Credit, Collections & Insolvency News
Finance teams lack the digital skillset to embrace the latest advancements in artificial intelligence (AI), causing a negative impact on revenue growth, according to a new study from the Association of International Certified Professional Accountants (the Association) and Oracle. The study of more than 700 global finance leaders found that despite a clear correlation between…
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Retail finance technology provider, Deko, has announced it has partnered with Featurespace, the leading machine learning Adaptive Behavioural Analytics fraud and risk management company, to bolster the security of its consumer finance lending platform. Deko will use Featurespace’s ARIC™ Fraud Hub to boost the capabilities of its retail originations technology, increasing the security benefits of…
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British banks are being hit by more than one major IT or security failure that stops customers from making payments every day, a Which? Money investigation has found. In the most comprehensive analysis carried out since banks started disclosing serious IT glitches last year, the consumer champion found there were 302 incidents that prevented customers…
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The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period. As most of the changes proposed will be made under powers given to the FCA under the EU (Withdrawal) Act, they are subject to approval by the Treasury. As…
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Research carried out as part of BDO LLP’s annual FraudTrack report has found that the total value of fraud in the UK more than halved in 2018, following a record 15-year high in 2017, down from £2.1bn to £746.3m. The analysis, which examines reported fraud cases over £50,000 in the UK, reveals that despite the…
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UK Finance has released its latest Household Finance update for January 2019 The figures indicate that £10.8 billion was spent on credit cards in January 2019, this was 4.4% higher than the same month the previous year. The outstanding level of credit card borrowing also grew by 4.4% in the twelve months to January. Personal…
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Here is an overview of The Money Charity’s latest statistics for February 2019: Personal debt in the UK People in the UK owed £1.625 trillion at the end of December 2018. This is up from £1.576 trillion at the end of December 2017, an extra £935.34 per UK adult, £81.72 higher than the previous month. The average total debt per…
Read moreThe Money and Mental Health Policy Institute (MMHPI) has welcomed a commitment from the British Medical Association (BMA) that GPs will stop charging for the form people with mental health problems need to get debt support. The commitment by the BMA – the professional body for all UK doctors – is part of the new Five Year GP…
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Consumers can save more than £2,500 a year by taking control of their finances, new analysis from Experian has revealed. Families are overpaying on their mortgages and energy bills, and those paying interest on their credit cards can cut their costs by switching to a better deal. Experian has launched Money Matters Week to help…
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New figures released by the Finance Leasing Association (FLA) have shown that the number of second charge repossessions in 2018 was 147, 8.1% higher than in 2017. In the final quarter of 2018, the number of repossessions was 28, down by 26.3% compared to the same period in 2017. The number of properties repossessed during…
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UK Finance has published its Mortgage Arrears and Possessions Update for the fourth quarter of 2018, which saw 4580 homeowner possessions in 2018, the lowest level since 1980 when there were 3480 possessions. During this period, there were 6.2 million outstanding homeowner mortgages, compared to 9 million at the end of December 2018. The data…
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Cash points are closing at a rate of 16 per day, the fastest ever recorded, according to consumer group Which? showing that cash machines disappeared at a rate of 488 per month between June and December last year. Over the six months, 2,962 cash points were taken out of service, representing a 4.6% decline in…
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Seven in ten businesses struggle to unlock data’s true potential because of a lack of control, leaving many businesses with untrusted data that undermines business innovation and customer interactions, new research from Experian has revealed. Experian’s Global Data Management report, which surveyed 1,000 data practitioners from organisations around the world, found that although three-quarters (75%)…
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