Credit, Collections & Insolvency News
RBS has announced its plans to postpone the introduction of cut-price credit cards and the Labour Party has pledged to back legislation limiting the amount of interest that can be charged on credit card debt. Key industry groups have responded to the developments in the consumer credit landscape. Steve McNicholas, Managing Director – Credit and…
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Beverley Building Society has appointed Karl Elliott as its new Chief Executive Officer. Elliott joins from financial services mutual OneFamily in Brighton where he was Marketing Director, having previously worked for Harrogate based Engage Mutual for 15 years. Brian Young, Chair of Beverley Building Society said: “This announcement concludes the board’s thorough process to recruit Karl as…
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Financial services software must become easier to use and more useful to customers in the face of the new Revised Payments Services Directive 2 (PSD2) regulation according to financial software firm Copernicus. Allen Jones, Managing Director at financial software experts Copernicus believes that ease of use and practicality are principles that need to be embraced…
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The Paragon Group of Companie has announced a strategic reorganisation of the Group to accelerate its transformation into a diversified specialist banking institution. This reorganisation will increase operational and financial efficiency, enhancing engagement and delivery to customers and business partners and will increase the Group’s capacity to meet its ambitious growth plans. As part of…
Read moreMarshall Motor has sold its leasing division to Bank of Ireland UK, who will incorporate it into its car and asset finance arm, Northridge Finance. The acquisition of Marshall Leasing is conditional upon Northridge Finance receiving regulatory approval. Established in 1979 and based in Cambridgeshire, Marshall Leasing provides a range of contract hire fleet services…
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The Financial Conduct Authority (FCA) has today published an Occasional Paper outlining the findings from a project that explored how the ageing population would impact the Financial Services industry. The FCA launched the Ageing Population Project in February 2016 to explore how older people use financial services and products. The paper reviews the public policy…
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A new agreement on how deposit-takers communicate about FSCS protection has launched today. This will enhance consumer awareness of the Financial Services Compensation Scheme’s (FSCS) guarantee for deposits in banks and building societies and reassure them that their money is protected under the scheme no matter how they choose to bank. This protects deposits up…
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The results of a year-long machine learning trial conducted by Callcredit Information Group point to potentially significant positive benefits in predictive accuracy across a range of established data models. The study looked at a number of different scenarios, ranging from identifying potentially fraudulent applications through to the accuracy of underwriting decisions in predicting a customer’s…
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Rising debt levels and the continued struggle to meet essential household bills are among the key findings from the latest statistical research released today by StepChange Debt Charity. The Statistics Mid-Year Book which examines the latest trends from the charity’s client data, highlights how increasing numbers of the under-40s, lone parents and people in rented…
Read moreThe UK’s high street banks have been ranked among the poorest performers for customer satisfaction and complaints handling, according to new analysis by Which?. Lloyds was the worst performing big bank with an overall score of 58% – is in joint bottom place with Danske Bank. The results make disappointing reading for many of the…
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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…
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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…
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