Credit, Collections & Insolvency News
New regulation aimed at opening up the UK’s current account market could lead to an influx of new players and services for 32.7 million consumers and 4.8m small businesses by 2022, according to new PwC research on Open Banking. New rules came into effect in January 2018 requiring UK banks to share current account holder…
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The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
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Over recent years there has been a tendency for the general public to lament the decline in personal interaction within the consumer credit industry that has been afforded by technological advances. People have bemoaned branch closures, increased automation, call centres and what has been seen as a ‘computer says no’ approach to affordability assessments and…
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The HM Treasury (HMT) set out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act (EUWA). The act is intended to ensure that there is a complete and robust legal framework for financial regulation in the UK, whatever the outcome of negotiations between the EU and the UK, when the UK…
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The Financial Conduct Authority (FCA) has published an update on its Strategic Review of Retail Banking Business Models. The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current…
Read moreLatest figures from UK Asset Resolution (UKAR) has announced it has shrunk its balance sheet by 83%, or £96 billion, so far and repaid 79% of taxpayer cash. UKAR has said it is aiming to complete the wind down of mortgage books within three years. UKAR incorporates failed lenders Bradford & Bingley and Northern Rock…
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The Financial Coduct Authority (FCA) has announced proposed changes to complaint handling rules to help victims of authorised push payment fraud Authorised push payment (APP) fraud is where a fraudster tricks an individual consumer or micro business to instruct their payment services provider (PSP), such as their bank, to send money from their account to an…
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New research by Moneyfacts.co.uk reveals that over the past 12 months the average unarranged overdraft fee has fallen from £53.61 to £39.23. Last year, NatWest and Royal Bank of Scotland made efforts to reduce fees on some accounts, and in November, Lloyds Bank decided to scrap both its £6 per month usage fee and £5…
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UK Finance has announced its latest household finance update for May 2018. The highlights from the report include: Credit card spending was 2.3 per cent higher in May than a year earlier, with outstanding levels of card borrowing having grown by 5.7 per cent over the year. The total of 193 million credit card purchases…
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The Association of British Credit Unions (ABCUL) has announced that it has appointed a new Chief Executive to replace Mark Lyonette who stood down in May. Robert Kelly, the current Chief Executive of NHS Credit Union and former President of ABCUL, will take up the role later in the year. Kelly brings with him a…
Read moreIreland’s Central Bank has fined St Canice’s Kilkenny Credit Union €210,000 and reprimanded it for eight breaches of the Credit Union Act following an investigation. The breaches have been admitted by the firm and the enforcement action has been concluded by way of settlement agreement between the parties. The Central Bank’s investigation found governance and…
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Figures published by UK Finance have revealed that £24.7 million of fraud has been prevented and 197 arrests made thanks to the introduction of the Banking Protocol, a ground-breaking scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch. The publication of the latest figures marks one…
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Credit reference agency, Experian has announced that it can now offer Open Banking and PSD2 (Payment Services Directive 2) services to enable the exchange of bank account information between people and organisations. The FCA has given it permission to operate as an Account Information Services Provider (AISP). The accreditation allows Experian to help people and…
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