Credit, Collections & Insolvency News
Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year. Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second…
Read moreThe UK’s new payment system operator has announced the appointment of its first five Board members: Anna Bradley – Chair, Rail Safety and Standards Board Becky Clements – Head of Industry Engagement and Payment Change at Metro Bank Russell Saunders – Managing Director Global Payments at Lloyds Banking Group Peter Wyman – Chairman, Care Quality Commission…
Read moreResearch from independent car buying site, carwow, reveals that nine in ten Millennials are renting or leasing modern day essentials such as cars, homes and mobile phones because it’s the only way to afford to them. Due to soaring living costs, a poll of 2,000 car owners by carwow shows that one in two millennials…
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Paul Horlock has been appointed as the Chief Executive of the UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, which between them process over £6.4 trillion pounds of payments every year. Horlock has worked in the banking sector for over 15 years,…
Read moreAmong growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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The FCA has rejected calls to cap interest rates charged on credit cards saying that planned measures to help people avoid excessive debt should be given time to work. Speaking at Reuters Financial Regulation Summit Andrew Bailey, Chief Executive of the Financial Conduct Authority said “We are not there at the moment,” said in response…
Read moreThe Bank of England’s (BoE) Financial Policy Committee (FPC) has said that lenders are creating pockets of risk by placing too much weight on recent benign conditions. In a statement from its policy meeting on 20 September 2017, the BoE said that the overall credit quality of consumer credit has improved significantly since the financial crisis.…
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RBS has announced its plans to postpone the introduction of cut-price credit cards and the Labour Party has pledged to back legislation limiting the amount of interest that can be charged on credit card debt. Key industry groups have responded to the developments in the consumer credit landscape. Steve McNicholas, Managing Director – Credit and…
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Rising debt levels and the continued struggle to meet essential household bills are among the key findings from the latest statistical research released today by StepChange Debt Charity. The Statistics Mid-Year Book which examines the latest trends from the charity’s client data, highlights how increasing numbers of the under-40s, lone parents and people in rented…
Read moreThe UK’s high street banks have been ranked among the poorest performers for customer satisfaction and complaints handling, according to new analysis by Which?. Lloyds was the worst performing big bank with an overall score of 58% – is in joint bottom place with Danske Bank. The results make disappointing reading for many of the…
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Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
Read moreEquiniti has announced the launch of Equiniti Credit Services. Richard Carter is to lead the new business – supplying digitally enabled loan and mortgage solutions – which combines Equiniti Pancredit, Equiniti Gateway and the newly-acquired Nostrum Group. Equiniti Credit Services builds innovative solutions that are transforming the credit industry, offering a complete outsourced credit management…
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