Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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The Financial Services Compensation Scheme (FSCS) increased claims decisions by 18% year-on-year in H1. The FSCS said that more than two-thirds of its advice claims are now considered ‘highly complex.’ The levy for the 2024/25 financial year remains as previously forecast in May 2024 at £265m, and no additional levy is expected for the remainder…
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Research from fraud prevention service, Cifas, has revealed that nearly two-thirds (63%) of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff will become an ‘insider threat’. As many businesses prepare to recognise International Fraud Awareness Week (17-23 November), a recent Cifas survey…
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Data from Opinium on behalf of Hargreaves Lansdown has found that one in five people don’t know how much is going into their pension. A further 19% don’t know much they and their employer is contributing to their pension. This rises to one-third (33%) of people aged over 55. This compares to 10% of people…
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The Financial Conduct Authority (FCA) has banned Mr Ari Harris from working in financial services. In July 2020, Mr Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to three years imprisonment in July 2022. Mr Harris and Reeds Motors Ltd…
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A new study by FICO has underscored the need for banks to strike a better balance between customer satisfaction and fraud mitigation as real-time payments (RTP) surge in popularity. In the survey, one in four (26%) per cent of consumers said that they had reported actual or suspected scam losses to their bank. About three-quarters…
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New research from Nucleus’s Retirement Confidence Index has revealed that the majority of adults are not confident they will have enough money to live comfortably in retirement. More than 4,300 people aged 18 and above took part in the recent YouGov research looking at retirement confidence levels. A total of 60% said they are not…
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Global information and insights company TransUnion has expanded its long-standing relationship with LexisNexis® Risk Solutions, a provider of insurance data and advanced analytics, to offer TransUnion’s Affordability Report to insurance providers. Kelli Fielding, Chief Product Officer at TransUnion in the UK, said “Affordability is a particular focus for many insurers at the moment. There is…
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The Financial Conduct Authority (FCA) has announced that it will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service. The proposals are expected to be published within two weeks and, if taken…
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Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, a new survey from accountancy and business advisory firm BDO has found. While a quarter (27%) of small businesses surveyed by the firm said they had suffered fraud in the…
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The Co-operative Bank has conducted research to identify the fraud hotspots, looking at the number of fraud cases in different parts of the UK. The research also looked at the most common types of fraud in the UK and how much this is costing victims by using National Fraud Intelligence Bureau (NFIB) data. North Wales…
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Mortgage lending is set to grow 1.6% this year (up from – 0.1% in 2023), 2.6% in 2025 and 3.3% in 2026, as housing affordability improves according to new analysis by EY ITEM Club. The forecast is on the proviso that inflation and interest rates continue to gradually fall following August and November’s Bank of…
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The Financial Conduct Authority (FCA) has fined Metro Bank £16.75 million. An FCA investigation found that between June 2016 and December 2020, Metro Bank failed to have the right systems and controls to adequately monitor over 60 million transactions, with a value of over £51 billion, for money laundering risks. Metro Bank automated the monitoring of…
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