Credit, Collections & Insolvency News
A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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More than half of UK consumers (54 percent) would be ready to use biometric payment cards if they were available at their bank today, according to new research revealed by digital security leader Gemalto and conducted by GfK. For 82 percent of consumers, it would even become their preferred payment card – generating a clear ‘top of…
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The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
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The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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The Bank of England latest figures has revealed that consumer credit increased by £0.8bn in September. This was less than in August, as new borrowing for car finance fell sharply. Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 percent, The annual growth rate of consumer borrowing…
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Affordability specialist Bean has announced that is set to be acquired by BGL Group (subject to regulatory approval).BGL Group is a leading digital distributor of insurance and household financial services, and owner of brands including comparethemarket.com and life insurance provider Beagle Street. Bean is owned Saverd, the company behind personal the finance app. Bean’s digital personal finance…
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Research from comparethemarket.com has revealed that nearly one third (30%) of consumers do not think they would be eligible to borrow any money in the form of a mortgage. Nearly 13 million people are estimated to be affected, as exclusive polling reveals that many applicants do not take the necessary steps required to boost their eligibility and…
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Home improvement finance facilitator Consumer Credit Solutions (CCS) has announced that it has appointed Lewis Jenkinson to provide support to its retail partners and assist with consumer finance compliance. CCS Executive Director, Peter Nicholson, said: “We have always been committed to providing the best possible service to our retail partners, and to ensuring they have…
Read moreMansfield Building Society has announced that it has appointed Paul Lewis as its new National Development Manager. Lewis joins from RBS, where he spent 15 years, most recently working as a senior private banking manager. Previous to that, he spent time at Direct Line Group among other financial services firms. Mansfield Commercial Development Executive Richard…
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Leek United has announced the appointment of Andrew Healy as the Society’s new Chief Executive Officer. Healy, joins Leek United from the largest bank in the Maldives, Bank of Maldives, where he has been CEO and Managing Director since 2014. He brings more than 25 years of experience in financial services to his new role,…
Read moreUK Finance has published its household finance update for September 2018 which reveals that Gross mortgage lending across the residential market in September was £21.5bn, some 1.2 percent lower than last September. The number of mortgages approved by the main high street banks in September was 9.1 percent lower than last September; approvals for house purchase…
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The proportion of landlords looking to remortgage is now at an all-time high according to Paragon’s latest Financial Adviser Confidence Tracking (FACT) Index which has been capturing the experience and views of approximately 200 mortgage intermediaries on the development of the UK mortgage market each quarter since 1995. The latest survey, tracking developments for the third quarter…
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With many headlines sounding the death knell for cash, its popularity and use continues to endure robustly, according to the October 2018 Money Statistics, produced by The Money Charity. Despite reports that the tipping point has been reached, with the UK’s preferred payment methods now being digital, LINK cash machines were used on average 93 times…
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