Credit, Collections & Insolvency News
UK Finance has announced three new appointments to the UK Finance board. Erin Platts, Head of EMEA and President of UK Branch, Silicon Valley Bank; Ian Stuart, CEO of HSBC Bank UK and David Soanes, UK Country Head of UBS Group, have joined the Board. Joe Garner from Nationwide and Beatriz Martín Jiménez from UBS…
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Coventry Building Society has announced that it has appointed Richard Bowles as Chief Risk Officer. Bowles, who has around 20 years of experience in financial services, will join from TSB later this year, where he has been Interim Chief Risk Officer since March. Prior to that, he had been the bank’s prudential risk oversight director…
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UK Finance’s latest fraud report has shown that a total of over £1.3 billion was stolen by criminals through authorised and unauthorised fraud in 2021. The banking and finance industry prevented a further £1.4 billion of unauthorised fraud from getting into the hands of criminals. Unauthorised financial fraud losses across payment cards, remote banking and…
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The Payment Systems Regulator (PSR) has published its provisional decision on remedies for the card-acquiring market review, following its initial consultation earlier this year. Card-acquiring services are crucial to the UK economy because they enable merchants, like newsagents and supermarkets, to accept card payments. This means, every day, people can pay for goods they need, including…
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The Financial Ombudsman Service (FOS) received nearly 25,000 complaints about current accounts in the year to March, more than any other product. FOS says a big chunk of these were from victims of authorised fraud, such as customers being tricked into transferring money into other accounts often by scammers posing as their bank. Complaints to…
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Up to 70 per cent of property firms surveyed for an anti-money laundering campaign have not changed their approach to onboarding new customers since sanctions were imposed on Russia after its invasion of Ukraine according to new research by SmartSearch SmartSearch says that the survey shows the worrying size of the challenge when it comes…
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Skipton Building Society has announced that it has appointed Stuart Haire as its new Chief Executive Officer (CEO). Haire previously was the Group General Manager and Chief Executive of HSBC’s UK personal and private banking businesses. Haire has worked at HSBC for six years, having spent nearly a decade prior to that in senior roles at…
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The impact of surging property prices throughout the pandemic has reduced housing affordability to the lowest level on record, according to new research by Halifax. The analysis – based on data from the Halifax House Price Index – compared typical house prices to average earnings across the UK. In the first quarter of 2022, the…
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Barclays has confirmed that it will acquire specialist lender Kensington Mortgage Company in a £2.3 billion deal. Kensington, which has 600 staff and specialises in offering mortgages to the self-employed and borrowers with more complex incomes, is being sold by private equity owners Blackstone and Sixth Street. The company originated around £1.9bn of mortgages in…
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Regulation of Buy Now Pay Later (BNPL) credit retail products could prevent up to 876,000 consumers from getting into unmanageable debt this year, according to new research from Barclays and StepChange. The study shows that the rising cost of living is having a direct impact on the popularity of BNPL purchases – over a third…
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The Financial Conduct Authority (FCA) is using state-of-the-art analytics to scan 100,000 websites a day in a crackdown on scams and fraud. Although the watchdog cannot remove fraudulent sites, it has added almost 2,000 possible scams to its consumer warning list since May 2021- up a third more than during the same time the previous…
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Global information and insights company, TransUnion has announced a partnership with Lloyds Bank to look after the credit health of its customers with free access to their credit score via an interactive dashboard. The ‘Your Credit Score’ service, has already seen almost one million of the bank’s customers checking their credit score for the first time in April. Kelli…
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The average credit card holder in the UK believes they will continue to use a physical card for just nine and a half more years, according to new report by finder.com. The figure is quite consistent across all age groups, ranging from millennials who expect to keep using them for under 9 years, all the…
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