Credit, Collections & Insolvency News
Major UK banks will have checks in place to confirm the recipients of money transfers by 2020, the Payment Systems Regulator (PSR) has said. The ‘Confirmation of Payee’ service will see lenders cross-reference names with sort codes and account numbers to ensure funds are being sent to the right recipient. The Payment Systems Regulator (PSR)…
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New figures from a survey by Moneycomms show that consumers are often being tripped up at the final hurdle of their credit card application with customers could end up with a 0% balance transfer or purchase offer reduced by up to a year, or get an APR (annual percentage rate) nearly 10% higher than advertised.…
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Nottingham Building Society has announced a partnership with GDS Link, to enhance its decision-making capabilities and credit assessment process for its mortgage business. The partnership is part of the Society’s ongoing investment strategy to develop its digital capability to match changing customer expectations. This strategy has also seen the Society deliver new online savings brand…
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The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…
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The dream of homeownership for middle-income Britain, individual buyers and those unable to draw on family wealth will be over in the next decade without urgent action by the government and industry, according to new research from Santander Mortgages. Santander’s First-Time Buyer Study: The Future of the Homeownership Dream – based on a national survey…
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The Competition and Markets Authority (CMA) has approved the £1.6 billion mergers between Charter Court Financial Services and OneSavings Bank (OSB). In March, Charter Court Financial Services and OneSavings Bank (OSB) said that they are in advanced discussions regarding a possible all-share combination of the two companies. The deal, which would be structured as a…
Read moreTwo directors from the North-west have been banned for 16 years after lack of oversight led to a £7.6 million shortfall in monies being held for insolvent estates. Darren Varden of Bury, Lancashire, and Philip Nuttall, of Congleton, Cheshire, were directors of Varden Nuttall, a debt solutions provider based in Bury. Nuttall was an insolvency…
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The Bank of England has announced its latest Money & Credit statistics which showed that the extra amount borrowed by consumers to buy goods and services was £1 billion in June, in line with the average of the past year. Annual lending growth to UK consumers slowed to 5.5% in June however, from 5.7% in…
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Controlling spending temptations and unintentionally falling into debt are the main consumer concerns when it comes to owning a credit card, according to research from Equifax, the consumer and business insights expert. The online survey of over 2,000 people does however reveal positive awareness about the potential benefits of spending on credit cards, including credit…
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The Financial Conduct Authority (FCA) has urged expansion of Credit Unions as an alternative to payday lenders as part of a new report. The new FCA report sets out actions and recommendations to improve the availability and awareness of alternatives to high-cost credit. The review suggests that high-cost credit is identified as significant harm to…
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A record number of entries have been reported for this year’s Credit and Collections Technology Awards, devised by Credit Connect and hosted by the Credit Services Association (CSA), as part of their annual conference and gala dinner. In total, 91 companies have entered the awards in 20 categories which include recognising best-in-class solutions across complex…
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Research by TotallyMoney has revealed that credit card owners are often caught out by high fees because of not knowing what classifies as a cash advance. The annual Financial Awareness Survey 2019, carried out by OnePoll and commissioned by TotallyMoney asked a nationally representative sample of 2,000 UK adults about cash advance fees. It reports:…
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The Financial Conduct Authority (FCA) has confirmed it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31st December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA’s approach remains unchanged. The temporary transitional power is intended to minimise…
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