Credit, Collections & Insolvency News
The Association of Short-Term Lenders (ASTL) has announced the appointment of three new members to its executive board. The three new executive board appointments were elected by members of the ASTL from a record number of candidates and votes. The new board members are Jamie Pritchard, Sales Director at Glenhawk, Sabinda Robinson-Sandhu, Head of Operations…
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Signatories to the CRM Code, governed by the Lending Standard Board (LSB), have announced that they had made strides forward in their effort to stamp out transactions resulting in Authorised Push Payment (APP) scams, though areas of inconsistent application persist, according to the latest review. The “2022 review of adherence to Contingent Reimbursement Model (CRM)…
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Risk and data science consultancy, Jaywing, has launched a new collaboration with leading global advisory firm, Oxford Economics. The partnership aims to enable organisations from all industries to benefit from both Oxford Economics’ global macroeconomic forecasts and Jaywing’s expertise in building and validating models. Oxford Economics’ worldwide client base comprises more than 2,000 entities…
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New figures from Lloyds Bank have shown a surge in the use of contactless debit card payments, with this method used in 87% of transactions in 2022 compared to 65% in June 2019. The rise in contactless payments as a preferred method has been driven by restaurant and health and beauty purchases, which both see…
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Analysis from Freedom Finance has found that membership of Credit Unions continues to rise amid a growing hunt for affordable credit products as the cost of borrowing rises sharply and the cost-of-living crisis worsens. The latest data from the Bank of England for the first quarter of 2022 finds that 1.93 million people in the…
Read moreAs households are hit by unprecedented levels of inflation, the latest update to Lowell and the Urban Institute’s Financial Vulnerability Index (FVI) has shown that households increased borrowing despite interest rate rises to meet the inflated cost of food and energy bills. The reaseach shows that: Credit usage increases as households battle inflation – The…
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Beverley Building Society has announced that it has appointed Christopher White as Chief Financial Officer. White takes up the position following the promotion of Janet Bedford, who previously held the position, to the role of Chief Executive. White, a Fellow of the Institute of Chartered Accountants in England and Wales, has significant experience in financial services…
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More people in the UK aged between 65 and 74 are still working compared to six years ago new research from Aviva has found. The survey, conducted earlier this year, shows a marked increase in the number of people over 65 who remain in the workforce compared to 2016, and a fall in the number…
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On average, working households are only 19 days from the breadline, according to a report from Legal & General. The new research has shown that households have seen the amount of time they can fund basic expenses decrease by 21%, five days less than in April 2020. Households have average savings of £2,431 and debts…
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During the first half of 2022, the value of alleged fraud cases exceeding £100k heard in UK Crown Courts soared by almost 300% compared to the first six months in 2021, rising from £137.4m to a staggering £532.6m. This is above the total value of alleged fraud seen in Crown Courts during the whole of…
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Yorkshire Building Society has announced that Susan Allen OBE has been appointed as Chief Executive Officer (CEO). Allen has more than 25 years of experience in financial services having held senior executive positions at a number of large retail banks in the UK. She is currently Head of Customer Transformation at Barclays where she is…
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Darlington Building Society has announced that it has selected to use LexisNexis Risk Solutions financial crime prevention and compliance screening solution to assist with onboarding customers. The RiskNarrativeTM platform enables businesses to detect fraud and identify risk using a single API and integrates into over 50+ third party data sources to enrich risk decisioning. RiskNarrative…
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The average first time buyer will need an additional £12,250 of income to buy a home compared to a year ago and an additional £35,000 in London as a result of predicted higher mortgage rates according to new analysis by Zoopla. The latest House Price Index from Zoopla reveals that whilst demand this year has…
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