Credit, Collections & Insolvency News
Global information and insights company TransUnion has announced a partnership with Mortgage Magic by launching credit report integration to make it even easier for brokers to recommend the most appropriate product for their clients. The new feature, which is powered by TransUnion’s Consumer Platform, enables clients of brokers using the Mortgage Magic platform to obtain their…
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Specialist lender Together has tannounced the appointment of financial services expert Martin Souter as its Commercial Credit and Risk Director. Souter will be responsible for overseeing credit risk, leading the corporate underwriting, portfolio and risk management teams. He will be ensuring that Together’s Commercial team continues to operate smoothly and achieve the best outcomes for…
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The Competition and Markets Authority (CMA) has determined that the six largest banks Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have implemented the requirements of the Open Banking roadmap. Open Banking was launched in the UK in 2017 as part of a package of improvements following the Competition and Markets Authority’s (CMA) market investigation into…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 6% in November 2022 compared with the same month in 2021. In the eleven months to November 2022, new business was 15% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in November 2022 by 6% compared with the same month in 2021. The corresponding value of new business decreased by 5% over the same period. In the eleven months to November 2022, new business volumes were…
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A poll by insurer Direct Line has found that 25% of households have no money set aside for emergencies, with 32% saying they have stopped saving due to the rising cost of living. The household which indicated that they do have a savings pot, 47% say they have now stopped adding to it. The survey…
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Experian has announced it has launched CreditLock, a new feature that will enable customers to lock their Experian Credit Report at the touch of a button. CreditLock allows CreditExpert and Identity Plus customers to ‘lock’ or ‘unlock’ their Experian Credit Report using a toggle switch in the app or online. Certain high-risk credit applications (such…
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Qatari-owned Al Rayan Bank has been fined £4.02 million (£4,023,600) by the Financial Conduct Authority (FCA), which uncovered multiple failings between April 2015 and November 2017. The Knightsbridge branch of the Shariah-compliant bank accepted cash deposits of hundreds of thousands of pounds without doing proper anti-money-laundering (AML) and terrorist financing checks. It failed to carry…
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Over a third (34%) of UK shoppers have now used Buy Now Pay Later (BNPL) services to spread the cost of purchases1, and thousands chose to use BNPL for the first time over the 2022 festive season. That’s according to the latest BNPL Barometer from Equifax, one of the UK’s big three credit reference agencies.…
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Guaranty Trust Bank has been fined £7,671,800 over serious weaknesses in its systems and controls designed to prevent money laundering. The Financial Conduct Authority found serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not…
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More than 1.4 million households are facing a steep increase in their monthly outgoings when they are forced to renew their fixed rate mortgages this year according to new Office for National Statistics (ONS) analysis. The research shows that the 57% of fixed rate mortgages coming up for renewal in 2023 are fixed at interest…
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The Nottingham Building Society has announced that it has appointed Anthony Murphy as its new Chief Financial Officer (CFO), subject to regulatory approval. Murphy is set to join the Society in March 2023 to lead the Finance team and continue the Society’s strong financial performance and drive strategic growth. Murphy joins the Society from digital…
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High-cost short-term specialist lender, Indigo Michael trading as Tappily and SafetyNet has entered administration. Joseph O’Connor, Clare Kennedy and Simon Appell of AlixPartners UK LLP have been appointed Joint Administrators. Indigo Michael employs roughly 250 people and has about 150,000 active customers. The company is a high-cost lender which provides customers with running account credit…
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