Credit, Collections & Insolvency News
Financial Conduct Authority (FCA) Chief Executive Officer Andrew Bailey said he does not view the shift to PCP based lending as ‘per se bad.’ In a speech, Bailey said: “It seems to me to recognise the nature of a car as an asset, that is, consumers are comfortable renting rather than owning the car.” “This…
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The UK new car market declined for a sixth consecutive month in September, with 426,170 new units registered, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). Registrations fell by -9.3% in this key month, as economic and political uncertainty, and confusion over air quality plans led to a fall…
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Home collected credit specialist, Morses Club has announced its interim results for the twenty-six-week period ended 26 August 2017. Highlights from the results include: · Strong first half performance with revenue up 14.8% to £54.2m (H1 FY17: £47.2m) · Net loan book growth of 16.0% to £65.2m (H1 FY17: £56.2m) · Impairment as a percentage of revenue for the period was 26.6% (H1 FY17:…
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The UK’s new payment system operator has announced the appointment of its first five Board members: Anna Bradley – Chair, Rail Safety and Standards Board Becky Clements – Head of Industry Engagement and Payment Change at Metro Bank Russell Saunders – Managing Director Global Payments at Lloyds Banking Group Peter Wyman – Chairman, Care Quality Commission…
Read moreThe concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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The Consumer Finance Association (CFA) and the BCCA have announced the completion of their merger. This brings to a close the process that was first announced in late July. Jason Wassell, formerly Chief Executive of the BCCA has been appointed to run the new organisation said “Through this merger, we believe that we can better represent the…
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Credit Bureau, Credit Kudos has announced its has received Financial Conduct Authority (FCA) authorisation. Credit Kudos are building a new credit scoring system to tackle the problem of increasingly persistent consumer debt. Commenting on the announcement, Freddy Kelly, founder and CEO of Credit Kudos said: “Credit is a crucial instrument for so many of us,…
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Zopa and Saffron Building Society have teamed up to help more consumers get access to better value, flexible personal loans. The new partnership means that consumers will be able to get access to a Zopa loan at any of Saffron Building Society’s 11 branches across Hertfordshire, Essex and Suffolk and via Saffron’s website. Consumers looking…
Read moreResearch by Saga Money found that while retired people want to save to pass on an inheritance, their children would rather they spent the money on living today.. More than eight in ten children say they would rather their parents spent their money in retirement than leave them an inheritance, yet four in five parents…
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West Wales Credit Union has ceased trading. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 1,700 members. FSCS will compensate the vast majority of members within seven days.…
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AIB Group, the Irish Mortgage Holders Organisation(Irish Mortgage Holders Organisation) and iCare Housing has announced a joint initiative aimed at keeping customers in difficulty with their mortgage, and who qualify for social housing, in their own homes. iCare Housing, a not-for-profit Approved Housing Body was set up for the purpose of providing and managing social…
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NatWest has become the first bank to launch a paperless mortgage. The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online. The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time…
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Research from independent car buying site, carwow, reveals that nine in ten Millennials are renting or leasing modern day essentials such as cars, homes and mobile phones because it’s the only way to afford to them. Due to soaring living costs, a poll of 2,000 car owners by carwow shows that one in two millennials…
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