Credit, Collections & Insolvency News
UK Asset Resolution Limited (UKAR), the holding company for Bradford & Bingley (B&B) and NRAM, has concluded a competitive sales process for the sale of a £860m portfolio of equity release loans to Rothesay Life. The portfolio comprises equity release mortgages from the legacy books of NRAM, B&B and Mortgage Express (MX) and is secured…
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Citizens Advice has revealed customers who stay loyal to their providers are losing out on over £4 billion a year. The national charity has lodged a super-complaint with the Competition and Markets Authority (CMA), calling for the regulator to outline how the problem can be fixed. The practice of overcharging loyal customers is widespread and…
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UK Finance has released its latest Household Finance update for August 2018. The findings showed that credit card spending was 7.6 per cent higher than a year earlier, with outstanding levels on card borrowing growing by 5.8 per cent over the year. Gross mortgage lending for the total market in August was £24.1bn, some 1.2…
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New research has revealed that 10.8 million consumers now consider themselves to be virtually cashless, using payment methods other than physical notes and coins to pay for lower value items. The research, commissioned by GoCompare Money, found that UK consumers are now more likely to make payments of under £30 using contactless technology than cash and,…
Read moreUK payments fintech specialist, Modulr, has opened a new office in Edinburgh and says it aims to take advantage of the city’s burgeoning fintech scene and grow its software engineering, customer support, risk and compliance, and finance teams. Modulr recently completed its latest funding round, led by the UK’s leading digital venture builder, Blenheim Chalcot which…
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A total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018, new data from UK Finance shows. During the same period, the finance industry prevented £705.7 million of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the…
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Initial details of a new procurement process for the clearing and settlement layer that will form the backbone of the New Payments Architecture (NPA) have been announced by the New Payment System Operator (NPSO). The NPA is a new conceptual model for payments in the UK, which will take over the processing of more than…
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The Labour Party has published its response to a review into problem gambling and its treatment that has been undertaken over the last year. Tom Watson MP and Jonathan Ashworth MP have spent a year consulting with gambling addiction specialists, charities, industry bodies and those suffering from gambling problems, to look at whether existing gambling regulation…
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A new report commissioned by ACCA (the Association of Chartered Certified Accountants), CA ANZ (Chartered Accountants Australia and New Zealand) and KPMG has explored the significant opportunities automation presents for the finance function after results found many CFOs are still uncertain how implementing robotics solutions can be applied to benefit their finance functions. Robotic Process Automation…
Read moreBusiness data, insights and analytics specialist, Graydon has announced a strategic technology partnership with global financial crime experts, TruNarrative. The partnership will provide a comprehensive onboarding tool for the UK’s business community. Graydon Onboarding is the UK’s first commercial onboarding solution combining credit decisioning, fraud detection and compliance screening. With fraud on the rise (estimated…
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Here is an overview of The Money Charity’s latest statistics for September 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. People in the UK owed £1.5955 trillion at the end of July…
Read moreThe Information Commissioner’s Office (ICO) has issued credit reference agency Equifax with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017. The incident, which happened between 13 May and 30 July 2017 in the US, affected 146 million customers globally. The…
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The impact of prolonged Brexit negotiations is taking its toll upon the UK automotive sector, warns trade credit insurer Atradius. A new economic report by Atradius highlights that economic uncertainty has led to a 6% drop in new car registrations in the first half the year and a significant decline in investment; from £1.7bn in 2016…
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