Credit, Collections & Insolvency News
High-cost lender TFS Loans has collapsed into administration following claims of ‘unaffordable lending.’ The company was a guarantor lender, requiring a family member or friend to cover repayments if the borrower couldn’t. TFS would lend between £3,000 and £15,000 on a one to five-year term basis at between 30% and 70% interest, with a representative…
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TotallyMoney has announced that it has appointed Rebecca Shears as its new Chief Marketing Officer. Shears holds over 20 years’ experience in national and international marketing roles, working with global consumer brands including T-Mobile, HP and global fintech payments company OFX. More recently she was Global Chief Marketing Officer at BIMA, responsible for growing the…
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TruNarrative, a regtech platform in the financial crime and compliance sector and part of LexisNexis Risk Solutions has been appointed by Suffolk Building Society to enhance its financial crime and fraud prevention processes and digitalise its customer onboarding. With TruNarrative’s real-time financial crime decisioning and risk rating, the mutual will significantly improve the efficiency and…
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Following a comprehensive strategic review, Masthaven Bank has announced that it will be withdrawing from the UK banking market over the next two years. Masthaven, which was founded as a non-bank lender in 2004 and acquired a banking licence in 2016, is now communicating the news of its strategic withdrawal from the market to employees,…
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Global banking, payments and shopping service, Klarna has announced the launch of Klarna Card in the UK, which it says will give consumers with greater control, transparency and choice over how they pay. The new physical card will bring Klarna’s flexible and transparent payments experience to in-store payments anywhere where cards are accepted. The launch…
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Open banking platform, Tink has announced the launch of ‘Income Check’ in the UK – a service that streamlines income verification using open banking technology. Tink’s Income Check product allows banks and lenders to instantly verify a person’s income using secure and real-time data directly from their bank account. Using face recognition or with a…
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Virgin Money has announced the appointment of Susan Poot as Group Chief Risk Officer. Poot joins Virgin Money from ING Bank, where she spent over 20 years in a number of commercial and risk roles, the most recent of which was Chief Risk Officer, Retail Banking. In her role she was responsible for setting the…
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Andy Smithson has been appointed to the new role of Head of Internal Control, Compliance and Legal at Startline Motor Finance. He will be responsible for ensuring a robust and effective control environment with strong ongoing legal, regulatory and operational compliance, as well as managing the interlock with the company’s legal panel and leading the…
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Intelligent decisioning technology provider LendingMetrics has announced a number of new appointments and several promotions within its fast-growing workforce. Donna Airey has been appointed as the company’s Head of Finance, bringing a wealth of experience in finance management to the department. Chelsea Clark is the company’s new Talent Acquisition Specialist and will be leading the…
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AutoProtect Group has announced that Mike Edwards has joined the business as Chief Sales and Marketing Officer. Edwards joins with extensive automotive experience from his role at Pendragon where he was Head of Finance & Insurance, and his previous 14-year tenure at Mercedes Benz Retail Group, most latterly as Group Finance & Insurance Manager. Edwards…
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Tandem Bank has announced it is acquiring consumer lender, Oplo with the merger aiming to create a fairer, greener digital bank for UK consumers. The newly combined business will create a leading digital bank with £1.2 billion of total assets supported by £1 billion of funding with more than 171,000 customers. Tandem’s CEO Susie Aliker…
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Equity release specialist Key has revealed it is working with speech analytics platform Aveni.ai as it seeks to build on its customer service with artificial intelligence. The strategic partnership embeds Aveni.ai at the heart of Key’s customer interactions – monitoring conversations with artificial intelligence (AI) to improve the later life lending specialist’s ability to identify…
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Coventry Building Society has launched a new online affordability tool to help mortgage customers facing financial difficulties. The tool, delivered by fintech Paylink Solutions, allows customers to self-serve and provide their affordability using SFS guidelines. They can also be seamlessly referred for free debt advice to Paylink Solutions’ sister company, PayPlan, to support them with…
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