Credit, Collections & Insolvency News
Consumer Financial Protection Bureau (CFPB),an independent agency of the United States government, has suggested capping the amount of times debt collectors can contact consumers. The proposal will affect more than 6,000 debt collection firms in the US.
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The Money Advice Service has announced that the first Standard Financial Statement (SFS), will go live on 1st March 2017, marking the beginning of a transition period during which creditors and debt advice providers will move to using the new format. This will be the first time that all major debt advice providers, creditors, and other…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased for the fourth consecutive quarter, driven primarily by an increase in individual voluntary arrangements Debt relief orders also increased, because of…
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Irish Social Protection Minister Leo Varadkar has announced a new scheme to allow credit unions provide small affordable loans. A pilot scheme in 30 credit unions saw 1,300 people accessing the loans, the average amount of which was under €500. A further 50 credit unions have already expressed interest in joining the scheme Up to 400,000 people are estimated…
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UK Credit Insurance and The John Reynolds Group Ltd will merge in August. Following the merger the new company will be called Acumen Credit Insurance Brokers Ltd. A new website will follow in September: www.credit-insure.co.uk.
Read moreFinecoBank is set to enter the UK in this fourth quarter of the year. The bank is a subsidiary of UniCredit Group
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https://www.theguardian.com/business/2016/jul/29/rescue-package-in-place-as-europes-oldest-bank-fails-stress-tests
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The Financial Conduct Authority (FCA) has outlined plans to improve the authorisation process for consumer credit firms. Figures shared by the FCA indicate they have closed 87% of applications with 99.6% within the statutory deadline. The FCA have issued the following commitments to firms applying for authorisation: The FCA will tell you as soon as your application…
Read moreGovernment figures reveal that tens of millions of pounds in unpaid council tax and business rates is owed to councils across the Black Country and Staffordshire. The figures owed are as follows: Walsall £20.3 million Sandwell £23.3 million Wolverhampton £14.7 million Dudley £8.7 million Cannock £6 million Stafford £4.4 million
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Marston Holdings (Marston) has confirmed that subsidiary Rossendales has been granted full authorisation by the Financial Conduct Authority (FCA). Rossendales is the second Marston business to become fully authorised. Burlington Credit was authorised in 2014.
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MasterCard Incorporated has announced that is going to acquire VocaLink Holdings Limited for about £700 million (approximately US$920 million).
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The Department of Work and Pensions (DWP) has blamed policy changes for the delay in Universal Credit rollout. Damien Green, Secretary of State for Work and Pensions, issued a statement to parliament outlining three major changes to the roll-out. The full statement can be found here. Source: Parliament UK
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Freedom Finance has hired Jeff Poole as their new Managing Director of Consumer Finance. Zoe Cuthbertson has also joined the team as Freedom’s new Head of Marketing.
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