Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee…
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The New Payment System Operator (NPSO) has confirmed that it has now taken over responsibility for the operation of two of the UK’s retail payment systems – Bacs and Faster Payments. The successful consolidation of the three operators has been a key focus for both the Payment Systems Regulator (PSR) and the Bank of England.…
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The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth was 8.6 percent in the year to March 2018, down from 9.4 percent in February. Outstanding balances for consumer credit stand at £209.2 billion exceeding the previous quarterly peak of £208.2 billion in the third quarter of 2008. The…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has confirmed the line-up of speakers for this year’s UK Credit and Collections Conference (UKCCC). Two senior executives from the Financial Conduct Authority (FCA) – Roma Pearson (Head of Consumer Credit) and Richard Fox (Head of Cross-Sectorial & Funds…
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Millions of consumers feel they are ‘living beyond their means’, a study has found. Researchers discovered a large percentage of the nation fall back on credit cards and overdrafts when wages fail to last until the end of the month according to new research by Vantage Leasing. Of the 2,000 Consumer surveyed, 43 percent have…
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The Shadow Chancellor has announced Labour’s plans to place a cap on the total amount that can be paid in overdraft fees or interest payments. The move is supported by campaigners, such as actor Michael Sheen, Labour’s says it plans will help an estimated 2.7 million people who according to the Financial Conduct Authority are…
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Latest update figures on household finance by UK Finance indicates that card spending was 1.2 percent lower than in March 2017 with repayments outstripping new lending in the first quarter of 2018. Outstanding levels of credit card borrowing have grown by 5.8 per cent over the year. Gross mortgage lending in March is estimated to have…
Read moreMore than four in 10 consumers have admited they struggle to make ends meet financially, a study has found. The findings, from a survey of 2,000 UK adults, revealed 43 per cent are short of the cash they need to pay the bills an average of seven months each year.But one quarter said money is…
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NewDay, a leading UK consumer finance provider specialising in the UK credit card market, announced today the appointment of Sir Michael Rake as Chairman, effective on 9th May 2018. Sir Malcolm Williamson, NewDay’s Chairman since 2010, will remain on the Board as an Independent Non-Executive Director. Sir Michael Rake, FCA, FCGI, knighted in 2007, is…
Read moreLatest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreThe first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. TransferWise, a Financial Conduct Authority (FCA)-regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system. A key component of this work involved the Bank extending settlement account access…
Read moreAvantcard has announced that it will acquire Tesco Bank’s Irish credit card portfolio for an undisclosed sum. About 27,000 customers of its banking unit, Tesco Bank, to be transferred to Avantcard as a result of the agreement, which is subject to regulatory approval. The transition is expected to be carried out by autumn. The terms of…
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