Credit, Collections & Insolvency News
Complaints about consumer credit including payday loans and hire purchase showed a rise in the second quarter according to latest statistics released by the Financial Ombudsman Service (FOS). Consumer credit complaints totalled 7,281 in the three months to June 30, up from 5,846 in the same period last year. Payday loans, which provide short-term credit at…
Read more
Credit decisioning specialist Zoot, has announced a partnership with credit scorecards specialist Credit Kudos. The combination will enable lenders to easily incorporate account transaction data into their existing risk process, leveraging Credit Kudos’ pre-configured risk models through Zoot’s cloud-based platform integrating data and scoring to create a seamless application process. Adam Jackson, Zoot’s Managing Director…
Read more
Short term lender Oakam, has appointed Julie Haugen to Chief Product & Marketing Officer. Most recently, she was Oakam’s Head of Digital Strategy & Customer Experience, playing an instrumental role in the digital transformation of the business. In her new position, Haugen will drive customer-led digital product innovation through closer alignment of Oakam’s marketing and…
Read moreNon-Standard Finance has announced that it has agreed to acquire George Banco from its existing shareholders for an enterprise value of £53.5million, payable in cash. Completion is expected in September 2017 and the acquisition is expected to be earnings enhancing in the first full year following completion. Having launched in April 2014, George Banco has grown rapidly…
Read more
Credit decision making specialist Zoot has announced that it has strengthened its partnership with Dollar. Dollar has used Zoot’s instant credit decision solution since 2014 to host their consumer lending application process for the company’s online lending businesses in the UK. This successful collaboration has now been expanded to utilise Zoot for Dollar UK’s retail portfolio under…
Read more
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 more
The 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 more
The 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 more
Credit 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 more
Consumers 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 more
There 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 more