Credit, Collections & Insolvency News
More than two-thirds (67%) of UK Financial Services (FS) workers believe that artificial intelligence (AI) has the potential to transform many FS practices, according to new research from content services firm Nuxeo. 58% of respondents in the report – Information, Intelligence & Innovation: How UK Financial Services is shaping up for 2020 – also say…
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With the Conservative Party winning a majority of seats in the House of Commons the Federation of Small Businesses (FSB) says that the result of a majority government brings the hope of stability for small firms. FSB National Chairman Mike Cherry said “Small business owners will be hoping that today’s result helps to bring stability…
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Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP have been appointed as joint administrators of high-cost short term lender MMP Financial. The brand was also known as My Money Partner and Swift Sterling. A company statement company website confirmed that the administrators had been appointed and that they were no longer…
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The Bank of England has published its latest lending figures. The figures show that high loan to value (LTV) mortgages advanced in the three months to September accounted for the largest share of overall mortgages in more than a decade. Quarter three statistics from the Bank of England revealed that the share of lending above…
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DJS (UK) trading as PiggyBank has entered administration. The company provided high-cost short term (payday) lending services to the UK consumer market. The company is thought to have had around 45,000 customers and was seen as one of the UK’s top 10 largest payday lenders. Shane Biddlecombe and Gordon Johnston of HJS have been appointed…
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The Finance & Leasing Association (FLA) has identified three improvements that the incoming Government must adopt to transform customer protection in the consumer credit market, and strengthen the growth of a sustainable and productive economy. Priorities for 2020 and Beyond highlights the fact that the 45-year-old Consumer Credit Act (CCA), which underpins every consumer credit…
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Regulators have proposed rules to make banks and payment firms more resilient to major problems after MPs called for regulatory changes on the back of IT failures at the major banks. The Bank of England (BOE), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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HSBC has announced that it will bring in a single overdraft rate of 39.9% for its customers from March 2020, quadrupling the rate it charges some customers. As part of the move, the bank is removing a £5 daily fee for going into an unarranged overdraft and introducing an interest-free £25 buffer on some accounts.…
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One in five people who check their credit report find an error, new research from Which? has revealed. The consumer champion surveyed more than 1,000 people to establish their understanding of credit reports and scores, and uncovered a significant number of people finding errors in their reports, many of which went uncorrected. The survey also…
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Coventry Building Society has named Steve Hughes as its new Chief Executive. Hughes, currently boss of Principality Building Society, is replacing Mark Parsons, who announced his retirement in October. Hughes is a qualified management accountant with over 25 years’ finance experience across a range of industries including manufacturing, retail and insurance, including finance director of…
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A new programme of research led by Fair By Design and the Money Advice Trust is set to explore the issue of inclusive design in credit, insurance, energy and other essential services markets. The Inclusive Design in Essential Services project, launching this month, will include the production of two reports in 2020 on how regulators…
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Consumer spending in November grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation, as restrained expenditure continues ahead of Christmas according to new data from Barclaycard. The data showed that spending on essentials showed no movement whilst spending on non-essentials was up 1.3 per cent, presenting a…
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