Credit, Collections & Insolvency News
New research from Provident Personal Credit has revealed that almost half (47%) of the UK consider themselves to be ‘just about managing’ (JAMS) financially. The survey of 2,000 adults revealed that 14% had to give up necessities like food and daily travel costs to pay for unexpected expenses, with a further 11% of respondents saying they had…
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Steve Hughes has been named as the new Chief Executive Officer (CEO) of Principality Building Society. Hughes is currently the Finance and Transformation Director is set to move into the role in early March following Graeme Yorston’s decision to step down as CEO. Laurie Adams, chairman of Principality said “After a rigorous selection process, I am…
Read moreThe Competition and Markets Authority’s (CMA) shake-up of the banking industry will offer overdraft users the opportunity to save an average of £180 a year, while other current account holders can save an average of £92. In its final report on the retail banking market published last year, the CMA announced a package of reforms…
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Callcredit Information Group has announced a partnership with a new to market fintech platform, Smartr365, to speed up mortgage applications and provide real-time affordability assessments. The partnership will include providing Smartr365 users with access to MOGObankconnect, an app that enables consumers to securely share online banking transaction data using their personal device, to confirm income…
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The financial stresses and pressures of self-employment are taking their toll on family life, according to the latest report from Scottish Widows’ think tank, the Centre for the Modern Family. Findings of ‘Self-employment and the Family’ show that one in five relatives of a self-employed worker (20%) report increased stress levels in their household due…
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Latest research from Equifax has discovered that 38% of people, in the UK, believe they always get the best deals through a comparison website. The online survey, conducted by YouGov also found that 70% of people use a comparison website when choosing a financial product. The Competition and Markets Authority (CMA) has recently launched a…
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Chris Pond has been appointed the new Chair of the The Lending Standards Board (LSB). Pond will take over as Chair of the LSB at the end of March. He succeeds Lord Hunt of Wirral who has completed 6 years as LSB Chairman, recently overseeing the move from the Lending Code to the outcome-focused Standards…
Read moreNew research from Sainsbury’s Bank Loans has revealed that more than 180,000 people across the UK could take out a personal loans for debt consolidation in the first three months of 2017, worth more than £2 billion. This figure equals an estimated 31% of all personal loans taken out in the first three months of the new year.…
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The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services…
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The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion). This brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross…
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The British Bankers’ Association (BBA) has releases it’s latest figures indicating a growth in consumer borrowing during December, but there are signs that demand may soften in 2017 as consumers and businesses anticipate higher interest rates. Gross mortgage borrowing totalled £12.6bn, up 3.6% from December 2015; while net mortgage borrowing grew by 2.5% compared to December…
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Peer-to-Peer lender Twino has announced that it has funded €100million of consumer loans across nine European markets. The platform has seen investment from more than 6,300 active investors from over 30 different countries, with 26% from Germany, 12% from the UK and 11% from the EE and Latvia. Twino has seen a significant uptick in UK investors…
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Research from Equifax has revealed that 90% of Brits have not heard of the Open Banking initiative, with 45% of respondents then going on to say that they are not likely to use Open Banking when it becomes available. When asked about sharing personal data through Open Banking, 60% said they would not consent to…
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