Credit, Collections & Insolvency News
New TotallyMoney research has shown that each month, consumers are using credit cards to withdraw £240m in cash, resulting in £16.9 million in interest card charges and fees. The analysis found that the average cash advance of £139 could cost an extra £10 in interest and fees. It was also found that the total value…
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Digital bank Chetwood Financial has announced a new partnership with parenting forum Mumsnet, with plans to launch a new family-focused financial services proposition next year. Since acquiring a full banking licence back in 2018, Chetwood has focused on creating disruptive financial products for underserved segments of the market. The recent acquisition of core banking provider…
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The Lending Standards Board (LSB) has announced that it has appointed Ken Scott as its next Chair. Scott will replace current Chair Chris Pond, when he reaches the end of his six-year term on 1st April 2023. Scott has extensive experience in the financial services sector, having spent many years working in HSBC’s commercial bank,…
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Sub-prime lender Morses Club has announced that Non-Executive Director Sir Nigel Knowles has relinquished the chairmanship to concentrate on his role as CEO at law firm DWF Group. Knowles joined the Morses Club board in May 2016 as senior independent director before becoming chair in March 2022. He will leave the role with immediate effect.…
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Half of all UK adults (51%) have been affected by scams, according to new research from Canada Life. This equates to 27m people across the UK. Most of these cases can be described “phishing scams” (51%), when a fraudster attempts to imitate a legitimate company or person to secure important information from the victim. Crypto…
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European open banking platform Tink is urging lenders to prioritise upgrading creditworthiness assessment models to ensure more accurate lending decisions. Tink says traditional lending models are broken, and against a backdrop of the cost-of-living crisis, a blinkered view of income and expenses is no longer fit for purpose. As the economic crisis worsens, better decisions…
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LendingMetrics, the company behind the intelligent decisioning platform ADP has announced that it has been appointed by Scottish Building Society to deliver its credit decisioning solution. The society is set to use LendingMetrics’ next-generation Auto Decision Platform (ADP) underwriting solution to support its intermediary business over the coming years. The multi-award-winning platform is a universally-integrated…
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Sub-prime lender Morses Club has warned that it will enter insolvency unless it agrees on a Scheme of Arrangement. The company has said it has suspended processing claims made against its ‘unaffordable’ loans while it pursues the potential use of a such a Scheme. In a company statement, Morses Club said it is racking up…
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Banks will be forced to reimburse anyone who loses more than £100 to bank transfer or payment fraud, under new plans outlined by the Payment Systems Regulator (PSR). As of next year, victims will get their money back in all but exceptional cases. The regulator said the policy change will incentivise banks and building societies…
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Tandem has announced a Chief Executive Officer (CEO) succession plan for the business that will take effect over the coming months. Having led the business through a period of significant transformation over the past 18 months, Susie Aliker has informed the board of her intention to step down in the coming months. The board has…
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Soaring energy, food and fuel prices have forced 1.2 million UK adults (2%) to turn to unscrupulous loan sharks in the last 12 months according to research from the Vulnerability Registration Service. Released during National Stop Loan Sharks Week, the research also revealed that this picture is twice as bad for the most vulnerable in society, with…
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Equifax has announced the appointment of David Wilson, as Chief Commercial Officer (COO) of Equifax UK. Wilson joins the Equifax team with a wealth of commercial leadership experience, spanning two decades in the sector, and a strong track record of success transforming global teams and businesses. Most recently, David has developed data and analytics…
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Experian has announced the launch of Experian Fraud Score, a next generation fraud prevention solution which will help businesses of all shapes and sizes to detect fraud at the point of application, transaction and throughout the customer lifecycle. The service is independent of any data consortium membership, allowing organisations to have access to an advanced fraud…
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