Credit, Collections & Insolvency News
Mann Island Finance has announced that Head of Sales John Hughes has been appointed as Managing Director of the business. Hughes replaces Jo Jenner who has now moved to a new role at parent Investec. Hughes has been part of the team that sold the business to Investec in 2014,and will be taking the lead…
Read morePeter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. Commenting on the latest figures Money Advice Trust Joanna Elson OBE, Chief Executive said “Whilst the…
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Credit reference agencies are using traditional credit scoring methods that are out of sync with modern financial life and that fail to accurately capture the creditworthiness of many people according to research released by trade body Responsible Finance. As a result, consumers are either completely financially excluded or pay a premium for credit. Responsible Finance…
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Home collected credit provider Morses Club has announced its trading update for the 52-week period to 24 February 2018. Trading performance for the period has been strong and is in line with the Board’s expectations. Total credit issued was up 21% to £174.3m compared to the prior year (FY 2017: £144.1m) with a strong increase in the Company’s gross…
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Citizens Advice has called on the Government to act on high-cost credit. Matthew Upton, Head of Consumer Policy at Citizens Advice, will give evidence to the Government’s Treasury Committee as part of its inquiry into household finances today (Thursday 1st March). The national charity says households are facing growing insecurity due to more unpredictable incomes…
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The Payment Systems Regulator has announced the outcome of its consultation on introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. An industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection. The consultation, which ran from November 2017 to January 2018,…
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The Board of Holmesdale Building Society today announces it has agreed on on terms to merge with Skipton, the UK’s fourth largest building society. Subject to approval by its members and confirmation by the Prudential Regulation Authority (PRA), the merger is expected to become effective on in October 2018. Full details of the proposed merger…
Read moreProvident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA investigations into its credit card and car finance arms. As part of its latest company results Provident said its Moneybarn division continues to cooperate with the FCA in its ongoing investigation into affordability,…
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One in two UK consumers would be happy to share transaction data with third parties if offered a more personalised service according to new research. One in three would be happy to use banking services from technology companies, because of the personalisation they offer. UK Banks that missed last month’s Open Banking deadline are facing…
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Specialist debt collection ARC (Europe), has become an Affiliate Member of the Consumer Finance Association (CFA), the principal trade association representing the short-term lending sector in the UK. Dewi Fox, Managing Director of ARC (Europe), sees clear benefits in a closer alliance with the Association and what it is trying to achieve: “We work closely…
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The Northview Group has appointed Mark Arnold as its new Chief Executive. Former Chief Executive Amany Attia stood down from the role last year. Northview includes the Kensington, New Street and Acenden brands. Arnold will officially join on 10th April. Northview Group executive chairman Tim Breedon says: “Mark has extensive experience and knowledge across financial…
Read moreThe Financial Conduct Authority (FCA) has today published its final policy statement on new rules for the credit card market. The FCA estimates the changes will save consumers between £310 million and £1.3 billion a year in lower interest charges. The new rules come into force on 1 March 2018, but firms have until 1…
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