Credit, Collections & Insolvency News
Gatehouse Bank has announced the appointment of Karen Faulkner to the key role of Head of Home Finance Operations. Reporting to Tim Blease, COO at Gatehouse Bank, Karen is based in the Bank’s Milton Keynes office and via her teams of case managers and underwriters is responsible for the customer application journey, through to the…
Read moreMore than half of consumers have never checked their eligibility when applying for a credit card, loan or mortgage, new research from Experian reveals. Each time someone makes an application, a “hard search” is recorded on their credit report which could impact their credit score and reduce their chances of getting accepted for the best…
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Spicerhaart Corporate Sales, which offers a total asset management service for lenders including repossessions, part- exchanges, relocation and quick sale schemes, has enhanced its proposition for lenders in relation to interest-only mortgages. Spicerhaart Corporate Sales can introduce lenders to later life specialists who will buy up interest-only portfolios and transfer the customers concerned onto a…
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The New Payment System Operator (NPSO) has confirmed the representation of its newly-created Participant Advisory Council: Twelve experts and executives from across the payment services landscape have been appointed, to help ensure that views from the industry are heard and acted upon by the NPSO. The Participant Advisory Council will operate as a non-executive advisory…
Read moreThe Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…
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Online research from Equifax has revealed the lack of awareness of banking options among consumers. When presented with a list of digital banks 60% hadn’t heard of any of the brands and only 20% would opt for a challenger bank if opening a new account today. The survey, conducted with Gorkana, showed 44% of consumers…
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A total cost cap on rent-to-own items like washing machines, fridge freezers and televisions could save consumers £276 (28%) per product, new analysis from Citizens Advice has found. The national charity has modelled the impact its proposed total cost cap in the rent-to-own sector would have. The FCA has indicated it will implement a cap…
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A higher percentage of women than men in England and Wales entered insolvency in 2017, continuing the trend of recent years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. Looking at the geographical spread in the statistics, the North East and coastal towns such as Plymouth…
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British lenders expect consumer borrowing to pick up in the third quarter, according to the Bank of England’s latest credit conditions survey. The report found “a significant increase in default rates on credit card loans” between April and June this year, indicating that consumer budgets could be coming under pressure. The Bank of England is…
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Europe’s largest peer-to-peer property platform Lendy announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA). Lendy’s secured lending model was authorised by the FCA following a detailed end to end assessment of its business and operating model. Lendy, which launched in 2012 and has to date facilitated over £400m in…
Read moreUK Finance has released its Mortgage Trends update for May. Highlights from the report include: There were 32,200 new first-time buyer mortgages completed in the month, some 8.1 per cent more than in the same month a year earlier. The £5.4bn of new lending in the month was 12.5 per cent more year-on-year. The average…
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Credit reference agency, Callcredit has announced the change of its brand name to TransUnion, after being acquired by the leading global risk and information solutions provider in a £1 billion deal last month. As a phased integration process begins, UK businesses and consumers will start to become familiar with TransUnion, which already has a presence in…
Read moreThe Financial Conduct Authority (FCA) has called for considerate use of big data, artificial intelligence and machine learning algorithms in financial services. The FCA is urging firms to use the technologies in a way that is not detrimental to customers’ trust. Speaking at a Reuters event earlier in the week, Charles Randell, FCA payment systems…
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