Credit, Collections & Insolvency News
The Treasury Committee has published a new report on household finances. In response to the report, MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving. The report highlighted that many households are over-indebted and lack a ‘rainy day’ savings buffer and that…
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The Financial Conduct Authority (FCA) has announced that it has banned four directors of an online brokerage who mislead customers. David James Carter Mullins, Edward John Booth, Christopher Paul Brotherton and Mark Robert Kennedy, the former directors and shareholders of Secure My Money Limited (now dissolved) have all been banned. The firm took fees of…
Read moreShawbrook Bank has announced that it has appointed David Robinson as Sales and Distribution Director of its residential mortgage arm. Robinson will start the role in August, leaving Accord, where he has worked for 14 years. He has worked with the Yorkshire Building Society group for 29 years previously. Robinson will replace Paula Purdy would leave…
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Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreUK Finance has published its latest consumer lending figures for June. Key data highlights include: Estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier. The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to…
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The Payments Systems Regulator (PSR) has set out its plans to carry out a market review into card-acquiring services and has published draft terms of reference for consultation. PSR says card payments are critical to the smooth running of the UK economy. They are a popular way for consumers to pay merchants for goods and services, and…
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Women in finance and accounting take seven more years, on average than their male counterparts to reach executive level, as they battle with a ‘two-tournament gender system’ throughout their careers according to new research. The slow path to the top: the careers of women in finance and accounting report commissioned by ACCA (the Association of Chartered…
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The Central Bank of Ireland has published the Behaviour and Culture Report into the five main Irish retail banks – AIB Group, Bank of Ireland Group, permanent tsb, Ulster Bank Ireland and KBC Bank Ireland. The report, involving reviews conducted by the Central Bank in collaboration with the Dutch Central Bank (De Nederlandsche Bank –…
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New data published by the Financial Conduct Authority (FCA) as part of its annual report has revealed that 0.3 per cent of borrowers has failed to make their mortgage payments within six months of taking out their loan. This figure compares to 0.25 per cent of households falling behind on their payments after six months…
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The National Audit Office (NAO) has said that the government has lost more than £600m in revenue from selling student loans “too cheaply.” According to the NAO report, the government’s sale of its first batch of student loans was carried out efficiently, but its method for determining whether the sale would secure value for money…
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The Office for National Statistics (ONS) has released its latest statistics for crime in England and Wales which indicate that fraud offences remain stable. Josh Gunnell, Head of Fraud & ID Pre-Sales, TransUnion (formerly Callcredit), said “The volume of fraud offences in the past year has remained relatively stable meaning that the risk of becoming a victim of…
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The Competition and Markets Authority (CMA) has raised concerns that Experian’s purchase of ClearScore may reduce competition for people who want to check their credit score. ClearScore and Experian are the first and second-largest providers of free credit score checking in the UK. Experian is also the largest paid credit score checking provider. Millions of…
Read moreUK Finance has publishes its annual mortgage lenders data for 2017. In an accompanying blog it addressing the underlying trends revealed by the data, highlighting the growth in lending by challenger and specialist lenders. The mortgage data showed that in 2017 a gross total of £257bn in lending was completed by its members, up 4 percent on…
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