Credit, Collections & Insolvency News
Almost 12 million over 50s are actively using contactless payments with one in five tapping the plastic up to three times a week according to research by Saga Money. The survey of almost 10,000 shows that half (50%) of over 50s use their contactless cards when doing the weekly shop, whilst almost a third (29%)…
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The Bank of England has launched a new voluntary code of conduct designed to promote ‘fairness and integrity’ in UK money markets. Although not legally binding, it is hoped senior managers will oversee the code’s implementation within financial firms. The code sets out key behavioural principles around ethics, information-sharing and trade execution, and helps to…
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The Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was 3.04 million. This number is higher than previous reporting periods because under the…
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Online research from Equifax reveals that 61% of Brits underestimate the financial cost of fraud, valuing the impact at less than £1 billion. Over half (54%) estimate the cost to be £500m or below, well below the £1.1 billion level published in the latest KPMG Fraud Barometer. The survey, conducted by YouGov, found 60% of…
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Finalised guidance on the fair treatment of mortgage customers in payment shortfall (also known as arrears) and the impact of automatic capitalisation (FG17/4) has been published by the Financial Conduct Authority (FCA). The guidance will help set out a remediation framework for customers who have suffered harm because of automatic capitalisation of payment shortfall, as…
Read moreThe Central Bank of Ireland has fined Allied Irish Banks,(‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. All six breaches have been admitted by AIB. The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti‐money…
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Almost four in five (77%) British consumers have concerns about using new payment methods according to data from global law firm Paul Hastings. A survey of over 2,000 consumers highlights how security fears are preventing many consumers from embracing new payment technologies, yet providers of new methods are often leading the way in creatively addressing…
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The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Yoker Credit Union Limited, which has stopped trading. The credit union is now in default. This means it cannot re-pay deposits to its 1200 members. FSCS will compensate the vast majority of members within seven days without them having to lift a…
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New research by the Financial Services Compensation Scheme (FSCS) shows that almost two-thirds of respondents feel reassured knowing that FSCS protects their money if their bank, building society or credit union fails. On 30 January 2017, the FSCS protection limit increased from £75,000 to £85,000 following a consultation from the Prudential Regulation Authority. The research by…
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Is the motor finance market in 2017 heading in the same direction as the US Sub-prime mortgage market in 2007? The size of the markets are very different, but there are certainly a number of similarities, which should prompt firms to review the adequacy of their risk controls, and assess their exposure. In particular: The…
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Northern Ireland led the way for the highest regional mortgage sales growth in March with a 21.0% increase on February, according to Equifax Touchstone analysis of the intermediary marketplace. Wales and London followed closely behind with sales increasing by 18.8% and 17.2% respectively, while the North West experienced the lowest growth of 12.0%. Overall, mortgage…
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Jos Timmer (also known as James Thompson) and Elizabeth Sarah Rowe have been disqualified as directors for the nefarious trading activities of an internet loan brokerage they ran. Timmer has been disqualified for 12 years, while Rowe will be subject to a six-year ban. Both were directors of More Financial Limited, which was wound up in…
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Beverley Building Society has promoted Janet Bedford from Finance Director to Deputy Chief Executive. Last year CEO, Peter Myers announced that he would leave Beverley Building Society. Bedford will lead the society for an interim period until a new chief executive is announced in the Summer. Peter Myers said: “I am thrilled that Janet has…
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