Blackpool, Fylde and Wyre Credit Union (BFWCU) has announced the addition of two new members to its board. Michael Vincent and Joseph Tantram will help oversee BFWCU operations and support borrowers and savers in the town, after being invited to join the board for their professional skills, local connections and specialist knowledge. Vincentl is a…
Read moreThe Financial Conduct Authority (FCA) has today published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. The review provides clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial benefits to consumers. The review found that…
Read moreThe Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
Read moreThe board directors of the BCCA and the Consumer Finance Association have released a joint statement announcing their intentions to merge both associations. The statement read “The short-term lending sector has changed radically over the last few years in areas such as regulation and lending culture. It is time for a change in sector representation.…
Read moreProvident Financial has announced its Interim results for the six months ended 30 June 2017. Here is an overview of the group highlights from the report: Dividend maintained recognising the group’s medium-term growth opportunities First-half adjusted profit before tax reduced by 22.6% to £115.3m (2016: £148.9m) and adjusted basic earnings per share down by 22.6% to 60.3p…
Read moreCredit Scoring specialist Aire has announced the closing of a $5million funding round, led by Sunstone Capital alongside White Star. In conjunction with closing the latest round of funding, Aire today also announces two new high-profile partnerships across different sub-sectors of consumer credit: Aire is embarking on projects with the pioneering financial services company Zopa…
Read moreConsumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
Read moreThere is a market failure in the provision of credit for financially vulnerable people who have to borrow to meet their essential costs, according to a major new report – ‘The high cost of credit’ – by StepChange Debt Charity. Over one million people in the UK are using high-cost credit to cover their everyday…
Read moreCredit company Provident, responsible for sending nearly one million nuisance texts in six months has been fined £80,000 by the Information Commissioner’s Office (ICO). Provident Personal Credit is based in Bradford, employed third party affiliate companies to send 999,057 unsolicited text messages on its behalf to promote personal loans for its brand Satsuma Loans. This…
Read moreThe winners of the UK’s largest consumer-voted awards for the consumer credit industry have been revealed at a ceremony in Mayfair. Over 27,000 consumers voted in this year’s Consumer Credit Awards, sharing their thoughts on 137 firms. Launched in 2016, Birmingham-based not-for-profit Fair For You took home 2 awards, including ‘Best Newcomer’ and ‘Consumer Credit…
Read moreMore than 4 in 10 UK consumers say that they are still negatively impacted by financial mistakes they made in the past, according to research from Aviva. A greater number still say they wish they had managed their finances differently (64%) while 63% wish they had learnt more about financial matters when they were younger.…
Read moreA poll independent loans comparison site Readies.co.uk today revealed public sector workers are turning to payday loans to make ends meet, given the sharp rise in prices, increasing the pressure on those “just-about-managing”. In real terms, average pay was higher in January 2006 than it is now – according to ONS data released last week. Readies.co.uk, a…
Read moreProvident Financial has published its latest financial results and states that a fall in the number of debt collection agents at its home credit division will weigh on profits for the rest of the financial year. The company said a reorganisation of the business had led to a rise in the number of self employed part-time…
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