Credit, Collections & Insolvency News
Parents are spending hundreds of pounds extra a month to take care of their children during lockdown. New data from comparethemarket.com’s Household Financial Confidence Tracker shows that 40% of families with children at home have spent more on their children during lockdown than they would normally. Of these, parents are spending an average of £52…
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Three-quarters of people will struggle to pay off their debt after lockdown according to new research bey free debt advice company, PayPlan. The company conducted a survey to find out how people in debt have been affected during the Coronavirus outbreak. The FCA have extended payment holidays for mortgages and other debts, and although the…
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Principality Building Society has announced the appointment of Julie-Ann Haines as Chief Executive Officer, subject to regulatory approval. Haines joined the Society as Head of Strategy and E-Channels in 2007 and is currently the Chief Customer Officer. She has more than 20 years’ corporate experience in retail and financial services. In her current role she…
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Zopa has announced that it has been granted a banking licence and duly announced it would be launching a new digital bank offering a fixed-term saving account followed by a credit card later in the year. These new products will launch in addition to Zopa’s existing personal loan and car loan products. Zopa Bank will…
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More than 1.9 million mortgage payment deferrals have been offered to customers impacted by Covid-19 in the three months since the support was launched according to new figures from UK Finance which means that one in six mortgages in the UK are now subject to a payment deferral. UK Finance says that this means that…
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Severe economic disruption caused by COVID-19 will see a short-term hit for the UK mortgage market, but payments holidays should keep it afloat and see growth from 2021, according data and analytics company GlobalData. GlobalData’s post-COVID-19 amended forecasts expect a decline of 1.3% in mortgage loans in 2020, down from 2.6% previously. Its overall compound…
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The Financial Conduct Authority (FCA) has announced proposals to extend the payment freeze of consumer credit products for people whose finances have been negatively impacted by Covid-19. The proposals outline the support firms would be expected to provide credit card and other revolving credit (store card and catalogue credit) and personal loan customers coming to…
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Nationwide Building Society has announced that it will only lend to mortgage borrowers with a deposit of at least a 15%, scrapping its deal for those with 10% of the property’s value amid concerns about falling house prices in the wake of the coronavirus crisis. Nationwide, which before the pandemic offered loans where a deposit…
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Loans Warehouse has announced that it has selected award-winning fintech Credit Kudos as its Open Banking provider, to enable lenders to safely and responsibly increase lending activity. Credit Kudos has developed a secure onward consent mechanism that allows Loans Warehouse to safely share credit risk and affordability insights with lenders to help better inform their…
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A new affordability checking service which uses Open Banking data to enable lenders to make more accurate real-time credit decisions on consumers has been launched. RealCheck, uses bank data to help consumers understand what they can truly afford to borrow, and then access accurate loan rates appropriate to the customers’ circumstances at that time. In…
Read moreFirms must do more to ensure they are always giving appropriate advice to equity release consumers, a Financial Conduct Authority (FCA) review has found. Demand for later life lending has grown in recent years. With the option of no monthly payments, equity release is an attractive option for some – allowing consumers to benefit from…
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The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns…
Read moreA scheme designed to ensure people can maintain free access to cash could see banks share branches for the first time. The Community Access to Cash Pilot will test new subsidised ATMs and local cash deposit centres for retailers. Eight locations across the UK, including an army barracks, have been chosen for trials to help…
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