Credit, Collections & Insolvency News
Chris Pond has been appointed the new Chair of the The Lending Standards Board (LSB). Pond will take over as Chair of the LSB at the end of March. He succeeds Lord Hunt of Wirral who has completed 6 years as LSB Chairman, recently overseeing the move from the Lending Code to the outcome-focused Standards…
Read moreNava Finance Limited today announced that the Financial Conduct Authority has confirmed that as of 27 January, 2017 Nava Finance Limited is authorised and regulated by the FCA, enabling Nava to begin offering personal loans to UK consumers. The company is now focused on working towards an initial launch date, which will be announced when…
Read more
New research from Sainsbury’s Bank Loans has revealed that more than 180,000 people across the UK could take out a personal loans for debt consolidation in the first three months of 2017, worth more than £2 billion. This figure equals an estimated 31% of all personal loans taken out in the first three months of the new year.…
Read more
The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services…
Read more
The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion), and 4% higher than December 2015 (£19.7 billion). This brings the estimated total for the year to £246 billion, a 12% increase on 2015’s £220 billion and the highest annual gross…
Read more
Creditfix is calling for an increase in funding for money advice services, following a reduction in spending of 15 per cent since 2014-15. A recent report by the Improvement Service shows that only 17 per cent of over-debted individuals in Scotland are currently accessing debt advice services, and funding for money advice services has reduced by 15 per…
Read more
The British Bankers’ Association (BBA) has releases it’s latest figures indicating a growth in consumer borrowing during December, but there are signs that demand may soften in 2017 as consumers and businesses anticipate higher interest rates. Gross mortgage borrowing totalled £12.6bn, up 3.6% from December 2015; while net mortgage borrowing grew by 2.5% compared to December…
Read more
Peer-to-Peer lender Twino has announced that it has funded €100million of consumer loans across nine European markets. The platform has seen investment from more than 6,300 active investors from over 30 different countries, with 26% from Germany, 12% from the UK and 11% from the EE and Latvia. Twino has seen a significant uptick in UK investors…
Read more
Research from Equifax has revealed that 90% of Brits have not heard of the Open Banking initiative, with 45% of respondents then going on to say that they are not likely to use Open Banking when it becomes available. When asked about sharing personal data through Open Banking, 60% said they would not consent to…
Read more
Masthaven has announced it has appointed two new underwriting managers to join its first and second charge mortgage teams Daniel Miller has been recruited as underwriting manager for the bank’s second charge mortgage team and arrives after holding a similar role within the market at Prestige Finance. Jason Finch has been appointed to Masthaven’s first…
Read moreAldermore has announced the appointment of Rebecca Bunyan as Chief Information Officer (CIO). In her new role as CIO, Bunyan is responsible for the Bank’s technical infrastructure, IT operational excellence and superior delivery capability. Prior to joining Aldermore, Bunyan held a Group Operating Officer role within the insurtech industry and was accountable for software development and…
Read more
Banks and financial institutions must change the way they operate to give customers with mental health problems equal access to good customer service, a leading mental health think tank has urged. New research fully demonstrates for the first time how financial capability – people’s ability to manage everyday financial tasks like paying bills or budgeting –…
Read moreA scheme aimed at tackling financial and social exclusion amongst private renters has been launched. CreditLadder in association with Experian’s Rental Exchange programme , seeks to boost a tenant’s credit rating by recording their rent payments on their credit file. This means millions of tenants throughout the UK are now able to build their credit score,…
Read more