Credit, Collections & Insolvency News
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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The availability of consumer credit dropped “significantly” in the first quarter of 2018, according to a survey of credit conditions published by the Bank of England. The Credit Conditions Survey asks banks and building societies about the past three months and the next three months as part of the Bank’s role in maintaining financial stability. The Bank…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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The Credit Services Association (CSA), has announced the first of the major sponsors for the 2018 UK Credit and Collections Conference (UKCCC), which this year moves to Crowne Plaza, Stratford Upon Avon. Conexus Recovery and Field Services, which has clients across the banking, utilities, retail and debt purchasing sectors, is returning as a sponsor and…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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One in 10 consumers admit they’re bad with money, according to a study. Researchers polled 2,000 UK adults and, despite the age of austerity, found many are ‘blindly’ splashing the cash without any thought for the potential consequences. In fact, around one-fifth of the population went as far to describe themselves as ‘spenders’ rather than…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year. Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over…
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Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
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The Bank of England has published its latest monthly Money and Credit report showing a slight jump in growth in consumer credit of 9.4 percent in the year to February 2018, up from 9.3 percent in January. Outstanding balances for consumer credit now stand at over £209.4 billion. Joanna Elson OBE, chief executive of the…
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