Credit, Collections & Insolvency News
Is the motor finance market in 2017 heading in the same direction as the US Sub-prime mortgage market in 2007? The size of the markets are very different, but there are certainly a number of similarities, which should prompt firms to review the adequacy of their risk controls, and assess their exposure. In particular: The…
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The Financial Conduct Authority (FCA) has announced it will looking at lending practices in the motor finance market. The move was announced in its business plan for 2017/2018. The FCA said “it was concerned that there may be some irresponsible lending in the sector. We are concerned that there may be a lack of transparency, potential…
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Renault UK has announced the appointment of Vincent Tourette as Managing Director. Tourette has worked for the Renault-Nissan Alliance for 23 years. Most recently, Vincent was with Nissan, based in Tokyo, as Vice-President, Sales and Marketing, with global responsibility for their LCV range (pick-ups, vans and light trucks). Previously he has held a variety of…
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Over two thirds (69%) of organisations prioritise risk management and compliance over customer experience and operational responsiveness, according to a study from Callcredit Information Group. The research, part of Callcredit’s New Affordability report, asked UK risk and customer experience managers about their attitudes towards affordability assessments. It unearths the struggle experienced by many when it…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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Here is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreNew figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market reported new business volumes down 2% in February, compared with the same month in 2016, while the value of new business was up by 2% over the same period. New business in the…
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ALD Automotive has appointed Gilles Bellemere as Deputy Chief Executive Officer, replacing Pascal Serres, who has joined Societe Generale. Bellemere will serve alongside Tim Albertsen, the other Deputy Chief Executive Officer, and Mike Masterson, Chief Executive Officer, within ALD Automotive’s general management team. Bellemere joined ALD Automotive France in 2001 as Director Of Operations. His…
Read moreIntelligent Environments has released new research suggesting that half of consumers are left scratching their heads thanks to the complex processes they have to go through to apply for vehicle financing. The research identified that: 50 per cent of drivers think vehicle finance agreements are complicated and difficult to understand 29 per cent believe it is…
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The Finance & Leasing Association (FLA) and The UK Cards Association are today launching a new publication – Vulnerability; a guide for debt collection – that will help their members to better identify and support customers in vulnerable circumstances. Both trade associations worked in partnership with the University of Bristol’s Personal Finance Research Centre (PFRC)…
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Latest figures released today by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 9% by value and 3% by volume in January, compared with the same month in 2016. The percentage of private new car sales financed by FLA members through…
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Online research from Equifax, has revealed that 50% of consumers don’t want to spend more than 20 minutes completing the process. The survey, conducted by YouGov, also found that after submitting an application for a financial product online, many consumers expect an immediate decision on whether they have been approved for short term loans (34%),…
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The latest released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market grew 12% by value and 8% by volume in 2016. New business was up 3% by value and down 3% by volume in December, compared with the same month in 2015.…
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