Credit, Collections & Insolvency News
Dilosk DAC, the parent of Ireland’s mortgage lender ICS Mortgages, announced that it is to acquire an interest in a €182 million portfolio of residential mortgages which were initially originated by Leeds Building Society, who have decided to exit the Irish market. The portfolio contains Irish Private Dwelling House Mortgages which are primarily performing and…
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The New Payment System Operator / NPSO – has announced it now has a new name and brand: Pay.UK. Pay.UK’s remit includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient. Every day, individuals and businesses use the services we provide…
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Citizens Advice Scotland has published evidence showing that demand for advice on rent arrears increased by 47% between 2012 – 2017. The new Citizens Advice Scotland report, which considers the causes and consequences of this rise, finds that changes to the social security system have been one of the key drivers of the problem, in particular,…
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Home credit lender, Provident Financial, has reported “further good progress” for this year’s third-quarter as it still recovers from a disastrous 2017. The latest company statement says that two of its divisions are under FCA investigation which has led to a £120m loss for the firm. However, the company is now seeing further progress in…
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The Consumer Credit Trade Association (CCTA) has published a statement in response to the Financial Conduct Authority (FCA) ‘Dear CEO’ letter issued to all high cost short-term lenders (HCSTL) regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact. Lenders have been requested to…
Read moreNew research from NS&I has revealed that 14% of Britons (7 million people) think they may have lost track of a financial product, highlighting the staggering amount of money left dormant with UK financial services providers. And it’s not just savings accounts, with a fifth (20%) admitting there is a possibility that they have lost…
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Latest figures from Worldpay show that contactless transactions have overtaken chip and pin payments for the first time in the UK, as consumers embrace more convenient forms of payment. Contactless usage jumped by 30% in the past year to become the most popular form of card payment for in-store transactions. This trend has continued into the second…
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Analysis from Bank Underground shows that the higher a property’s energy efficiency rating, the less likely the mortgage borrower is to fall into arrears. Bank Underground is a blog used by Bank of England staff to publish views that don’t necessarily coincide with the Bank of England’s. In the blog’s latest post, the authors set…
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A national competition that challenges firms to deliver digital services aimed at helping those struggling with their money has been launched. Nationwide Building Society’s Open Banking for Good challenge (OB4G) will see fintech organisations and academics work together to develop Open Banking apps and services that make a real difference to people’s lives, particularly those…
Read moreLeading figures from a number of banks, building societies and other financial institutions have been provided with an update on the progress of the new Image Clearing System (ICS) for cheques, twelve months since its introduction across the UK. Delegates heard a variety of presentations at the 4th Annual Cheque Imaging & Remote Deposit Capture…
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UK Finance, the trade organisation representing around 300 firms in the finance and banking industry operating in the UK, has today announced the appointment of David Postings, Global Chief Executive, Bibby Financial Services and Mark Barnett, President of Mastercard UK, Ireland, Nordics & Baltics, to its Board. David and Mark will be joining the 22-strong…
Read morePayment company Ingenico has today a partnership with European payments company, Trustly, that will enable customers in Europe to make secure online transactions directly from their bank account. The collaboration will see Ingenico expand its range of online payment solutions and enhance its position in 26 European countries, with online banking payment method now integrated into…
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CYBG has completed the acquisition of Virgin Money, creating the UK’s sixth-biggest bank. Commenting on completing the Virgin Money acquisition, CYBG Chief Executive David Duffy, said “Today marks an historic milestone for CYBG and Virgin Money, creating the first true national competitor to the status quo in UK banking with a clear ambition to provide customers…
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