Credit, Collections & Insolvency News
Tandem has announced that it has agreed on a deal to acquire Harrods Bank, subject to regulatory approval. The deal will bring around £80 million of capital into the business. Once the deal has been completed Tandem can accelerate launch plans and start to offer savings accounts as well as continued development of the app and credit card. The…
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Non-Standard Finance has announced that it has agreed to acquire George Banco from its existing shareholders for an enterprise value of £53.5million, payable in cash. Completion is expected in September 2017 and the acquisition is expected to be earnings enhancing in the first full year following completion. Having launched in April 2014, George Banco has grown rapidly…
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Ten years on from the onset of the global credit crunch, millions of people are still enduring financial pain. New research from GoCompare has found that nearly half (46%) of the UK’s population feel worse off now than they did in 2007, with one in four concerned that they would be in serious financial trouble…
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Credit decision making specialist Zoot has announced that it has strengthened its partnership with Dollar. Dollar has used Zoot’s instant credit decision solution since 2014 to host their consumer lending application process for the company’s online lending businesses in the UK. This successful collaboration has now been expanded to utilise Zoot for Dollar UK’s retail portfolio under…
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Blackpool, Fylde and Wyre Credit Union (BFWCU) has announced the addition of two new members to its board. Michael Vincent and Joseph Tantram will help oversee BFWCU operations and support borrowers and savers in the town, after being invited to join the board for their professional skills, local connections and specialist knowledge. Vincentl is a…
Read moreThe Financial Conduct Authority (FCA) has today published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. The review provides clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial benefits to consumers. The review found that…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreThe latest high street banking data from UK Finance shows that consumer credit growth was 1.9% in June, compared with 2.1% in the previous month. Gross mortgage borrowing totalled £13.0 billion in June. Net mortgage borrowing was 2.6% higher than a year ago. Eric Leenders, Head of Personal at UK Finance said “June saw consumer borrowing from high…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…
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The Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
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The number of complaints about motor finance products has grown in the second quarter of this year, according to the Motor Ombudsman.The Motor Ombudsman, the automotive dispute resolution provider, has reported a 13% increase in the level of contacts handled by its team of legally-trained adjudicators in the second quarter of 2017 compared to the first three…
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The board directors of the BCCA and the Consumer Finance Association have released a joint statement announcing their intentions to merge both associations. The statement read “The short-term lending sector has changed radically over the last few years in areas such as regulation and lending culture. It is time for a change in sector representation.…
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