Credit, Collections & Insolvency News
https://www.theguardian.com/money/2016/aug/23/aa-mortgages-fixed-rate-breakdown-cover
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Mortgages4Life has received full regulatory approval from the Financial Conduct Authority (FCA) to launch a range of products aimed at borrowers aged 55 and over, with the aim of improving choice in the later-life market. Chief Executive Simon Little said: “We are assembling a strong and credible team who understand the broker market and what their customers…
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The Financial Conduct Authority (FCA) has appointed Michael Welch as Director of Retail and Regulatory Investigations.
Read moreMondo has become the latest company to gain a banking licence from the Financial Conduct Authority (FCA). The bank will be available as a mobile phone app, will focus on digital current account services. Mondo was founded by Tom Blomfield, who has raised £1 million from a crowdfunding platform. The bank has also had about £7 million support…
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A report by the Competition and Markets Authority (CMA) has suggested a number of measures to ensure banks work harder for customers and the benefits of new technology are fully exploited. The report main highlights includes: Banks make £1.2 billion a year from unarranged overdraft charges. Banks will be required to send alerts to customers going…
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A deal for Santander to buy Williams & Glyn’s 300 branches from Royal Bank of Scotland (RBS) might still stall if an agreement cannot be reached that ensure more than a million customers move over to Santander The European Union (EU) had ordered that RBS sells off Williams & Glyn by 2017 as a condition of its £45 billion bailout…
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FinecoBank is set to enter the UK in this fourth quarter of the year. The bank is a subsidiary of UniCredit Group
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https://www.theguardian.com/business/2016/jul/29/rescue-package-in-place-as-europes-oldest-bank-fails-stress-tests
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The Financial Conduct Authority (FCA) has published the the reports of it’s credit card market study. The main suggestions of the study were as follows: timely prompts before promotional periods end timely information to prompt consumers to take into account how much they are borrowing and avoid over limit charges, and giving consumers the ability to…
Read moreThe Financial Conduct Authority (FCA) has outlined plans to improve the authorisation process for consumer credit firms. Figures shared by the FCA indicate they have closed 87% of applications with 99.6% within the statutory deadline. The FCA have issued the following commitments to firms applying for authorisation: The FCA will tell you as soon as your application…
Read moreA report by charity Stepchange has found that bailiffs, government departments and bailiffs are among the most unfair when dealing with people in problem debt. The report titled Creditor and debt collector conduct: What’s making debt problems worse? also found that some creditors are failing to take vulnerabilities such as depression and other ongoing mental health conditions into…
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TSB’s new brand for the loan portfolio is Whistletree. The brand name has been given to Northern Rock’s former loans and mortgages portfolio which TSB bought from Cerberus Capital Management last year. The loans were previously managed by UK Asset Resolution (UKAR).
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The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) approved the new licence. The bank plans to launch in January 2017. The bank will offer a one account concept joining up consumer finances by linking up bank accounts, loans and credit cards in one place.
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