Credit, Collections & Insolvency News
Dixons Carphone has announced that it has launched an investigation into unauthorised data access breach, The company says that as part of a review of our systems and data, it has determined that there has been unauthorised access to certain data held by the company. A promptly launched investigation has engaged leading cyber security experts and added extra…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
Read moreUK’s mortgage lending has dropped significantly in the first quarter of 2018, with the number of new commitments agreed to by lenders at their lowest level since 2016, according to the latest Bank of England statistics. The value of new mortgage loans was £61.1bn, a 5.9 per cent decrease from the fourth quarter of 2017. Steve…
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Online research from Equifax has revealed that over a third (37%) of consumers believe the UK will be a cashless society within the next 10 years. Over half (53%) of 16-34 years olds believe we’ll be reliant on digital and card payments by 2028, compared to just 22% of those aged 55 or above. However, the…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer new car finance market grew 31% by value and 27% by volume in April, compared with the same month in 2017. The percentage of private new car sales financed by FLA members through the…
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New figures released by the Finance & Leasing Association (FLA) have shwon thatsecond charge mortgage have shown that new business volumes up by 8% in April Commenting on the April 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in April grew by 22%, compared with the same month last year. Credit card and personal loan new business together grew by 21% compared with April 2017, while retail store and online credit new business increased by 11%. Second…
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Mobile current account provider Monese has announced that it has become an official member of CIFAS – the UK’S largest cross-sector fraud sharing organisation. Alongside this partnership, Monese are building an in-house team of data scientists to develop sophisticated machine learning that can will catch financial crime absent of human intervention. Banks of all ages…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, has confirmed the full programme for this year’s UK Credit and Collections Conference (UKCCC), including a keynote address by Romana Pearson, Head of Consumer Credit at the Financial Conduct Authority (FCA). The conference is divided into morning and afternoon…
Read moreThe Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls since they are at risk from those seeking to launder the proceeds of crime or…
Read moreFico and Equifax have announced that they have launched a new risk and affordability decision Suite, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit. The partnership was announced at the Money20/20 Europe conference in Amsterdam. The Risk and Affordability Decision Suite is designed…
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A new Open Banking Expo is set to be launched which aims to bring together a cross-section of the UK’s brightest minds to put the second payment services directive (PSD2) under the spotlight and encourage financial services – and other industry sectors – to embrace the new legislation in order to drive product innovation and…
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The Financial Conduct Authority (FCA) has announced it will investigate TSB over its IT problems. The regulator will launch an investigation over the bank’s failure to be open and transparent with customers when an IT upgrade went wrong, locking as many as 1.9 million customers out of their accounts. In a letter to the Commons Treasury…
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