Credit, Collections & Insolvency News
Bottomline, a provider of financial technology that makes business payments simple, smart and secure, has announced the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers. Bottimline says that new product is an alternative to the raft of payment…
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Metro Bank has announced that it has agreed to acquire peer-to-peer lender RateSetter. RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31st March 2019, the company reported revenue of £33 million, a pre-tax loss…
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Two new reports have called for more support to ensure the Credit Union sector can increase its reach. The Carnegie Trust has published its findings into existing affordable credit provision in seven Scottish Council areas, and called for stakeholders to work together to increase affordable credit providers market share to at least 10% of the…
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The Financial Conduct Authority (FCA) has issued a call for input into how lenders should handle ongoing payment difficulties among people who have taken coronavirus payment holidays, but are unable to resume their payments in full when these holidays expire. The FCA is seeking view on what should happen to consumers coming to the end…
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The Financial Conduct Authority (FCA) has set out views on Employer Salary Advance Scheme (ESAS) ESAS are commonly promoted as an alternative to high cost credit and have a broadly similar economic effect. While most of these schemes do not fall under the FCA’s regulation, as they do not meet the definition of credit under…
Read moreFurloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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Consumer finance specialist, BNP Paribas Personal Finance has announced that it will use Experian’s Open Banking technology and Aryza’s Debtsense digital platform to provide round-the-clock online account reviews to customers who have been affected by the Covid-19 pandemic. The company says that has moved quickly with its partners to put the solution in place inside…
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One in three consumers (35%) have checked their credit score during lockdown, with four million people looking at it for the first time according to latest research from TransUnion The research has revealed that this increased interest is due to people having more time (33%), with many on reduced working hours, combined with concerns about…
Read moreNew insights from Experian’s Credit Barometer suggests consumers’ chances of getting approved for credit are now 60% higher than at the start of the COVID-19 lockdown Consumers now have a wider choice of credit cards and loans, because more lenders are returning to the market as the COVID-19 lockdown restrictions ease. Around half of lenders…
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The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
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Open Banking platform and applications provider OpenWrks has been selected by the Money and Pensions Service (MaPS) to provide digital affordability assessments as part of their digital enhancement to debt advice. With the aim of streamlining and increasing the volume of debt advice sessions consumers receive, The Money and Pensions service selected OpenWrks to supply…
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The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…
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The Financial Conduct Authority has announced that it will introduce a ban on discretionary commission models. The ban, follows a consultation in October 2019. Currently, some car retailers and motor finance brokers receive a commission that is linked to the interest rate that customers pay – creating an incentive to sell more expensive credit to…
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