Credit, Collections & Insolvency News
The 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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The Bank of England Financial Policy Committee report published its Financial Stability report, which identified “the high level of UK household indebtedness.”
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Atom Bank agrees 5-year deal Phoebus Software. Phoebus will service across Atom’s secured business lending and accounts propositions for residential portfolios.
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Research from over-60s property experts Homewise suggests that up to one in ten over-55s homeowners across the UK are still paying interest-only mortgages therefore facing the prospect of clearing their debt when the deal runs out.
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The Money Advice Trust t helped 1.3 million people to tackle their debts and manage their money last year.
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