt stands at around £851million. In November, it…
Read more
A five year study from Experian has revealed new insight into the financial attitudes and behaviours of people across Britain. The Financial Strategy Segments (FSS) tool identifies four key financial trends seen in the UK today, looking at how we spend, save and borrow, both now and in the future. Tax on Inertia Experian research…
Read more
Express Gifts has entered into an agreement with the Financial Conduct Authority (FCA) to provide £12.5 million redress to approximately 330,000 customers who were sold insurance that offered little or no value. The insurance products sold by Express Gifts covered against accidental damage and theft for all products purchased from their Ace or Studio brands.…
Read more
Latest information from the Office for National Statistics (ONS) has provided an insight into household expenditure over the past 12 months. The main findings from the study were: · Average weekly household spending remained level at £528.90 in the financial year ending 2016, coinciding with a slowdown in consumer confidence · Low-income households continued to…
Read more
A third of Brits believe their partner is lying to them about how much money they spend. According to a survey conducted by Paymentsense on 2000 people in a relationship in the UK, people aren’t always honest to their partners about their spending habits. 40% of women admit to lying to their partner about what they…
Read more
Four million more people are living below an adequate standard of living and are just about managing at best, according to new research by the Joseph Rowntree Foundation (JRF). The report sheds light on how different kinds of household are faring, against the Minimum Income Standard (MIS). MIS is a benchmark of income adequacy, as defined…
Read moreCredit broker Digitonomy Ltd has been fined £120,000 by the Information Commissioner’s Office (ICO) for being responsible for millions of marketing texts sent without proper consent. Between April 2015 and February 2016 there were 1,464 complaints about the spam messages which encouraged people to apply for loans and directed them to company websites. An ICO investigation revealed…
Read moreSome doorstep lenders are taking advantage of their position and putting people at risk of serious debt problems, Citizens Advice warns. A new report published by the charity today has identified a number of concerning practices by some doorstep lenders. The evidence, submitted to the Financial Conduct Authority today as part of its review into…
Read more
New data released from the Council of Mortgage Lenders (CML) has revealed house purchase activity increased month-on-month and year-on-year but remortgage and buy-to-let levels decreased. Paul Smee, director general of the CML said “2016 could have been a potentially destabilising year of regulatory and political change, but the mortgage market has been resilient and adaptable.…
Read more
Jaywing has announced a new partnership with West Bromwich Building Society to develop IFRS 9 and stress testing models as part of an integrated modelling programme that will underpin all regulatory modelling requirements.. One of the biggest challenges faced by lenders today is implementing a solution to IFRS 9 requirements that is proportionate to the…
Read moreThe Financial Conduct Authority (FCA) has issued a warning over an unauthorised personal loans provider called Jazz Loans. The FCA warning statement said “We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to…
Read more