Credit, Collections & Insolvency News
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.…
Read moreProvident Financial has announced its Interim results for the six months ended 30 June 2017. Here is an overview of the group highlights from the report: Dividend maintained recognising the group’s medium-term growth opportunities First-half adjusted profit before tax reduced by 22.6% to £115.3m (2016: £148.9m) and adjusted basic earnings per share down by 22.6% to 60.3p…
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An interest rate rise of just 0.5% would cost households an extra £3.4 billion in interest payments in just the first year according to analysis by Moore Stephens. Bank of England data shows UK households are currently paying £39.2 billion in interest payments on debt that is likely to be affected immediately by an interest rate…
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Gatehouse Bank has announced two new senior appointments. Tim Blease is joining Gatehouse as Chief Operating Officer and Sharron Harvey is joining as Executive Vice President, Head of Human Resources. Blease will be contributing to Gatehouse’s new strategy including its move into retail mortgages. His previous roles include New Business Strategy and Innovation Director at…
Read moreCredit Scoring specialist Aire has announced the closing of a $5million funding round, led by Sunstone Capital alongside White Star. In conjunction with closing the latest round of funding, Aire today also announces two new high-profile partnerships across different sub-sectors of consumer credit: Aire is embarking on projects with the pioneering financial services company Zopa…
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