Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…
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The Financial Conduct Authority (FCA) says that it is seeking views on extending the implementation deadlines for the Certification Regime and Conduct Rules In a new consultation paper, the FCA says it is making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification…
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Lender, Morses Club says that the company has adapted to the changes inflicted by the pandemic, with over 109,000 customers now registered for its online customer portal compared with about 78,000 at the end of financial year. In its latest company update for the period since 29th February 2020, the firm says reduced lending volumes largely…
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The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…
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Non-standard financial services company, Morses Club has announced that it has successfully launched a remote lending process for new home collect credit customers (HCC). This enables Morses Club to lend to new HCC customers for the first time since lockdown began in March. The introduction of the new remote lending process allows Morses Club agents…
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Guarantor loans specialist, Amigo Loans has announced that Glen Crawford will be re-joining the Company as Chief Executive Officer (CEO) and as a member of the board. Crawford was originally appointed Chief Executive Officer of the company in February 2016 and Amigo Management in October 2015, but stepped down as Chief Executive Officer during April…
Read moreHigh-cost short term lender Shelby Finance has written off loans and apologised to customers after not providing them with important information following an investigation from The Competition and Markets Authority (CMA). The CMA has found that Shelby Finance did not provide a summary of borrowing statements to more than 15,000 customers between August 2018 and…
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Provident Financial has announced the appointment of Hamish Paton as Managing Director (MD) of its Consumer Credit Division (CCD), subject to regulatory approval. Paton will take over from Chris Gillespie, who will be joining H&T Group, a FTSE listed pawnbroker. Gillespie has held the role since August 2017. Paton has a strong consumer finance background…
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The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…
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Elevate Credit, a US-based provider of online credit solutions including credit cards, has announced plans to retreat from the UK market. The UK unit has been placed under administration, with KPMG serving as the administrator with direct control of the business. Elevate had previously commented late last year, and again this year, that the lack…
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The Covid-19 pandemic has had a devastating effect on people’s finances and is driving them towards payday lenders and other high-cost credit, according to Credit Kudos’ first Borrowing Index. The Index is based upon a survey of 2,000 UK adults found that nearly three in ten people (28%) have had their income impacted by Covid-19.…
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Subprime lender, Amigo Loans has warned that a new urge in complaints could cost the company £35million. In a company announcement the company has that it had also scrapped its dividend, and said a prospective buyer for the business had walked away. The company, which is being investigated by the Financial Conduct Authority (FCA), has…
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The Financial Conduct Authority (FCA) has opened an investigation into subprime lender Amigo Loans (The Richmond Group), the company has announced In a stock market update. Amigo said the FCA started an investigation on Friday into whether Amigo’s creditworthiness assessment process and its governance oversight of this was compliant with regulations. News of the investigation…
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