Credit, Collections & Insolvency News
The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator. The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners…
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UK Finance has announced its support for the United Nations Environment Programme Finance Initiative’s ‘Principles for Responsible Banking.’ The Principles align banks with society’s goals as expressed in the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement. They set a global benchmark on responsible banking and provide actionable guidance on how to achieve this.…
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The government has announced the launch of a new Credit Union Investment Fund which will support credit unions to increase financial inclusion and help them to grow. Following the launch, more people will have greater access to affordable credit and savings plans through the new £10 million fund. The Fund, which will open next spring,…
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Credit cards can be a responsible way to spread the cost of large but infrequent purchases, however new research suggests that this is not the way many young people are choosing to take on debt. A new study from comparethemarket.com reveals that nearly a fifth (18%) of 18-24-year olds use their credit card every day.…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable. Commenting on…
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New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew by 5% in July, compared with the same month in 2018, while the value of new business increased by 6% over the same period. The POS consumer new car finance market reported…
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John Truswell has joined Newcastle Building Society as Head of Intermediary Mortgages. Truswell has more than 30 years’ experience in the mortgage intermediary market, having worked at Virgin Money, CHL, and more recently Together, where he was head of national accounts. He will head a team of seven BDM and key account managers at Newcastle…
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The Financial Ombudsman Service (FOS) has published its latest complaints data. According to the figures, the Bank of Scotland was the most complained about mortgage lender in the first half of this year. In addition, there were 705 new cases brought to the FOS against the lender, which is part of Lloyds Banking Group. Bank of…
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The winners of the third annual 2019 Credit & Collections Technology Awards have been revealed. There were eighteen winners from the twenty Awards categories which are covered by four main headings of Applied Technology, Credit and Collections, Lender and Creditors and Innovation Leaders. The awards ceremony was held at the Credit Services Association’s (CSA) annual…
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Paragon Banking Group has announced that it will appoint Richard Rowntree as its new Managing Director (MD) of Mortgages, subject to regulatory approval. Rowntree will join Paragon from Bank of Ireland where he is Managing Director of UK Mortgages. Rowntree will take over the reins from John Heron when he retires early next year. He…
Read moreA survey of 100 leading global credit experts* has revealed nearly eight out of ten (77%) believe Open Banking will make the market for credit more competitive, with only 6% believing the initiative would make it less competitive. The findings come from the recent Credit Scoring and Credit Control XVI Conference at University of Edinburgh…
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New TUC analysis has shown that unsecured debt per household has risen to record levels. The average household debt rose to £15,880 in the first quarter of 2019, up £1,160 on a year earlier. With over half of households report having unsecured debt, most commonly in the form of credit card debt (60%), overdraft (28%),…
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Tesco Personal Finance (Tesco Bank) has confirmed the sale of its mortgage portfolio to Lloyds Banking Group for a cash consideration of c. £3.8 billion. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c.£3.7 billion and generated pre-tax profits of £9.1m in the 2018/19 financial year. As part…
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