Credit, Collections & Insolvency News
Equifax is launching Equifax Address Check to facilitate lenders in identifying addresses with a suspicious level of account activity. The solution will flag addresses with an unusually high number of financial accounts or that are known fraudulent mail forwarding addresses so that lenders can investigate the circumstances and help protect against fraud and money laundering.…
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Monitoring Poverty and Social Exclusion 2016, an annual state of the nation report written for the independent Joseph Rowntree Foundation (JRF) by the New Policy Institute, has found that 13.5 million people, 21% of the UK’s population, are living in poverty. The economic recovery has helped to stop poverty rates from rising higher, with overall…
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Castle Trust Capital plc (CTC) has entered into an agreement to acquire Omni Capital Retail Finance Limited “Omni Capital). Completion of the transaction is expected during the first quarter of 2017 and is subject to the approval of the Financial Conduct Authority. Sean Oldfield, CTC’s chief executive officer, said: “The Omni Capital Retail Finance business…
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The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…
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Nava Finance has announced its intention to launch as a new lender aimed at the near-prime consumer credit market in early 2017. Subject to completion of its regulatory approval process, Nava will draw upon sophisticated credit analytics to provide under-served consumer credit profiles with attractive loan pricing, while also addressing institutional investors’ search for yield…
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Rent to own services, logbook loans and guarantor loans should be included in the FCA’s payday loan cap – and new rules introduced to provide added protections for customers including full checks to make sure people can afford to pay back what they have borrowed says Citizens Advice. The Financial Conduct Authority has today launched…
Read moreThe Bank of England has announced the results of our 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. The test, which is the first conducted under the Bank’s new approach to stress…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey reveal the majority (63%) are positive about their business prospects for 2017. The Dealer Satisfaction Survey is a continual telephone survey undertaken by Close Brothers Motor Finance and reported on a monthly and quarterly basis. The survey questions 750 new and used car, motorcycle and light…
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The first independent research to analyse the impact of the regulation and price cap on the high-cost short term credit market has been published. The study by the Social Market Foundation (SMF), commissioned by the Consumer Finance Association (CFA), shows consumers are now paying less to borrow. According to the report, high-cost short-term credit plays…
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Independent research commissioned by London-based bridging lender Market Financial Solutions (MFS) has revealed that 1.3 million of Britain’s high-net-worth individuals (HNWIs) have been denied a loan or any form of credit over the past five years. MFS’s new report ‘Asset Rich, Credit Poor’ surveyed a nationally representative sample of 2,000 UK adults, finding that 17%…
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Masthaven has launched as a digital bank. The bank will offer savings and lending products, saying it is committed to offering what people want, not just what is available. Masthaven says at the heart of the bank is a people business – which at launch sees 80% of employees already shareholders in the business. Access to…
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The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap. Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…
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