Credit, Collections & Insolvency News
Over two thirds (69%) of organisations prioritise risk management and compliance over customer experience and operational responsiveness, according to a study from Callcredit Information Group. The research, part of Callcredit’s New Affordability report, asked UK risk and customer experience managers about their attitudes towards affordability assessments. It unearths the struggle experienced by many when it…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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A new credit union office has opened in Kendal The newly re-branded Penrith Office of Eden & South Lakeland Credit Union will open soon. It has come about following the successful completion of a merger between South Lakeland Credit Union and EdenSave Credit Union. Adrian Rush, Chair of Eden and South Lakeland Credit Union said “This…
Read morePayday firm CFO Lending has entered administration. Last year the company entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers following findings that…
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More than three million people have been frozen out of credit in the past 12 months, despite mainstream lenders promising to increase access, according to new research. Almost one in five people who applied for credit in the last 12 months – either a credit card, personal loan or mortgage – had their applications refused,…
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118 118 Money has received full authorisation from the Financial Conduct Authority (FCA). Since launching in Cardiff, Wales in 2013, the lender has issued more than £150million in unsecured personal loans ranging from £1,000-£5,000, to customers who are unable to receive credit from their banks. Mark Burgess, COO and Interim CEO of 118 118 Money…
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Poorer people in Britain are being excluded from the financial system and forced to rely on expensive and substandard banking products, according to a new report. There are 1.7 million adults in the country that do not have access to a bank account, the report said, raising the risk that they will turn to high-cost…
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Target Group has signed a deal to supply its Bluechip Web Portal to Bridging Finance Solutions (BFS), the short-term property finance provider. To further improve processing efficiencies BFS panel solicitors will have access to their allocated cases via the portal and will be able to upload documentation and leave case notes, which updates the Bluechip…
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London fintech startup TransferWise has teamed up with UK-based, digital-only Starling Bank in a partnership aimed at providing easier and cheaper international money transfers. Launching in the UK this summer, the service will enable customers to make transfers from the UK across the 35 currencies available in the TransferWise app, including the euro, US dollars,…
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Over 600,000 consumers of short term loans may no longer have access to credit, according to a report by the Consumer Finance Association (CFA) and economic analysts, Oxera. Without access to a regulated form of finance many consumers are unable to take action to manage their cash flow or cover emergency financial costs. They could end…
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The latest complaint figures released by the Financial Ombudsman Service (FOS) shows that Payday loans complaints have risen by 22%. Complaints to the financial ombudsman about payday loans have risen to almost 200 a week. During the second half of 2016 the Financial Ombudsman Service received 5,095 new payday lending complaints, up 22% on the first six…
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The number of guarantor loan problems Citizens Advice has helped people with has risen by 40% over the last year, latest figures show. When taking out a guarantor loan the borrower gives the name of a guarantor, normally a friend or family member, who is then pursued for payment if the borrower can’t repay. Last…
Read moreSome doorstep lenders are taking advantage of their position and putting people at risk of serious debt problems, Citizens Advice warns. A new report published by the charity today has identified a number of concerning practices by some doorstep lenders. The evidence, submitted to the Financial Conduct Authority today as part of its review into…
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