Credit, Collections & Insolvency News
The Credit Services Association (CSA) and the Civil Court Users Association (CCUA) issued a joint statement following the Civil Procedure Rule Committee (CPRC) meeting attended by Leigh Berkley and Rob Thompson as industry representatives, and by the Master of the Rolls. The outcome was as follows: • The Pre-Action Protocol (PAP) is likely to be…
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The Financial Conduct Authority (FCA) have sent a letter to CEOs of all debt management firms expressing their concerns with the way firms are carrying out annual reviews and to remind them of the requirements of administering debt management plans (DMPs). All debt management plans must be reviewed at least once a year. If a…
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The Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters. In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…
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Equifax is launching Equifax Address Check to facilitate lenders in identifying addresses with a suspicious level of account activity. The solution will flag addresses with an unusually high number of financial accounts or that are known fraudulent mail forwarding addresses so that lenders can investigate the circumstances and help protect against fraud and money laundering.…
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Irish bank Permanent tsb has announced their intentions to focus on new controls within their contact centre and provide enhanced customer service with Noble System’s Composer Real-Time Speech Analytics. Alan Murphy, Head of Collections at permanent tsb, said “At permanent tsb, we take customer service very seriously and we have invested heavily in technology that will support…
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Monitoring Poverty and Social Exclusion 2016, an annual state of the nation report written for the independent Joseph Rowntree Foundation (JRF) by the New Policy Institute, has found that 13.5 million people, 21% of the UK’s population, are living in poverty. The economic recovery has helped to stop poverty rates from rising higher, with overall…
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Research from Equifax has revealed that 23% of Brits say they have reduced their spending habits since the end of June 2016 and a further 60% say it has stayed the same. The online survey, conducted by YouGov, also found that since the EU referendum (end of June till now) 19% of respondents have delayed…
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Arrow Global Group (Arrow) has announced that Tom Drury has decided to step down as Group CEO. Lee Rochford, formerly CFO of Virgin Money will replace Tom as Group CEO and Board Director from 3 January 2017. Drury will remain with the business until the end of February to provide an orderly handover period. Rochford…
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Almost half (44%) of Brits overspend in pursuit of creating the perfect Christmas for family and friends, according to new research from TSB. Driven by pressure to appease loved ones, more than half (54%) of Brits don’t even set themselves a budget for their Christmas spending. In some cases this has included forking out on…
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Millions of homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means energy providers are profiting from a whopping £1billion in overpaid bills. Homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means…
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Arrow Global Group has announced that it intends to enter the Italian market having agreed terms to acquire Zenith Service SpA (‘Zenith’), a leading servicing business in the Italian structured finance market, for an enterprise value of €17m. The transaction is subject to regulatory approval by the Bank of Italy. Zenith has a strong and…
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The Information Commissioner’s Office (ICO) has appointed Rob Luker as Deputy Commissioner (Policy). Luke will join the ICO on 30th January. He was previously British High Commissioner to Malta, and has also served overseas in Brazil and Paris as well as in policy roles at the Foreign & Commonwealth Office in London. Information Commissioner Elizabeth…
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Five million Britons suffer from money worries and stress in the run up to Christmas, and one in three adults are putting Christmas presents on credit this year, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online…
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