Credit, Collections & Insolvency News
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.…
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Credit 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 moreJaywing 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…
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Bob Wigley has been announced as the chair of the new integrated trade association called Financial Services Trade Association, which will bring together six member organisations operating across a wide range of financial services in the UK. The six trade associations which are set to merge are: The Asset Based Finance Association (ABFA) British Bankers’…
Read moreBuddy Loans has received full accreditation from the Financial Conduct Authority (FCA), enabling the U.K.’s leading guarantor loan provider to give more consumers access to credit. The Cheadle-based company was set-up in 2013 by entrepreneurs Guy Mackenzie and Nicholas Zapolski, to provide consumers, who have been refused loans from mainstream lenders, with affordable credit. Buddy…
Read moreThe Credit Services Association (CSA) has criticised a report from the Institute of Fiscal Studies (IFS) that suggests only a fraction of the cash being raised by a new levy on firms of a certain size from April will be spent on Apprenticeships. The CSA also disagrees with the IFS claim that increasing the number…
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The Competition and Markets Authority’s (CMA) shake-up of the banking industry will offer overdraft users the opportunity to save an average of £180 a year, while other current account holders can save an average of £92. In its final report on the retail banking market published last year, the CMA announced a package of reforms…
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Chris Pond has been appointed the new Chair of the The Lending Standards Board (LSB). Pond will take over as Chair of the LSB at the end of March. He succeeds Lord Hunt of Wirral who has completed 6 years as LSB Chairman, recently overseeing the move from the Lending Code to the outcome-focused Standards…
Read moreNava Finance Limited today announced that the Financial Conduct Authority has confirmed that as of 27 January, 2017 Nava Finance Limited is authorised and regulated by the FCA, enabling Nava to begin offering personal loans to UK consumers. The company is now focused on working towards an initial launch date, which will be announced when…
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The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services…
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FEATURE: Brexit and Debt Recovery When it comes to Brexit, we’re in unchartered waters. The government has yet to invoke Article 50, and is still working out, and trying to negotiate, acceptable terms. Prior to the referendum, as a member of the common market, the UK benefitted from over 50 EU-established trade agreements with the…
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Research by Callcredit reveals that 81% of UK consumers are more likely to share their personal data once the general data protection regulation (GDPR) is in place. The legislation was originally drawn up by the European Commission to harmonise data protection within the EU and to govern the export of personal data beyond the EU’s…
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