Credit, Collections & Insolvency News
Over five million families are set to see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024 – with £1,200 of that reflecting higher expectations of interest rate rises since the ‘mini-budget’ according to new analysis published by the Resolution Foundation. With the UK’s low-interest rate era…
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The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for significant weakness in its financial crime systems and controls. Between June 2014 and July 2017 Gatehouse failed to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing. Gatehouse also failed to undertake the correct…
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UK Finance has published its latest fraud report, covering the first half of 2022. The reports shows that while the end of the pandemic has seen a fall in overall fraud losses, some fraud types have increased as criminals continue to adapt their methods. A total of over £609.8 million was stolen through fraud and…
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Open banking platform, Tink has announced a partnership money saving app Snoop which will enable consumers to gain real-time insights on how to cut their bills, pay off debt, grow their savings and save where they spend. John Natalizia, co-founder and CEO at Snoop said “Consumers are already having a terrible time of it right…
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Anti-money laundering specialist SmartSearch is backing calls for reform of the UK’s company registration system after a report revealed that thousands of UK-registered Limited Liability Partnerships (LLPs) bear the hallmarks of shell companies for serious financial crime. An investigation by anti-corruption organisation Transparency International UK found that more than 20,000 Limited Liability Partnerships almost one in…
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The Student Loans Company (SLC) has appointed Chris Larmer as its new Chief Executive (CEO). Currently Executive Director, Operations, he will replace Paula Sussex, who leaves the organisation at the end of the year. Larmer has spent more than 30 years in the financial services sector. He joined SLC from the Co-operative Bank where he…
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Credit card use by consumers to withdraw cash has increased steadily in the past three months according to latest analysis by FICO. The figures showed that card usage increased by 6.7% and 3.4% in July. Average total sales were £790 in June and July and £810 in August a more than 14 percent increase year…
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The Payment Systems Regulator (PSR) has confirmed plans to force banks to introduce new anti-fraud measures. The PSR said around 400 more firms would be required to use the name-checking service, called confirmation of payee (CoP) which helps to make sure payments are not sent to the wrong account by mistake, or to accounts run…
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Risk and data consultancy, Jaywing, has appointed credit risk and machine learning expert, Doctor Steve Finlay, as lead consultant to strengthen the company’s analytics offering and innovate its product suite. Finlay has over 25 years’ experience of providing analytical solutions to the financial services industry, Steve’s expertise will help organisations navigate regulatory requirements, optimise acquisition…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 14% in August 2022 compared with the same month in 2021. In the first eight months of 2022, new business was 21% 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 grew in August 2022 by 5% compared with the same month in 2021. The corresponding value of new business increased by 13% over the same period. In the first eight months of 2022, new business volumes remained…
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Digital challenger bank, Tandem Bank, has announced it is investing in a new office in Cardiff, with plans to create up to 100 new roles. Tandem currently employs approximately 500 people across the UK. Tandem’s investment plan in Cardiff will make it one of Wales’ leading fintech’s, while also expanding its footprint across the UK,…
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Digital lender, Jaja Finance has become the UK’s first credit card provider to partner with Plain Numbers. At a time when consumers across the country continue to feel the squeeze as the cost-of-living soars and economic uncertainty intensifies, Jaja’s new three-year partnership with Plain Numbers is a commitment to helping customers understand and manage their…
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