Credit, Collections & Insolvency News
Commenting on the July 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume.…
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New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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The Credit & Collections Technology Awards have confirmed the category list for the 2017 Awards event. The Awards, powered by Credit Connect Media, recognises innovation and technological excellence. Categories include: Innovation in Collections, Lending solution, Credit Risk solution, Best Anti-Fraud solution, Best Collections solution, Best Affordability Assessment solution and Vulnerable Customer Management solution. A full list of…
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Less than 2% of the UK car finance market by value would be considered subprime lending, research has revealed. According to a study produced by Apex Insight, sub prime finance only occupies a thin slice of the market, squeezed between bank-owned car lenders and manufacturer’s financial services divisions, which hold 51% and 47% of share respectively.…
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Twice as many UK grandparents are providing regular financial support to their adult grandchildren when compared to those children’s parents (13% vs. 7% of parents), according to new research from customer-owned financial services company, OneFamily. The OneFamily report found that most of these grandparents’ also provided this support on a no-strings attached basis (73%). This…
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Mobile & single sign-on access pose the biggest risk to future ID verification and fraud prevention according to latest research by Callcredit Information Group. The research reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the…
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The ICAEW has released new research on the accounting standard IFRS 9 and warned of the future challenges of bank reporting. IFRS will require banks to show their expected losses earlier than in the past, warning that this approach may make reporting and comparing each bank’s performance more problematic. The ICEAW says that the application of IFRS…
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A new study by GoCompare Mortgages has revealed that 31% of tenants in rented accommodation cannot imagine ever owning their own home. The survey also revealed that more than a fifth (21%) of renters think that the removal of mortgage interest tax relief on buy-to-let properties, which came into force in April 2017, will reduce…
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As FCA affordability regulation continues to evolve, the industry is carefully considering the impact on end consumers. Affordability must be properly assessed to ensure that consumers only access products that are right for them. Checks vary in complexity depending on the product being applied for, but they largely focus on an individual’s credit history and…
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Peer to peer platform RateSetter has appointed Dave Bibby to its specialist property development team, RateSetter Property Finance. In a newly created role, Bibby will have responsibility for development of RateSetter Property Finance’s business across the North of England. Bibby has more than 30 years of experience in the banking sector, with 20 years spent…
Read moreUK Finance has published the latest contactless usage figures as contactless technology hits its 10th anniversary. The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017. During the first half of this year, the amount spent using contactless technology (£23.23 billion) almost matched the amount…
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Short term lender, Cheque Centre has gone into administration. The firm once had more than 300 high street branches but last year closed its remaining outlets to focus on trading over the internet under the Square Today brand. FRP Advisory have been appointed administrators. FRP Advisory said the shift in business strategy left Cheque Centre with…
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Home credit specialist Buy As You View(BAYV) has entered administration. Buy As You View, owned by Dunraven Finance, has made 41 job losses with another 226 jobs are at risk. Buy As You View, has 40,000 customers across the UK. EY confirmed it had been appointed by Buy As You View as administrators. EY said…
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