Credit, Collections & Insolvency News
The Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. This is 19% higher than February’s lending total of £17.9 billion, and 19% lower than the £26.3 billion lent in March last year. The sharp fall in year-on-year lending was expected, as March last year saw significant rises in activity…
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The Financial Conduct Authority (FCA) has announced it will looking at lending practices in the motor finance market. The move was announced in its business plan for 2017/2018. The FCA said “it was concerned that there may be some irresponsible lending in the sector. We are concerned that there may be a lack of transparency, potential…
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Renault UK has announced the appointment of Vincent Tourette as Managing Director. Tourette has worked for the Renault-Nissan Alliance for 23 years. Most recently, Vincent was with Nissan, based in Tokyo, as Vice-President, Sales and Marketing, with global responsibility for their LCV range (pick-ups, vans and light trucks). Previously he has held a variety of…
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Over two thirds (69%) of organisations prioritise risk management and compliance over customer experience and operational responsiveness, according to a study from Callcredit Information Group. The research, part of Callcredit’s New Affordability report, asked UK risk and customer experience managers about their attitudes towards affordability assessments. It unearths the struggle experienced by many when it…
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New research from more 2 life, the innovative equity release lender, shows that the size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%. The research predicts that total debt among the over-65s will pass the…
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Underhand tactics by the personal loans industry are costing consumers as much as £400 million every year according to a new report today by TSB Bank. The report findings suggest that: Consumers are being punished for shopping around – with providers making a hard mark on their credit file just for asking for a loan…
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According to the National Crime Agency’s Strategic Cyber Industry Group, in its Cyber Crime Assessment report 2016, there is “A need for a stronger law enforcement and business partnership to fight cyber crime” In this article, Andrew Sheldon MSc, one of the UK’s leading experts in the field of digital forensics technology and application, explains how the…
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New research from insurer Royal London has found that over £400 billion in wealth being held by Britain’s grandparents is set to cascade down through the generations to the benefit of Millennials in the coming years. Although most of the wealth held by the grandparents’ generation will be passed on initially to their baby boomer…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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A new credit union office has opened in Kendal The newly re-branded Penrith Office of Eden & South Lakeland Credit Union will open soon. It has come about following the successful completion of a merger between South Lakeland Credit Union and EdenSave Credit Union. Adrian Rush, Chair of Eden and South Lakeland Credit Union said “This…
Read morePayday firm CFO Lending has entered administration. Last year the company entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers following findings that…
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Nottingham Building Society has appointed Dan Mundy will be appointed as its new Finance Director. Mundy will join from the Co-operative Bank where he held the position of director of finance and will succeed Ashraf Piranie who recently left the society to joined West Bromwich Building Society. Prior to joining the Co-operative Bank, Mundy has held senior roles…
Read moreHere is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
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