Credit, Collections & Insolvency News
Sub-prime lender, Morses Club has announced major losses in the past six month The firms finances fell to a loss of almost £21 million for the period, against a profit of £1.8 million last year. The lender announced that it has been forced to “take steps” to constrain lending in key areas despite its existing…
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With UK Finance announcing that ‘the level of fraud in the UK is such that it must be considered a national security threat’ independent research by GBG has found that two in three (66%) people in the UK, nearly 36 million consumers, think that businesses are cutting corners when it comes to protecting them from fraud by failing to…
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The number of people searching online for ‘Fraud prevention’ has increased 22% this month. With a 17% increase in fraudulent activity year on year, there are more and more ways of becoming a victim of fraud according to analysis by credit management company Lowell. With millions of consumers being affected by the current energy crisis…
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A new survey from Aviva has revealed more than a million people under 45 could rule themselves out of the first-time buyer market, due to cost of living pressures. The survey, focused on under 45s who have never owned a property, identified that just under half (46%) of those asked were not currently house-hunting, but…
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The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…
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Tandem Bank has strengthened its executive team with the appointment of two new senior executives. David McCarthy has been appointed as Tandem’s Chief Financial Officer (CFO) becoming a member of both the bank’s Board and executive committee. McCarthy joins Tandem from Atom Bank where he has been CFO for the past eight years, following previous…
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One in two (54%) UK adults are relying on their credit card more than their debit card because of the rising cost of living, according to new research by Comparethemarket. Over a quarter (27%) are also borrowing money from family and friends. The most popular credit card spending category, with more than one in three…
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Anti-money laundering specialist (AML) SmartSearch has promoted Tom Dockerty to the position of Vice President of Professional Services Sales. Dockerty has been a key part of the SmartSearch sales team, having joined as one of the company’s first sales executives almost 11 years ago. His promotion to Vice President follows the continued success of the…
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Cases of fraud have continued to soar as the cost-of-living crisis pushes households to breaking point, according to fraud prevention service Cifas. In its Fraudscape report, Cifas figures reveal that the UK could be heading into 2023 with unprecedented levels of fraud. In the first nine months of 2022, over 309,000 cases were recorded to…
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Freedom Finance has announced that it has appointed Paul Bevis as Head of Growth. Beavis joins from Royal London where he spent five years, latterly as Head of D2C Partnerships. Beavis will lead the growth of Freedom Finance’s embedded finance platform which is already integrated across brands like Argos, ASDA Money, Co-op Bank, Creation and The…
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The National Audit Office (NAO) has warned of a lack of progress in tackling criminal fraud. NAO analysis shows that fewer than one in two hundred cases of fraud reported to the police resulted in a criminal charge last year. The report shows that although the number of cases of reported fraud had risen from…
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The Financial Conduct Authority (FCA) has obtained a judgment against London Property Investments (LPI), NPI Holdings Limited, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without FCA authorisation and exploiting vulnerable customers who were in financial difficulty. The judgment found that the defendants arranged high-interest, unaffordable bridging loans for consumers about…
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It’s been nearly five years since Open Banking was launched in the UK, and although initial adoption rates were somewhat lower than expected, there is evidence that the platform may be a ‘slow burner’. Recent research suggests that usage is now growing rapidly, with the number of Open Banking transactions growing 10% month on month*. …
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