Credit, Collections & Insolvency News
Fraud is the most commonly experienced crime in England and Wales and most happens online. While the landscape for tackling online fraud is complex, the Home Office’s response is not proportionate to the threat, according to the National Audit Office (NAO). The City of London Police is the national lead force for online fraud and…
Read moreA new trade body representing over 300 firms in the UK providing credit, banking, markets and payment-related services has launched. The finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. The association’s members offer a wide range of financial and advisory services across both mutual and…
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The Bank of England has announced that it will force banks to find a further £11.4 billion in the next 18 months to beef up their finances against the risk of bad loans. Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep…
Read moreMonday 26th June saw the implementation date for the fourth EU Money Laundering Directive (MLD4); time to see if preparations are up to scratch or whether a flurry of FCA fines will be issued. John Marsden, Head of ID and Fraud at Equifax said“The rise in high-profile fines for failing to maintain money laundering defences…
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The Credit industry has responded to the Queen’s speech. Here is an overview of the some of the main talking points: Financial Guidance and Claims Bill Citizens Advice Chief Executive Gillian Guy said “The right guidance can be an essential part of a secure financial future. We help people with 1.7 million money queries a…
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Lowell, a provider of credit management services, specialising in debt recovery, data analytics and consumer insight, announced today that its UK operating businesses – Lowell Portfolio 1 Ltd; Lowell Financial Ltd and Fredrickson International Limited – have been granted full Financial Conduct Authority (FCA) authorisation. James Cornell, Group Chief Executive, said: “We are delighted that…
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The Queen’s speech had announced plans for the Financial Guidance and Claims Bill. The bill’s key elements will focus on: the establishment of a new statutory body, accountable to Parliament, with responsibility for coordinating the provision of debt advice, money guidance and pension guidance the body’s activities to be funded through existing levies on pension…
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John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018. Griffith-Jones commented “I committed to a five year fixed term to chair the FCA and, in so doing, to help…
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The British Bankers’ Association (BBA) has published principles to improve customer access. The principles have been developed by the BBA’s third party access working party to improve customer access under the vulnerability taskforce principle 5 (easy for friends and family to support). The principles relate to legal instruments for third-party access, including guardianship and intervention…
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Debt charity Christians Against Poverty has announced that it has been officially authorised by the Financial Conduct Authority (FCA). Chief Executive Officer Matt Barlow said: “We fully support the FCA in its mission to ensure best practice in the industry on behalf of the consumer. It has long been our goal to offer the very…
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The Debt Advisor has announced that the company has secured full authorisation from the Financial Conduct Authority (FCA) to offer full advice and debt solutions including debt management to individuals. Beverley Budsworth, MD and Insolvency Practitioner, who originally set up the business in 1999 said :The business has grown over the years and is proud…
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Irish regulator, The Central Bank of Ireland has fined the Bank of Ireland (BOI) €3,150,000 by the Central Bank of Ireland in respect of anti-money laundering (AML) and terrorist financing compliance failures. The Central Bank of Ireland reprimanded BOI for twelve breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA…
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Volumes of data handled by telcos are growing fast, and the pressure is on to minimise breaches. With the implementation of new general data protection regulation (GDPR) just one year away Steve Martin, Data Protection Officer at Equifax, said “Mobile data traffic is set to increase seven-fold between 2016 and 2021,[1] and telcos need to work…
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