Credit, Collections & Insolvency News
UK Finance, the trade body representing the banking and finance sector has announced two new senior appointments effective from 1st May 2023: Ben Donaldson has been appointed Managing Director of Economic Crime and David Raw will be appointed as the Managing Director of Commercial Finance. Donaldson joins UK Finance from the Ministry of Defence, where…
Read more
Analysis of the latest Bank of England data on average quoted household rates from Freedom Finance shows a mixed picture for the cost of consumer credit products at the start of 2023. Total credit card borrowing dropped in December as consumers repaid £0.5 billion of net credit card debt and this perhaps drove a more…
Read more
The Lending Standards Board (LSB) has stepped in and made further updates to the Contingent Reimbursement Model Code (CRM Code) in a bid to stamp out Authorised Push Payment (APP) scams before any money changes hands. The LSB has published updates to the Code, requiring signatory firms receiving scam payments to play a greater role…
Read more
The Finance & Leasing Association (FLA) has announced it has appointed Helen Lumb, Chief Finance Officer at Shire Leasing, to the FLA board. Stephen Haddrill, Director General of the FLA, said “I am very pleased indeed that Helen has joined the Board. Her expertise and sector perspectives will be much valued as the industry works…
Read more
Operational transformation and business processing specialist Target Group has announced that Katherine Bowen has been promoted to Chief Financial Officer (CFO) Bowen, who joined the firm almost 5 years ago, has risen through the ranks during her time at Target Group. She joined as a Finance Business Partner and has since progressed to the top…
Read more
Global information and insights provider TransUnion has appointed Neil Bentley as General Counsel in the UK. Bentley will lead the legal, risk and compliance, as part of the UK executive team. Having joined the business in 2006, Bentley has an in-depth knowledge of the UK operations and has previously managed both the legal transactions and…
Read more
A study by the consumer group Which? has found that banks are putting customers at risk of fraud by sending security codes via text. In an investigation into 13 current account providers, The consumer champion’s tests found several banks were missing basic online and app protections. The research comes after 29,102 cases of remote banking…
Read more
Half of first-time buyers (FTBs) say house prices would need to fall up to 20% for them to consider buying according to research by Uswitch.com With December being the fourth consecutive month of house price falls, and mortgage payments for first-time buyers at the highest since the 2008 financial crisis, many prospective buyers are split between…
Read more
Experian Boost data will now be included in Zopa Bank’s credit card decisioning process – giving customers better rates and offering them reduced APR for a fixed period following an agreement between the two companies. The partnership will mean that Experian and Zopa customers will receive a reduced APR when they apply for a Zopa…
Read more
A report from the House of Commons Treasury select committee has criticised the Payment Systems Regulator (PSR) for planning to hand off responsibility for recompensing individuals targeted by scams to payments operator Pay.UK. The select committees says fraud is the most common crime in England and Wales, and one of the most reported in Scotland.…
Read more
Consumer credit is forecasted to grow by 4.8% this year, increasing to 5.3% in 2024 according to EY Item Club predictions. Falling real incomes may to some extent weaken demand for big ticket items often funded by borrowing, a prospective recovery in the economy in the second half of this year is likely to boost…
Read more
New figures out this week from the Bank of England show that loans made to members of the UK’s 388 member-owned, not for profit credit unions stood at a record high of £1.92 billion in the third quarter of 2022. This was £51 million higher than the previous quarter and up £255 million compared with…
Read more
The Financial Conduct Authority (FCA) has required firms to amend or remove 8,582 promotions during 2022. The amendments were 14 times more than 2021. The FCA has also published over 1,800 alerts to help prevent consumers from losing their money to scams. Social media remains a major focus for the regulator’s work in combatting misleading…
Read more