Credit, Collections & Insolvency News
Criminal gangs will continue to launder money in the UK as long as regulated firms insist on trusting manual verification checks, an anti-money laundering specialist SmartSearch has warned. A cross-sector survey of 500 UK-based decision-makers revealed that regulated firms in the North West, North East, and East of England rely most on manual checks to…
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A new non-profit company has been launched to protect cash in the UK communities. The company named Cash Access UK is made up of nine of the largest high street banks. The incorporation of the company, which has been supported by UK Finance from the beginning, is a major milestone in delivering the industry’s commitment…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services. In…
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Tesco Bank has announced the appointment of Craig Bundell as its new ‘Help me Borrow’ Director. Blundell will lead Tesco Bank’s lending business, including all of Tesco Bank’s lending products which includes a range of credit cards, with over 1.9 million customers and personal loans, with more than 440,000 customers. Blundell, who joins from Hastings…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew in October 2022 by 4% compared with the same month in 2021. The corresponding value of new business increased by 9% over the same period. In the ten months to October 2022, new business volumes…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in October 2022 compared with the same month in 2021. In the ten months to October 2022, new business was 17% higher than in the same period in 2021. The credit card and personal loan sectors…
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Harry Russell has been appointed as Jaja Finance’s Chief Financial Officer (CFO), becoming a member of the leading digital lender’s executive team. Previously Russell was CFO at RateSetter helping to scale it from a start-up through to its sale to Metro Bank. Prior to this, Russell worked at KPMG and PwC. David Chan, CEO…
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Analysis of the latest Bank of England data on average quoted household rates1 from Freedom Finance has shown that the cost of borrowing continues to accelerate placing further pressure on household budgets. Following significant increases in the cost of personal loans in October, this trend continued in November with both £5,000 and £10,000 loans posting…
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The Financial Conduct Authority (FCA) is warning festive shoppers of the risk of loan fee scams as fraudsters pile on the pressure at Christmas The FCA says that loan fee fraud this Christmas, with cases already up by a fifth on last year The research shows with the rising cost of living impacting consumers’ finances,…
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Latest UK Finance data has found that despite the continuing collapse in confidence during Q3, consumer spending remained strong overall, although inflation masked weaker activity. The Personal loan borrowing to fund larger purchases fell away, suggesting the “make hay while the sun shines” effects seen in Q2 may have abated. The figures showed that house…
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New figures from UK Finance have indicated that overall mortgage lending is expected to fall 15 per cent next year, returning to pre-pandemic levels.Whilst mortgage lending to homebuyers is expected to fall by 23% next year as the cost of living squeeze and rising interest rates make property less affordable. Loans for home purchases will…
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The Financial Conduct Authority (FCA) has fined Santander UK £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. An investigation found that between 31st December 2012 and 18th October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account…
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