Credit, Collections & Insolvency News
The Lending Standards Board (LSB) has announced that it has appointed Ken Scott as Chair. The LSB Says that Scott’s extensive experience will support its mission of working to ensure fair outcomes for financial services customers. During his executive career, Scott played a key role in driving the regional growth of HSBC’s commercial bank, with…
Read more
Around £21 billion has been lost by the Government due to fraud since the start of the pandemic, according to latest National Audit Office (NAO) data. The research also found that most public bodies do not know how much fraud they face and cannot demonstrate that they have the correct level of counter fraud resources.…
Read more
Peer-to-peer lender The Money Platform has announced that it has agreed on a partnership with LendingMetrics to use their Auto Decision Platform (ADP) technology. The Money Platform enables an alternative line of credit for ’thin-file’ customers, by “connecting borrowers and lenders” without the hassle of financial institutions acting as middlemen. The platform is secure, transparent,…
Read more
Fraud prevention service, Cifas has welcomed the launch of the new Economic Crime Plan and its commitment to reduce fraud and money laundering, but warns that excluding SMEs from the ‘failure to prevent’ fraud offence may leave them vulnerable to fraud. The plan places a greater focus on fraud, which includes greater prosecution and disruption of offenders.…
Read more
New research by lobbying group Coalition for a Digital Economy (Coadec) that the sector is at a ‘vital crossroads.’ The open banking sector has created 4800 jobs and is valued at £4.1 billion. The policy group has based its analysis on data from 82 fintechs active in the open banking sector. The value of the…
Read more
As the Economic Crime and Corporate Transparency Bill makes its way through the House of Lords, a new corporate criminal offence of ‘failure to prevent fraud’ is likely to hit businesses soon according to research RSM UK Figures obtained by RSM UK under a freedom of information request show a 10% rise in reported cases…
Read more
Digital lending marketplace, Freedom Finance has announced that it has appointed Nick Jones as Director of Freedom for Intermediaries. In his new role, Jones will lead the growth and development of Freedom Finance’s intermediated division through its Freedom for Intermediaries offering, a service dedicated to intermediaries who are looking to support their clients with specialist…
Read more
Latest Bank of England (BoE) data has shown that consumer credit grew at 7.7 percent in February 2023 as consumers borrowed an additional £1.4 billion in consumer credit, of which £0.8 billion was through other forms of consumer credit (such as car dealership finance and personal loans) compared with £1.7 billion borrowed during January. This…
Read more
More than half of people in he UK say that they have been victims of a financial scam, with wealthier people most likely to have been targeted, according to the new research from Saltus. The latest Saltus Wealth Index Report surveyed more than 2,000 people in the UK and discovered that 51% had been victim to a financial…
Read more
Digital retailer and financial services provider The Very Group, has announced that it has extended its embedded marketplace partnership with Freedom Finance for a further three years. Through its proprietary lending technology, Freedom Finance will provide The Very Group’s 4.4 million customers with access to unsecured personal loans. Using soft search technology and advanced matching,…
Read more
UK consumer confidence rose to its highest level since March 2022, latest figures from the GfK Consumer confidence barometer show. The Overall Index Score increased two points in March to -36. Three measures were up, one was unchanged and one was down in comparison to last month’s announcement. The index measuring changes in personal finances…
Read more
The Financial Conduct Authority (FCA) has announced that it. has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight. The expansion of the FCA’s enforcement and market oversight leadership team, following Mark Steward’s departure. The FCA say that the appointments will support the FCA’s ongoing transformation to become a more…
Read more
Sub-prime lender Amigo Loans is to be liquidated after months of trying to come up with a rescue plan ended in failure. The company said Amigo said it would stop lending with immediate effect and will be placed into an orderly wind-down, with all surplus assets transferred to the creditors of its compensation scheme. Those owed compensation…
Read more