Credit, Collections & Insolvency News
Wiltshire and Swindon Credit Union have announced that they completed a merger agreement. The Credit Union will now be called Wiltshire and Swindon Credit Union (WASCU) says that the name change will reflect a new focus on encouraging savings and will continue to offer the same high level of service. Wiltshire and Swindon Credit Union…
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Credit provider, Non-Standard Finance (NSF) has provisionally agreed on a deal with its lenders which it hopes will underpin rescue efforts to save the group. Its secured lenders have provisionally agreed to release £71 million of secured debt in exchange for 20% of the company. NSF plans to raise £95 million through a share placing…
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Experian and CarCloud have today announced a new partnership that will enable users of CarCloud’s digital management app users will now be able to check eligibility for new car finance deals without it affecting their credit score – giving them the confidence to go ahead with the best, most affordable option. For lenders, eligibility gives…
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The Prudential Regulation Authority (PRA) has fined Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank, £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. The…
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Equifax UK has announced a partnership with short-term credit facilities & Buy Now Pay Later (BNPL) specialist, Spear Technology, (parent company to The Yes Catalogue, New Is Nice & Flava). The collaboration will see both companies operating together to identify and help customers at financial risk. With increased financial pressure being placed on consumers, lenders…
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Peer-to-peer lender The Money Platform has announced that it has agreed on a partnership with LendingMetrics to use their Auto Decision Platform (ADP) technology. The Money Platform enables an alternative line of credit for ’thin-file’ customers, by “connecting borrowers and lenders” without the hassle of financial institutions acting as middlemen. The platform is secure, transparent,…
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Digital lending marketplace, Freedom Finance has announced that it has appointed Nick Jones as Director of Freedom for Intermediaries. In his new role, Jones will lead the growth and development of Freedom Finance’s intermediated division through its Freedom for Intermediaries offering, a service dedicated to intermediaries who are looking to support their clients with specialist…
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Digital retailer and financial services provider The Very Group, has announced that it has extended its embedded marketplace partnership with Freedom Finance for a further three years. Through its proprietary lending technology, Freedom Finance will provide The Very Group’s 4.4 million customers with access to unsecured personal loans. Using soft search technology and advanced matching,…
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The Financial Conduct Authority (FCA) has announced that it. has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight. The expansion of the FCA’s enforcement and market oversight leadership team, following Mark Steward’s departure. The FCA say that the appointments will support the FCA’s ongoing transformation to become a more…
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Sub-prime lender Amigo Loans is to be liquidated after months of trying to come up with a rescue plan ended in failure. The company said Amigo said it would stop lending with immediate effect and will be placed into an orderly wind-down, with all surplus assets transferred to the creditors of its compensation scheme. Those owed compensation…
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A new credit decisioning tool, Fuse by Pave, has launched which claims it can offer lenders 97% accuracy in affordability tests, clearer insights into consumer affordability, reduced rate of defaulted loans, and improvements to borrower outcomes. In addition to improved accuracy in affordability testing, which uses Open Banking technology it also offers lenders personalised insights…
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Bluestone Group announced that it has agreed terms for the sale of its UK mortgage lending and portfolio servicing operations to Shawbrook Group for an undisclosed sum. Under the terms of the transaction, Bluestone’s holding company will sell 100% of the shares and its subsidiaries to Shawbrook in a cash and share transaction. The transaction…
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Experian has announced a new partnership with The Access Group that will allow even more UK employees to digitally share their payroll information to get better access to financial products and services. Through Experian’s Work Report™1, the UK’s first digital employment and income verification service, employees who are paid using Access Group’s payroll software will…
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