Credit, Collections & Insolvency News
Mobile current account provider Monese has announced that it has become an official member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention. Banks of all ages…
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Fico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…
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A new Open Banking Expo is set to be launched which aims to bring together a cross-section of the UK’s brightest minds to put the second payment services directive (PSD2) under the spotlight and encourage financial services – and other industry sectors – to embrace the new legislation in order to drive product innovation and…
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The Financial Conduct Authority (FCA) has announced it will investigate TSB over its IT problems. The regulator will launch an investigation over the bank’s failure to be open and transparent with customers when an IT upgrade went wrong, locking as many as 1.9 million customers out of their accounts. In a letter to the Commons Treasury…
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Over two-thirds (70%) of consumers think the use of bots programmed to respond like agents is acceptable in customer service, according to a new report titled ‘Customer engagement – the road to 2020’, commissioned by West’s Unified Communications Services. This shows that consumers are happy to move to digital from voice if it is convenient,…
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1st Stop Group announces its loan book has passed the £150 million mark on its second anniversary since equity investment from Pollen Street Capital. 1st Stop Group said it has seen growth across its secured lending, car finance and personal loan products, lending £100m in the last twelve months. This growth has been driven by…
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Visa has announced that it has resolved the technical payment issues experienced by customers last week. In a statement, the company said Our network is working normally. If you attempted a Visa transaction that did not complete as a result of this issue, you should not be charged. A small number of cardholders may have…
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Following the Financial Conduct Authority (FCA) announcement on reform rent to own and overdraft reforms, industry figures have reacted on the news. Eric Leenders, Managing Director, Personal Finance at UK Finance said “People up and down the country use credit as a helpful means of managing their everyday spending, so we have been working closely…
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The Financial Conduct Authority (FCA) has announced new proposals designed to protect millions of people who use overdrafts and high-cost credit. The changes the FCA are consulting on follow an in-depth review into the high-cost credit market and are expected to reduce the costs for consumers and give them greater control over their finances. These…
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Latest figures from the Financial Ombudsman (FOS) show that complaints about borrowing – ranging from store cards to payday loans – have risen by 40% in the past year. Concerns have been raised about lenders’ treatment of customers with high-cost loans. Excluding complaints about payment protection insurance, almost one in four complaints to the ombudsman…
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Computershare Loan Services has announced that it will continue to administer 45,000 Bradford & Bingley mortgages transferring from UK Asset Resolution (UKAR) to an investor group led by Barclays Bank. UKAR recently announced the sale of two portfolios of buy-to-let and residential owner-occupied mortgages to the investment group. Computershare Loan Services was appointed by UKAR…
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The Bank of Mum and Dad (BoMaD) will be the equivalent of a £5.7bn mortgage lender in 2018, according to new research and forecasts from FTSE100 financial services group Legal & General and Cebr. ‘BoMaD’ remains a major force in the UK housing market in 2018. 27% of buyers will receive help from friends or…
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Latest statistics from the UK Finance’s household finance for April 2018 has revealed that card spending was 9.8 percent higher than a year earlier. Outstanding levels of credit card borrowing grew by 5.2 percent over the year, down from an annual growth rate of 5.7 percent in March. Other key statistics showed that: Gross mortgage lending in April…
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