Credit, Collections & Insolvency News
British shoppers have been warned to be extra vigilant this Christmas from fraud, as findings from Shieldpay’s latest Fraud Tracker reveal that one in five people (20%) have been scammed whilst buying Christmas presents online. Nearly one in 10 (9%) claim to have never received the item they purchased, whilst the rest reported that they…
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The United Kingdom has a well-developed and robust regime to effectively combat money laundering and terrorist financing. However, it needs to strengthen its supervision and increase the resources of its financial intelligence unit according to a new report by the Financial Action Task Force (FATF)/ The report was an assessment of the United Kingdom’s anti-money laundering and counterterrorist…
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Millions of Brits are worried about the cost of Christmas this year, with half revealing they plan to borrow money just to cover expense, a new study has found. While most will budget just £449 for the festive period – the reality is that we’ll each spend up to a whopping £1,086 on presents, food…
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The Financial Conduct Authority (FCA) has published findings on how mortgage lenders treat customers who have long-term mortgage arrears and provide forbearance to affected customers. The FCA had previously identified that there was a trend of increasing long-term arrears cases, whilst the number of homes being repossessed had been falling. As a result of this…
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One-in-five people (22 percent) say they have previously borrowed money from friends and family to help pay for Christmas even though the majority are embarrassed about asking, a new survey reveals. The research, commissioned by Curve, examines how people in the UK plan to finance their spending this holiday season. The results expect the average…
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The value of residential mortgages written off by banks and building societies has increased by 58% in the last year, jumping from £77 million to £122 million in the year to 30 June 2018 according to new analysis by Moore Stephens. Moore Stephens says the increase could be an early sign of distress in the…
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Young people whose parents have property wealth are now almost three times as likely to be homeowners by the age of 30, compared to those whose parents have no property wealth, according to Resolution Foundation research. With the ‘Bank of Mum and Dad’ now considered to be a key lender for first-time buyers, House of the…
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Financial services companies appear to have increased their appetite for risk compared to businesses in other sectors, a report has found. The Q3 2018 Global Supply Chain Risk Report, published by Cranfield School of Management and Dun & Bradstreet, investigates the level of perceived supply chain risk faced by European companies with international supplier relationships.…
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The Joseph Rowntree Foundation JRF) has released a new report which highlights than Britain are going into Brexit with half a million more children trapped in poverty, this following a relentless rise in the number of working families struggling to make ends meet over the last five years. It means in a typical classroom of 30 children, nine are now living in…
Read moreThe Financial Conduct Authority (FCA) has published a Decision Notice in respect of Mohammad Ataur Prodhan, the former Chief Executive Officer of Sonali Bank (UK) (SBUK), fining him £76,400. Prodhan has referred this Decision Notice to the Upper Tribunal (the Tribunal) where he and the FCA will each present their cases. The Tribunal will determine…
Read moreZopa has announced that it has been approved for a bank licence with restrictions. This is called the ‘mobilisation’ phase of the process where the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) put some restrictions in place. Zopa will be granted a full licence once it meets the conditions set by the regulators…
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Experian has announced that has launched what it calls a transformative change to the way consumers shop for credit cards. Experian’s new comparison services will now mean that consumers will see a guaranteed rate when shopping for cards with certain providers. Credit card and loan providers only need to offer their headline representative Annual Percentage…
Read moreIrish bank, Permanent TSB (PTSB) has announced that it has agreed to sell a 1.3 billion euro portfolio of problem mortgage loans in a securitisation deal, to help reduce its bad debt level to below 10 percent. PTSB has been trying to reduce its exposure to non-performing loans (NPLs) and focus on providing services for…
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