Credit, Collections & Insolvency News
The Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Masthaven has launched as a digital bank. The bank will offer savings and lending products, saying it is committed to offering what people want, not just what is available. Masthaven says at the heart of the bank is a people business – which at launch sees 80% of employees already shareholders in the business. Access to…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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Paragon Bank has announced plans to launch a new range of specialist residential mortgages. In a report for the year ending 30th September 2016, the bank revealed that it intended to follow the launch of its development finance proposition and two acquisitions in the asset finance market with new specialist residential products in the first…
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Spring Finance has promoted Kate Hill to Underwriting Manager. Hill has been an underwriter at Spring Finance since joining the company in July 2015. She previously worked at packagers The Loans Engine and Loans Warehouse, as well as Barclay’s, during the first 13 years of her career. Hill will be assisted by new underwriter Penny…
Read moreA new study from Citizens Advice reveals the challenges faced by “just about managing families” and says many of the problems are ‘fixable’. The report is based on new analysis of the problems faced by the 700,000 working people helped by Citizens Advice between October 2015 and September 2016. It identifies the most common challenges…
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A new survey from Freedom Finance, has revealed the UK’s decision to leave the European Union has had little effect on UK borrowers’ financial outlook. Almost half (43%) of all respondents believe that market uncertainty would enable them to negotiate a better mortgage deal. When asked whether Brexit impacted their borrowing decisions, more than two thirds…
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Consumers are losing trust in businesses as a result of poor billing practices and being pushed onto direct debit arrangements, according to new research by Echo Managed Services. Research with a representative sample of 1,000 UK adults revealed that 15% of consumers had been put on a tariff where they are paying more than necessary.…
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Equifax has partnered with regulatory and risk analytics specialists 4most to provide support for clients to address financial regulatory changes such as IFRS 9. IFRS 9 includes new rules on how banks and other companies that lend money should account for credit losses, with an implementation deadline of January 2018. The partnership will combine Equifax…
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The Building Society Association (BSA) has announced that Jonathan Westhoff, Chief Executive of the West Brom has been elected as the Deputy Chair of the BSA. He replaces Chris Pilling, Chief Executive of the Yorkshire Building Society, who is stepping down. Commenting, Dick Jenkins, BSA Chairman said “Jonathan has already proved himself a thoughtfully outspoken member…
Read moreFamilies with children are more than twice as likely to have been trapped in problem debt as childless households, research by The Children’s Society has revealed. A survey commissioned by the charity found that one in five families with children in England and Wales (20%) have struggled with problem debt in the last year. By…
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TotallyMoney.com has hired Tom Platt to head up its commercial team. Platt starts the new role as Chief Commercial Officer in late November. With over 15 years of experience working in the financial services and technology sectors, Tom joins TotallyMoney.com from leading cloud services platform provider BCSG, where he oversaw global sales and partnerships. Prior…
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