Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2). PSD2 is an EU Directive which sets requirements for firms that provide payment services, and will affect banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer…
Read more
Here is an overview of The Money Charity’s latest statistics for September 2017: Personal debt in the UK People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult. Per adult in the UK…
Read moreFollowing on from Equifax’s announcement last week that the US arm of the company announced a cybersecurity incident. Equifax has now identified unauthorised access to limited personal information for certain UK consumers. Equifax UK has confirmed that UK systems are not affected. Equifax UK and TDX Group systems and platforms are entirely separated from those impacted…
Read more
Women are more likely than men to switch to an online-only bank, but both genders support new payments innovation, figures released by international law firm Paul Hastings show. The survey of over 2,000 consumers in the UK, part of a study into the future of alternative payment methods, shows that 24% of men and 30%…
Read more
UK Finance has released the latest remortgaging date which shows that lending for house purchases in July was lower than in the preceding month but higher than a year earlier. Highlights from the statistics show: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016. They took out…
Read moreChallenger Bank, Instabank has announced a partnership with Provenir. Instabank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision. Robert Berg, CEO, Instabank said “Our entire approach is built on simplifying banking, making…
Read more
New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer new car finance business volumes fell by 7% in July, compared with the same month in 2016, while the value of new business was up by 3% over the same period. The percentage of private new car sales…
Read more
New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
Read more
Less than 2% of the UK car finance market by value would be considered subprime lending, research has revealed. According to a study produced by Apex Insight, sub prime finance only occupies a thin slice of the market, squeezed between bank-owned car lenders and manufacturer’s financial services divisions, which hold 51% and 47% of share respectively.…
Read more
Twice as many UK grandparents are providing regular financial support to their adult grandchildren when compared to those children’s parents (13% vs. 7% of parents), according to new research from customer-owned financial services company, OneFamily. The OneFamily report found that most of these grandparents’ also provided this support on a no-strings attached basis (73%). This…
Read more
The ICAEW has released new research on the accounting standard IFRS 9 and warned of the future challenges of bank reporting. IFRS will require banks to show their expected losses earlier than in the past, warning that this approach may make reporting and comparing each bank’s performance more problematic. The ICEAW says that the application of IFRS…
Read more
As FCA affordability regulation continues to evolve, the industry is carefully considering the impact on end consumers. Affordability must be properly assessed to ensure that consumers only access products that are right for them. Checks vary in complexity depending on the product being applied for, but they largely focus on an individual’s credit history and…
Read more
UK Finance has published the latest contactless usage figures as contactless technology hits its 10th anniversary. The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017. During the first half of this year, the amount spent using contactless technology (£23.23 billion) almost matched the amount…
Read more