Credit, Collections & Insolvency News
Ambitious new plans to help fintechs scale up and ensure the UK remains at the cutting edge of digitalising finance have been announced by the Chancellor. Speaking at Fintech Week, Chancellor Rishi Sunak set out proposals to enhance the UK’s competitive advantage in fintech, from regulatory support and reforms to help firms grow to a…
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Applications for finance have soared since the lifting of lockdown restrictions, according to intelligent decisioning technology provider LendingMetrics. The company has seen traffic rise 60-65% on its LMX platform during the first two weeks of April, compared to levels during the same weeks in March. Lenders that use its automated decisioning platforms witnessed loan applications…
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A new Government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder has been launched. First announced at the Budget, the scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house of up to £600,000 – providing an affordable…
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Latest figures from FICO have indicated that the average spend on credit cards fell by £33 to £547 in February 2021, with sales 16 percent lower than a year ago. Stacey West, Principal Consultant for FICO Advisors said “This drop is opposite to the usual trend we see at this time of year,” continued West. “However,…
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The Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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Ten UK fintechs have been brought together in a new initiative by PwC which the company says will aim to showcase and shape the future of banking with collaboration, innovation, and personalisation at its heart. Three years in the making, the ten businesses have contributed to the firm’s ‘Tysl’ ecosystem which incorporates a number of…
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John Lewis has announced that it has hired Amir Goshtai to take over as its Director of Financial Services as the department store pushes into the digital retail space. Goshtai joins from credit agency Experian, where his most recent role was Managing Director of Marketplace. He brings over 20 years of entrepreneurial experience in retail…
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New figures released by the Finance & Leasing Association (FLA) have shown that the consumer car finance market reported a fall in new business volumes of 27% in February 2021, compared with the same month in 2020. The consumer new car finance market reported a fall in new business volumes of 34% in February compared…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in February 2021 by 26% compared with the same month in 2020. The retail store and online credit sector reported a fall in new business of 6% in February compared with the same month in 2020. The credit…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 34% in February 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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A new report from analytics company FICO has revealed that working from home over the pandemic has negatively impacted fraud protection, with 79% of banking executives saying there was a high or major impact. A further 49% of respondents said it was a major challenge having multiple systems for managing fraud and financial crime Toby…
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A year on from the start of the pandemic, new research from StepChange Debt Charity has revealed that nearly a quarter (23%) of the 1.6m people who’ve accessed credit payment deferrals have subsequently missed repayments, while half (50%) say they have resumed repayments but with difficulty. Since last week people struggling financially as a result…
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A new KIS Finance survey has revealed some of people’s financial concerns relating to lockdown restrictions easing and the pressure to socialise again with nearly 40% are concerned about being able to afford socialising after lockdown. The company’s research has found that 38.1% of people are concerned about overpressure from friends and family to go…
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