Credit, Collections & Insolvency News
UK fintech, CreditLadder has been approved by the Financial Conduct Authority (FCA) as a Payment Institute. This approval enables CreditLadder to organise and request payments on behalf of consumers from their bank to a businesses bank account as an approved Payment Initiation Service (PIS). PIS gives CreditLadder the ability to initiate payments on behalf of…
Read moreExperian has announced that it has launched a new set of advanced Open Banking services. Affordability Check and Tenant Vetting Service are both innovations which will empower consumers to better understand and take control of their finances, while offering businesses the insight to deliver improved products and services. Experian is the only one of the…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
Read moreThe Financial Conduct Authority (FCA) has proposed to introduce a price cap on the rent-to-own (RTO) sector. The cap, subject to consultation, will come into force on 1 April 2019 providing protection for some of the most financially vulnerable people in the UK. Once in force, the changes are expected to save consumers up to £22.7m per…
Read more
Business process outsourcing and operational transformation provider, Target Group, has signed up to the Women in Finance Charter, an initiative from HM Treasury to build a more balanced and fair financial services industry. The charter sets out three principles to improve gender balance across all levels of financial services – committing firms to support the…
Read more
The total number of defaults and small claims judgments issued in Northern Ireland during the third quarter of the year was 1,711, a historic low for any quarter, according to figures released today by Registry Trust. In the third quarter of 2018, the number of small claims judgments fell by 22 percent and the average…
Read more
A whitepaper released by Mitek and authored by Fintech research practice Autonomous NEXT found that the opportunity is ripe for digital lenders to grow – if they continue to invest in digitisation. The whitepaper, entitled ‘European Digital Lenders: How operating efficiency is helping digital lenders attack a $150 billion annual origination market across the Eurozone in 2018’, looked…
Read more
Anti-money laundering (AML) specialist SmartSearch has been named as one of the world’s most innovative financial technology solution providers by RegTech Analyst for the second year running. Each year, specialist research firm RegTech Analyst releases the RegTech 100 list, which recognizes the world’s 100 most pioneering companies that are transforming compliance, risk management and cybersecurity.…
Read more
One in five Brits now never carries cash, a study has found. Researchers who polled 2,000 UK adults found many are now opting to pay using different methods such as chip and pin and smartphone payments. Half believe cash is ‘on the way out’ and will ‘soon’ be superseded by alternative ways of paying for…
Read more
Registry Trust has announced that Mick McAteer Deputy Chair. Registry Trust is a non-profit organisation which collects decree and judgment information from jurisdictions across the British Isles and Ireland. McAteer, who has been an independent director of the Trust since 2016, takes up the position with immediate effect. Malcolm Hurlston CBE remains chairman He is…
Read moreUK businesses are missing out on £85 billion each year due to a lack of digital capability, according to the latest Lloyds Bank Business and Charity Index. The report highlights that this issue is particularly acute for sole traders, of which 41% have low digital capability. Despite this, UK business looks set to enter a…
Read more
The number of debt decrees registered against Scottish consumers rose by six percent more than in the third quarter of 2017. During Q3 2018, 5,668 debt decrees were registered against Scottish consumers. A further one percent increase on last year’s historic Q3 high in the average value of small claims and summary cause decrees set a…
Read more
New research from American Express has revealed that consumers are set to spend an average of £1,206 on everything from tinsel to turkey this year, a Santa-sized £60 billion across the nation. Gifts are the top spend items and even though there’s no place like home for Christmas, travel is still on the mind of…
Read more