Credit, Collections & Insolvency News
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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http://www.cityam.com/245577/co-operative-bank-has-hired-new-chief-financial-officer
Read moreBank of England monetary policy committee maintains interest rates at 0.5% for an 88th month.
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Lenders are braced for falling demand for mortgage loans following the Brexit vote amid fears over economic uncertainty, the Bank of England said today. Its latest credit conditions review, which includes discussions with major High Street lenders following the referendum, said that banks expect “demand for secured credit” to slide despite little change in the availability of…
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http://www.cityam.com/245522/santander-bank-fined-10m-us-settle-vendors-overdraft
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James Bawa to be appointed as Chief Executive of Monmouthshire Building Society joining fromTeachers Building Society. Current Chief Executive Andrew Lewis will retire later in the year.
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