Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has urged expansion of Credit Unions as an alternative to payday lenders as part of a new report. The new FCA report sets out actions and recommendations to improve the availability and awareness of alternatives to high-cost credit. The review suggests that high-cost credit is identified as significant harm to…
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Nearly half of Muslim consumers have never used Shariah-compliant products, marking a wake-up call to the UK Islamic banking industry, new research by Home Purchase Plan provider and Shariah-compliant bank Gatehouse reveals. 46% of Muslim consumers say they have never used Shariah-compliant products, according to the study. The figure — which rises to 53% among Muslim women…
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Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…
Read moreThe number of payday loans being taken out by consumers has collapsed by third according to a freedom of information request, made to the Financial Conduct Authority (FCA) by income streaming app Wagestream. The latest statistics for Q1 2019 show that there were 861,781 payday loans taken in the first three months of the year.…
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The CCTA association who represent businesses providing credit to consumers has announced that Chief Executive Officer (CEO) Greg Stevens will take over as Chair for the CCTA council replacing John Fellows. Fellows, who has held the role of Council Chair for seven years, said “I’m delighted to announce that Greg Stevens has agreed to take…
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New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…
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Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Read moreHome collected credit lender, Morses Club has announced that it has acquired U Holdings through its subsidiary Shelby Finance. Morses Club says the acquisition of U Account is an important step in the company’s strategy of building a digital offering to allow its customers to access credit flexibly in a significant growth segment of the…
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Peer-to-Peer specialist, LendingCrowd has appointed Robbie McKenzie to the newly created post of General Counsel and Chief Risk & Compliance Officer. A dual-qualified lawyer holding practising certificates in both Scotland and England, Robbie will lead LendingCrowd’s legal, risk and compliance function and act as anti-money laundering officer. A particular focus will be ensuring LendingCrowd adheres…
Read moreThe Financial Conduct Authority (FCA) has confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force…
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Home collected credit lenderMorses Club has announced the appointment of Andrew Hayward as Chief Financial Officer (CFO), subject to regulatory approval. Hayward will join Morses Club on 1st July 2019 and will also be appointed as an Executive Director to the Morses Club Board. Hayward joins Morses Club from eServGlobal, the ASX and AIM listed…
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Non-Standard Finance (NSF) has announced that it has withdrawn its £1.3billion takeover bid for Provident Financial. After talks with regulatory authorities, NSF’s offer for Provident would lapse as the regulatory condition would not be satisfied by midnight today, the company said in a statement. NSF said that after discussions with regulatory authorities, in learning that…
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The Financial Conduct Authority (FCA) has announced that it will be introducing new rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector. When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. These new rules are designed to help…
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