Credit, Collections & Insolvency News
Barry Glenn has joined Leeds Building Society as its new Head of IT Security. His previous role was at Clydesdale and Yorkshire Bank, where he was information security lead technology consultant. Glenn has over 30 years’ experience in the industry, including 20 years with the US Navy in IT followed by 11 years as a contractor…
Read moreYorkshire Building Society has announced the appointment of Mike Regnier as Chief Executive. Regnier, who joined the Society in 2014, is currently Chief Customer Officer and Executive Director. He is expected to take up the role at the UK’s second largest building society on 1 January, 2017, subject to regulatory approval. John Heaps, Yorkshire Building Society…
Read moreAccording to the Centre for Retail Research, over 9 million people will pay for Christmas on a credit card. 70% of people admit they haven’t started saving for Christmas, meaning millions of others will have to play catch up with their finances in the short run up to Christmas. The research also found that the average household…
Read more
Here is an overview of The Money Charity’s latest statistics for October 2016: Personal debt in the UK People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult. The average total debt per household…
Read moreThe Financial Conduct Authority (FCA) has banned Andrew Barry Hart, the sole director, controller and ultimate owner of Wage Payment and Payday Loans Limited (WPPL), from performing any role in regulated financial services. The FCA has also cancelled WPPL’s interim permission and refused its applications for WPPL to be authorised to carry out regulated activities…
Read more
The latest Financial Fraud Action (FFA) UK report, published today, reveals a 25% year-on-year increase in financial fraud losses for the first half of 2016 to £399.5 million. John Marsden, Head of ID and Fraud at Equifax said “Cyber and ID fraud dominate the fraud landscape, and online scams and attacks continue to rise. E-commerce…
Read more
The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…
Read more
The Money Charity has released statistics indicating that after years of steady falls, cases of mortgage arrears have risen for the second quarter in a row. According to the Financial Conduct Authority, at the end of Q2 2016 there were 218,279 mortgage loan accounts with arrears of more than 1.5% of the current loan balance. This…
Read more
Spiralling charges on unarranged overdrafts are adding millions of pounds to problem debt and they must be capped by the FCA, says StepChange Debt Charity. New figures from the charity, suggest that almost two thirds of people seeking its help with overdraft debts have regularly exceeded their limit and faced charges of £45 each time…
Read moreUlster Bank has sold off £2 billion tranche of loans to Cerberus. The portfolio consists 900 mortgages, across Ireland. Around 14% of the debt is based in Northern Ireland. A spokesman for Ulster Bank said: “Ulster Bank has confirmed the completion of a sale of significantly impaired loan portfolio, predominantly in the Republic of Ireland, enabling…
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 5% by volume in August, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached…
Read more
New figures released today by the Finance & Leasing Association (FLA) show growth of 16% in consumer finance new business in August, compared with the same month last year. Credit card and personal loan new business together grew by 17% compared with August 2015, while retail store and online credit new business increased by 6%…
Read more
Aphility has introduced a secure, real time, certified digital bank verification capability by integrating DirectID from the online trust company. The IDCo to enable the verification of business and consumer income and expenditure data from UK Banks. This enhancement will enable customers and partners to undertake faster and more accurate affordability assessments and credit decisions delivering…
Read more