Credit, Collections & Insolvency News
A new study from Juniper Research has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023. Strong interest in new Open Banking-based services, such…
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Instalment-only credit card provider Tymit has agreed a partnership to adopt LendingMetrics’ Auto Decision Platform (ADP) to enable faster decisioning. The fintech, which partners with merchants to provide consumers with a choice of in-store or online flexible payment plans, selected ADP after considering the platforms offered by a range of other providers. ADP is a…
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Equifax has announced the appointment of Nadia Strone as Vice President of Human Resources for Europe. Strone brings more than 20 years of experience leading people strategy development and high-impact transformation within the cosmetics and financial services industries. Strone joins Equifax from beauty and personal care company Avon, where she served as Executive Director of Human Resources, Western Europe. During her…
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A survey of consumers by NewDay has highlighted concerns about the lack of regulation in Buy Now, Pay Later (BNPL) options, with only 16% of UK consumers deeming BNPL’ trustworthy’. Almost half (45%) worried that unregulated BNPL could get them into debt, and 58% of respondents had never used BNPL options and wouldn’t consider using…
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PwC has joined the Bank of England and Office for Budget Responsibility in forecasting that Britain will avoid a recession this year. PwC estimates that the UK economy will grow by 0.1% this year before returning to 1% growth by the end of 2024 and 1.6% by end of 2025. It believes GDP will rise…
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New data from the Bank of England has found that the total Credit Union borrowing hit a record £2 billion in 2022 with all-time high membership of unions at nearly 2 million. The data showed Credit Union membership rose by 60,863 to reach 1,980,964 at the end of 2022 as more borrowers widened their net…
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Identity service provider, OneID has announced the appointment of Paula Sussex as Chief Executive Officer (CEO) who will lead the firm through its next period of expansion. Most recently Sussex was CEO for the Student Loans Company (SLC), a government-owned company that manages a loan book of some £200 billion and supports some 6 million…
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Self-regulatory body, the Lending Standards Board (LSB), is urging firms to prepare for the financial struggles customers will face this year, as incomes are eaten away by the higher cost of everyday life. In its 2023/24 Business Plan released today, the LSB outlines how its areas of focus for the year will include financial resilience…
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Research from Freedom Finance has revealed that the leading challengers and neo banks added over £1.5 billion of capacity to the UK’s unsecured personal loan market in 2022. The analysis reveals that a basket of challenger brands and digital-only lenders increased unsecured personal lending to consumers by over £1.5 billion, an increase of 34% on…
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Consumers have been warned over the plague of claims management firms targeting people who may have been mis-sold a car finance deal annual data from the Financial Ombudsman Service (FOS) has revealed. FOS analysis of shows there were 11,452 complaints about motor finance deals between in the twelve months to March 31, up from 6,128…
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A series of measures designed to reduce the risk of money laundering via the Post Office have been set out by the Financial Conduct Authority (FCA). The regulator brought together partners including the National Economic Crime Centre (NECC), industry and government to strengthen controls while seeking to ensure that legitimate customers can continue to use…
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Wolverhampton City Credit Union (WCCU) has announced that it has appointed Tameka Spencer as its new Chief Executive Officer (CEO). Spencer has worked at WCCU for over nine years and brings a wealth of experience and knowledge from within the sector. Spencer has previously held the roles of Operations Manager and Deputy CEO, she has…
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Grandparents are supporting their children and grandchildren financially and through free childcare to help them cope with the high cost of living, Paragon Bank research has found. A survey of 2,700 over 55s found that 58% of those with children have supported them financially over the past six months, with over half (53%) of those…
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