Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…
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The Money Charity has released statistics indicating that after years of steady falls, cases of mortgage arrears have risen for the second quarter in a row. According to the Financial Conduct Authority, at the end of Q2 2016 there were 218,279 mortgage loan accounts with arrears of more than 1.5% of the current loan balance. This…
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Spiralling charges on unarranged overdrafts are adding millions of pounds to problem debt and they must be capped by the FCA, says StepChange Debt Charity. New figures from the charity, suggest that almost two thirds of people seeking its help with overdraft debts have regularly exceeded their limit and faced charges of £45 each time…
Read moreUlster Bank has sold off £2 billion tranche of loans to Cerberus. The portfolio consists 900 mortgages, across Ireland. Around 14% of the debt is based in Northern Ireland. A spokesman for Ulster Bank said: “Ulster Bank has confirmed the completion of a sale of significantly impaired loan portfolio, predominantly in the Republic of Ireland, enabling…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year. Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6%…
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Financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published today by the Financial Conduct Authority (FCA). The total number of complaints was 2.05 million. Payment protection insurance (PPI) is still the most complained about product. Complaints about current accounts…
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The Financial Conduct Authority (FCA) will mark six months since the implementation of the Senior Managers’ and Certification Regime by providing feedback on implementation so far and proposing measures to further strengthen the regime. The proposed rules will reinforce the importance of individual accountability at the most senior level of organisations. The new measures are…
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AvantCredit has announced that it is now fully authorised by the Financial Conduct Authority (FCA). AvantCredit have operated in the UK since October 2013 and has issued more than 70,000 loans to date, totaling nearly £200 million. The full authorisation covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection…
Read moreThe Council of Mortgage Lenders (CML) has published its latest mortgaging figures. While first-time buyer lending was down in July compared to June, the number of loans advanced to first-time buyers was the second highest monthly level of the year so far. Home mover activity was at its third highest monthly level this year by volume…
Read moreThe European Central Bank (ECB) will allow European banks to set their own targets for cutting the €900 billion of bad loans left over from the financial crisis. New guidance will require banks to set their own targets for the levels on non-performing loans (NPL), with only “significant” deviations triggering regulatory action. Sharon Donnery, the Irish…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2016: Personal Debt in the UK People in the UK owed £1.496 trillion at the end of July 2016. This is up from £1.444 trillion at the end of July 2015 – an extra £1,028.50 per UK adult. Per adult in the UK that’s…
Read moreThe Finance & Leasing Association (FLA) have released news figures showing that consumer finance new business in July was at a similar level to the same month last year. Credit card and personal loan new business together fell by 1% compared with July 2015, while new business in the second charge mortgage market was down 9% by…
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The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…
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