Credit, Collections & Insolvency News
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…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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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…
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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 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…
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Credit 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…
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The 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 moreMoneySuperMarket analysed three million loan enquiries made on its Smart Search tool from January 2015 – March 2017 to find that more than one in four (28 per cent) Brits want to borrow an amount equal to at least half of their annual income. Worryingly, almost 10 per cent of personal loan enquiries are from people hoping…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Financial Conduct Authority (FCA) has published proposals on how consumer credit firms should manage risks related to how they pay and manage the performance of their staff. The FCA expects all firms to consider the way they pay and incentivise staff, and ensure they manage any potential harm to consumers. The FCA is consulting…
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Quint Group has reported a record year of growth with a 64 per cent increase in revenue to almost £32m by March 2017. Quint saw its turnover rise from £19.5m to £31.9m in 2016/17, along with an increase in underlying profits of over 250 per cent from £1.6m to £5.9m. Growth has been driven by…
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