Credit, Collections & Insolvency News
New figures released today by the Finance & Leasing Association (FLA) show second charge mortgages increased by 21% in November. Commenting on the November 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said: “The market has reported a…
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Cardstream has announced a fraud prevention alliance with Gala Technology, aimed at protecting thousands of embattled Card Not Present Mail Order Telephone Order (CNP MOTO) merchants. By embedding Gala’s SOTpay technology into its Merchant Management System, Cardstream has ensured that its rapidly expanding network of reseller Partners and tens of thousands of merchants will have…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017. Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second…
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The Financial Conduct Authority (FCA) has revealed plans to free ‘mortgage prisoners.’ Mortgage prisoners are defined by around 140,000 homeowners are trapped on loans with high interest rates. The plans were revealed by the FCA’s Chief Executive Andrew Bailey’s letter to the Treasury Committee on improving switching options for mortgage customers who are currently unable to do so,…
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Annual household bills have risen by over £550 in the past three years according to new findings from comparethemarket.com– increasing three and a half times faster than inflation over the same period. The new research, which analyses the average cost of energy, home and motor insurance since 2015 has shown a relentless rise in bills for…
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TSB has announced a new £200,000 partnership with the Metropolitan Police (Met) to step up the fight against fraud and hunt down the criminals that sit behind it. Fraud is now one of the most common crimes in the UK and the financial impact to consumers is huge with over £2 million lost every day^.…
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A new industry careers site for the credit industry and collections industry has been launched by Credit Connect Media. The website is a careers platform which aims to connect the UK’s top credit and collections industry talent with the best career options. Credit-connection.co.uk is an industry careers website sharing the latest job vacancies and a training course…
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Atom bank has joined Pay.UK-owned Bacs Payment Schemes (Bacs), which processes nearly six-and-a-half billion transactions a year worth £4.9 trillion. App-based Atom is the fourth payment service provider (PSP) in under 12 months to sign up to Bacs, reinforcing the continued relevance of established payment options Direct Debit and Bacs Direct Credit. Paul Horlock, chief…
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Newcastle Building Society has appointed David Samper as Chief Financial Officer. An accomplished strategic leader with over 20 years’ experience as a chartered accountant, Samper has held senior roles across a number of multinational organisations in the UK and abroad, including RBS, Ulster Bank, and most recently at Sainsbury’s Bank as its interim Chief Financial…
Read moreThree-quarters (74%) of businesses in the UK surveyed by Centtrip, the international payments, treasury management and foreign-exchange specialist, believe they will benefit from Open Banking within two years. Introduced in January 2018, Open Banking was designed to give customers and companies control of their financial data, enabling them to view it in one place. It…
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TransUnion (formerly Callcredit), the global risk and information solutions provider, has launched an Open Banking early adopter programme after receiving permission to operate as an Account Information Services Provider (AISP) from the Financial Conduct Authority (FCA). Following extensive testing and consultation with a range of clients across a number of industry sectors, TransUnion Open Banking…
Read moreUnsecured debt has hit a new peak of £15,400 per household according to new analysis by the Trade Union Congress (TUC) with a further threat of families being pushed further into the red, Debt levels are now higher than before financial crash. The new analysis by the TUC shows that household debt rose sharply over 2018, with…
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Data from the latest report from the Bank of England data shows that the annual growth rate of consumer credit slowed in November 2018, but credit card lending was still 7.9% higher than a year earlier, with other consumer credit lending up by 6.6%. Commenting on the latest figures, StepChange Debt Charity CEO Phil Andrew…
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