Credit, Collections & Insolvency News
Over half (62%) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research. Unsurprisingly, the research found that 64% of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreThe Financial Conduct Authority (FCA) has asked lenders to do more to tackle the issue of maturing interest-only mortgages with the FCA finding that many people have still not talked to their lender about their repayment options. Nearly one in five mortgage customers have an interest-only mortgage and the FCA is concerned that shortfalls in…
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Significantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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Irish Credit unions need to invest in new technologies in order to compete with challenging new entrants to the market, according to the Central Bank. Speaking at thethe annual conference of the Credit Union Development Association. Patrick Casey, the regulator’s registrar of credit union said “Today, the traditional business models of all financial institutions are…
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Leek United Building Society has made two new senior appointments announcements. Andrew Davies joins as the new Head of Risk and Compliance from the Co-operative Bank, where he was Lead Treasury Risk Manager. He brings to his new role at Leek United more than 30 years’ experience in the financial services industry, which began in…
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The P2PFA has published data showing that in the period ending in the fourth quarter of 2017, cumulative lending transacted through P2PFA member platforms exceeded £8 billion. Commenting on the data, Robert Pettigrew, Director of the P2PFA, said “The final three months of 2017 saw considerable growth in levels of new lending transacted through platforms…
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Latest figures from the Office for National Statistics (ONS) has shown that the value of fraud is continuing to increase. Commenting on the statistics Sundeep Tengur, Banking Fraud Solutions Manager SAS UK & Ireland said “Although the number of cases reported has fallen, recent research shows that the value of the UK’s fraudulent activity hit…
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Provident Financial has announced that David Sear, FinTech veteran and former founder of WorldPay has decided to step down from the board. Sear joined the board a year ago to assist with the development of the group’s strategy in this arena and broader IT direction, the group now finds itself in very different circumstances and…
Read moreThe Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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UK Finance has published the latest mortgage lending figures. Key data highlights from the report include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. Gross mortgage lending in the month is estimated to have been £20.2 billion, 1.2 percent more than a year earlier. Credit card spending decreased slightly…
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UK renters are putting themselves at risk of homelessness by failing to have a financial safety net in place, research from Scottish Widows* has found. More than a third (38%) of private renters admit that they’d not be financially secure if their household lost its main income. And nearly four in 10 (39%) – amounting…
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John Lewis Finance has today officially launched a new personal loan offer as it continues to expand its range of financial services products. In addition to flexible loan terms, customers will benefit from no hidden fees, with no early repayment fees or penalties for over payments, no admin fees and a payment holiday option, offering…
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