Credit, Collections & Insolvency News
Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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Credit insight service, Aire has announced an affordability assessment partnership with N Brown Group to improve credit decisioning for more than 40,000 new customer credit applications. The partnership supports credit applications across all of N Brown’s brands, including Jacamo, JD Williams, Ambrose Wilson and Simply Be – as well as their newest brand, Home Essentials.…
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The Financial Conduct Authority (FCA) has announced proposals for further support to consumer credit borrowers impacted by coronavirus. In September, the Financial Conduct Authority (FCA) announced tailored support for borrowers affected by coronavirus (Covid-19) after 31st October, which it would keep under review as the pandemic evolved. As a result of increasing restrictions announced in…
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The Consumer Finance Association (CFA) has expressed concerns as information about Woolard Review panel emerges. In September 2020, the FCA Board asked Christopher Woolard to review change and innovation in the unsecured credit market and to report to them in early 2021. The Review will concentrate on how regulation can better support a healthy unsecured…
Read moreThe Financial Conduct Authority (FCA) is expected to announce more details of an extension to the mortgage holiday scheme, with the initiative originally set to have expired on Saturday (31st October) but extended due to the national lockdown announced for England at the weekend. The FCA has already said that those who have yet to…
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Buy Now Pay Later (BNPL) provider Zilch has partnered with challenger credit reference agency and Open Banking provider Credit Kudos to better assess the affordability of its customers. Zilch says that the COVID-19 outbreak has brought affordability into sharp focus and BNPL providers are under increased pressure to protect potential borrowers – in particular young…
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Specialist short term lender Hope Capital has announced the implementation of a new ID verification and messaging technology by partnering with Nivo. Nivo’s app-based messaging allows a borrower to securely verify their identity with Onfido’s biometric identity verification AI. Additionally, it provides Hope Capital with necessary documentation pertinent to the loan by sharing photos from…
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Non-standard financial services company, Morses Club has announced the appointment of Graeme Campbell as Chief Financial Officer (CFO). He will also be appointed as an Executive Director to the Morses Club Board. Andy Thomson, currently interim CFO of the company, will remain in an executive capacity until the publication of the Company’s FY20 results to…
Read moreThe Financial Ombudsman Service (FOS) has published its latest complaints data which saw complaints fall to its lowest level in seven years. In data for the most recent six-month period (1st January to 30th June), FOS dealt with just over 118,000 complaints compared to 188,000 in the first half of 2018 and 313,000 in the…
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The Financial Conduct Authority (FCA) has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance,…
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Morses Club, says it is making good progress in accelerating its strategy of serving its customers via remote methods of lending and collection. As part of its latest results the doorstep lender says that customer responses to the launch of its remote lending remain positive. Subscribers to Morses Club’s online customer portal, which enables remote lending…
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The Financial Conduct Authority (FCA) has announced that Chris Woolard will chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board. The review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment…
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