Credit, Collections & Insolvency News
The Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal the majority (63%) are positive about their business prospects for 2017. The Dealer Satisfaction Survey is a continual telephone survey undertaken by Close Brothers Motor Finance and reported on a monthly and quarterly basis. The survey questions 750 new and used car, motorcycle and light…
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Britain’s biggest energy suppliers have submitted bids to take over 160,000 customers left behind by bankrupt energy provider GB Energy, which collapsed on Saturday after being caught out by rising market prices. All of Britain’s Big Six energy suppliers, EDF Energy, Innogy’s Npower, E.ON, Scottish Power, SSE and Centrica’s British Gas, have submitted bids in…
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The partners of Addleshaw Goddard and HBJ Gateley (HBJ) have voted “by an overwhelming majority” to merge their businesses, creating the UK’s 15th largest legal firm. The merger, which will see HBJ’s business, people and partners transfer to Addleshaw Goddard by June 1st 2017, will “deliver stronger client and sector offerings across the whole of…
Read moreThe first independent research to analyse the impact of the regulation and price cap on the high-cost short term credit market has been published. The study by the Social Market Foundation (SMF), commissioned by the Consumer Finance Association (CFA), shows consumers are now paying less to borrow. According to the report, high-cost short-term credit plays…
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Independent research commissioned by London-based bridging lender Market Financial Solutions (MFS) has revealed that 1.3 million of Britain’s high-net-worth individuals (HNWIs) have been denied a loan or any form of credit over the past five years. MFS’s new report ‘Asset Rich, Credit Poor’ surveyed a nationally representative sample of 2,000 UK adults, finding that 17%…
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Masthaven has launched as a digital bank. The bank will offer savings and lending products, saying it is committed to offering what people want, not just what is available. Masthaven says at the heart of the bank is a people business – which at launch sees 80% of employees already shareholders in the business. Access to…
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The Bank of England has published it’s latest statistical data. Bankstats Bankstats consists of: money and lending; monetary financial institutions’ balance sheets; further analyses of deposits and lending; external business of banks operating in the UK, public sector debt and the money markets (including gilt repo and stock lending); sterling commercial paper, other debt securities,…
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The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap. Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…
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1st Credit and Telrock Systems are pleased to announce that the SmartCollect platform is today in full production across the 1st Credit business. The platform allows 1st Credit to execute cost effective SMS and email campaigns to engage with its customers and provides a 24x7x365 self – service capability to its customers through the SmartCollect…
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The majority (64%) of UK adults are budgeting to spend an extra £96.22 per week on food during the Christmas and New Year period, reveals new insight from short-term loan provider Sunny. The insight into this year’s festive food shopping habits reveals that those UK shoppers planning to splash out more this Christmas, believe they…
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For nearly three in ten (28%) women in the UK, the inability to support themselves or their families financially is their greatest financial fear. A new report from Aegon ‘Protection matters: does women’s financial planning match their priorities?’, which draws on the opinions of more than 2,000 women, found that nearly half (46%) believe it’s…
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