Credit, Collections & Insolvency News
New figures from analytic software specialist Fico with Euromonitor International and UK Finance, has indicated that the UK has made significant gains in the fight against payments card fraud in 2017. France and the UK achieved reductions of 6 and 8 percent, respectively, for the biggest reductions in net fraud losses. This is despite losses across the…
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Provident Financial has announced its financial results for the first half of this year which indicate a fall in profits. Provident statutory pre-tax profits for the six months to 30 June of £34.6m in H1 2018, down from £73.3m in H1 2017; a drop of £38.7m. Its adjusted pre-tax profits fared better, dropping from £98.6m to £74.9m. Adjusted…
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The Competition and Markets Authority (CMA) has referred Experian’s purchase of ClearScore for an in-depth merger investigation. The CMA found that Experian and ClearScore are the two largest credit checking firms and are each other’s, main competitors. In the CMA initial (phase 1) investigation identified concerns that the merged company would be less likely to innovate…
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The Financial Conduct Authority (FCA) has published it’s ”Assessing creditworthiness in consumer credit’ policy statement which provides rules and guidance on assessing creditworthiness in consumer credit. The announcement coincides with the Bank of England revealing the amount of credit held by UK households increased by £3.7 billion in June and the rate of credit card…
Read moreProvident Financial has announced that it has appointed Patrick Snowball, as its Chairman and non-executive director. He will join the Board as Chairman on 21st September 2018. Stuart Sinclair, Interim Chairman, will retire from the Board. Snowball s an experienced Chairman, Non-Executive Director and Chief Executive Officer, following a distinguished career in the insurance and…
Read moreNew research by credit experts TotallyMoney has revealed the best average credit score locations across the UK, with Greater London soaring to the top, and Hertfordshire following close behind. The Free Credit Report company looked at credit scores for all available postcode areas, to calculate the average score for that district. TotallyMoney then ranked them…
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The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth remained at 8.8 percent in the year to June 2018. Outstanding balances for consumer credit stand at £213.2 billion. The figures are published days after the Office of National Statistics revealed that British households spent around £900 more…
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The Financial Conduct Authority (FCA) has opened a consultation on new rules for loan-based crowdfunding platforms. The changes the FCA is proposing are designed to address the ways in which the loan-based crowdfunding model has developed since the FCA last reviewed the sector in December 2016. The FCA has observed the variety of loan-based crowdfunding business…
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A new report from the Office of National Statistics (ONS) has shown that, on average, each UK household last year spent or invested £900 more than they received in income. The Office for National Statistics said the shortfall amounted to nearly £25 billion and the overspend was mostly paid for with borrowed money, though households…
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Quick Loans has announced it has completed the purchase of the Cheque Centre, with the aim of relaunching the brand. Once the second biggest lender on the UK high street, the Cheque Centre, which had a turnover of over £270million and boasted 300 stores, went into administration in the summer of 2017 after the board decided…
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New research on the UK car finance market has found that payments have now hit over £1 billion a month according to Kwik Fit. Kwik Fit has found, the average payment is now £226.12 per month. The North West was the region with the most drivers paying finance, 867,000, while Wales had the smallest finance…
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The Financial Conduct Authority (FCA) has published the outcome of a programme of behavioural research. The research looked at different ways repayment options can be presented to credit card customers to encourage those making low repayments to repay more when they can afford it. Together with the measures introduced on persistent credit card debt and earlier intervention (which…
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UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…
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