Credit, Collections & Insolvency News
Equifax has partnered with regulatory and risk analytics specialists 4most to provide support for clients to address financial regulatory changes such as IFRS 9. IFRS 9 includes new rules on how banks and other companies that lend money should account for credit losses, with an implementation deadline of January 2018. The partnership will combine Equifax…
Read more
The Building Society Association (BSA) has announced that Jonathan Westhoff, Chief Executive of the West Brom has been elected as the Deputy Chair of the BSA. He replaces Chris Pilling, Chief Executive of the Yorkshire Building Society, who is stepping down. Commenting, Dick Jenkins, BSA Chairman said “Jonathan has already proved himself a thoughtfully outspoken member…
Read moreGross mortgage lending held steady in October and was an estimated £20.6 billion, according to the Council of Mortgage Lenders (CML). This closely matches September’s gross lending total of £20.5 billion and is 5% lower than October last year (£21.8 billion). Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei…
Read more
Elevate UK has added four new members to its executive team. Lauren Darby joins as Vice President of Marketing, Karen Taylor as General Counsel & Director of HR, George Power as Senior Director for Product Development, and Steve Grice as Chief Technology Officer. Lauren Darby is heading up Elevate UK’s marketing division, which includes leading…
Read moreFamilies with children are more than twice as likely to have been trapped in problem debt as childless households, research by The Children’s Society has revealed. A survey commissioned by the charity found that one in five families with children in England and Wales (20%) have struggled with problem debt in the last year. By…
Read more
Latest figures from Equifax Touchstone indicate that Northern Ireland and Scotland saw a big slump in mortgage sales at -8.7% and -5.2% respectively during October. The Home Counties and South Coast were the only regions to report mortgage sales growth in October (+2.5% and +1.0% respectively), according to Equifax Touchstone analysis of the intermediary marketplace. Northern…
Read more
TotallyMoney.com has hired Tom Platt to head up its commercial team. Platt starts the new role as Chief Commercial Officer in late November. With over 15 years of experience working in the financial services and technology sectors, Tom joins TotallyMoney.com from leading cloud services platform provider BCSG, where he oversaw global sales and partnerships. Prior…
Read moreThe Council of Mortgage Lenders (CML) has published it’s latest research identifying underlying mortgage lending trends. Paul Smee, director general of the CML, said “House purchase activity appears to have steadied, we may not be seeing huge increases in activity on the scale of 2013-14 but there is a consistency in the levels in recent months. Mortgage…
Read more
The latest figures from the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in September, compared with the same month last year. In Q3 2016, new business was also up by 7% compared with the same quarter in 2015. Credit card and personal loan new business together grew by 8%…
Read more
New figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 3% by volume in September, compared with the same month last year. In Q3 2016 as a whole, new business was up 7% by value and 3%…
Read more
The British Bankers Association’s has pledged to update its Access to Banking Protocol – the guidelines covering the way banks manage branch closures – in response to an independent report by Professor Russel Griggs. Professor Grigg’s report said banks were using the correct “robustness and rigour” when deciding whether to shut branches, but could “significantly…
Read more
New figures released today by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Q3 2016 was 36, down 35.7% on the same quarter in 2015. Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “The third quarter of 2016 saw further…
Read more
The overall mortgage arrears rate in the third quarter was the same as in the second quarter, with 0.84% of all mortgages recording arrears equivalent to more than 2.5% of the mortgage balance. This continues to represent the lowest arrears rate for over 20 years according to the Council of Mortgage Lenders latest statistics. The…
Read more