Credit, Collections & Insolvency News
New research by Resolver has found that thousands of people are being penalised or pursued for buy now, pay later (BNPL) debts incorrectly, as a direct result of errors by retailers and credit companies. Resolver says that it has helped people sort out more than 17,500 complaints about buy now, pay later credit in the…
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A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…
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High-cost short term lender Amigo Loans will press ahead with a rescue plan to cap compensation payments for nearly 1 million customers after the high court rejected concerns the proposed scheme would unfairly harm them. Amigo Loans has been made aware that the Financial Conduct Authority did not support the Scheme and has set their…
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The Financial Conduct Authority (FCA) has expanded its probe into how Amigo Loans handled mis-selling complaints from customers. The regulator has been looking into how the lender assessed its clients’ creditworthiness since May 2020 and has now announced that it is extending the scope of the investigation to include the company’s complaints handling process. The…
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Provident Financial Group (PFG) has revealed that it is being investigated by the Financial Conduct Authority (FCA), with the regulator looking into issues including whether the firm carried out proper affordability checks before lending to borrowers. The FCA says that it will look at the ‘affordability and sustainability’ of loans made in the year to…
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New research by free debt advice provider Financial Wellness Group, shows that people using Buy Now Pay Later (BNPL) loans are getting into problem debt younger. The average age of customers seeking debt advice with BNPL debts is 34, compared to 37 for those without BNPL debts. In fact, 40% of BNPL customers seeking debt…
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Caroline Wayman, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service (FOS) has announced that she is stepping down from the role on 16 thApril, after 22 years in the service and nearly 7 years as Chief Executive. Announcing her departure to ombudsman service staff, Wayman said “After nearly seven years as chief ombudsman…
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Sercle, the Credit Union arm of Omnio Group has announced its partnership with Nivo to integrate its services with Omnio’s platform. Through the partnership, every Sercle Credit Union can offer members a market-leading mobile experience with full access to Nivo’s secure messaging and onboarding technology. Nivo’s mobile messaging has already achieved dramatic results with existing…
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Latest date from the Financial Ombudsman Service (FOS) has shown that guarantor loans were the most complained-about product during the three months period between October to December 2020. The new figures mean that Guarantor loans have overtaken Payment Protection Insurance (PPI) as the most complained about product that the Financial Ombudsman Service adjudicates on. Complaints…
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Morses Club, Chief Executive Officer, Paul Smith has been appointed as a Board Director of the Consumer Credit Trade Association. The CCTA is an independent trade body that represents alternative lenders in the UK. Working closely with regulators and Government, the CCTA aims to promote best practice and provides a strong independent voice for its…
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Everyday Loans has announced that Jon Wiggins has been appointed as its new Chief Executive Officer. Wiggins joined the company in 2017 as Managing Director. Prior to working for the UK’s largest non-standard branch-based lender of unsecured loans, Wiggins held senior roles at financial services multinational Citibank for two decades, including overseeing its Central Europe…
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Credit Connect Media announced that it has launched a new event called the Lending Technology Think Tank which will take place on Thursday 22nd April. The event will focus on technological and innovational developments and strategies within lending. The inaugural Think Tank is a multi-session event that includes a diverse range of speakers and is…
Read moreNew Data published by the Bank of England has indicated continued growth for the Credit Union movement in the UK. The figures covering the financial year for 2020 shows that Credit Unions in England, Scotland and Wales now serve over 1.4 million people and collectively hold assets worth over £2 billion. The new data shows…
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