Credit, Collections & Insolvency News
http://www.cityam.com/252161/visas-profits-jump-28-per-cent-consumer-spending-spree
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The Financial Conduct Authority (FCA) has issued a warning over an unauthorised lender which is using the details of an authorised firm. Brits Finance claims to offer personal loans that can be used for house repairs, but the FCA has confirmed it does not authorise this firm. Instead, the FCA has warned that Brits Finance…
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Wage Day Advance has revealed that the cost of becoming regulated has resulted in a post-tax loss of £7.7million for the year ending 31st December 2015. In recently published accounts, the lender revealed it had made a loss in 2015 after making a post-tax profit of £3.4million for the year before. Wage Day Advance put…
Read moreONS latest crime figures show banking and credit fraud is up 13% in the year ending June 2016. Commenting on the latest figures John Marsden, Head of ID and Fraud at Equifax said “Companies have stepped up their fraud protection with multiple layered fraud defenses, but this often moves criminal activity to channels that are…
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The Financial Conduct Authority (FCA) has published findings from its thematic review of packaged bank accounts. In 2013, the FCA introduced new rules on packaged bank accounts. These were designed to help customers understand whether the product was right for them. Firms are now required to establish and record whether customers are eligible to claim…
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The London Institute of Banking & Finance has launched launched a CeMAP® Diploma. The new CeMAP® Diploma builds upon the success of The London Institute of Banking & Finance’s industry-leading level 3 qualification CeMAP®. To gain the advanced qualification, advisers will need to complete a new level 4 Advanced Mortgage Advice unit, building on CeMAP’s…
Read moreThe Financial Conduct Authority (FCA) has today announced that it will consult on new guidance on the treatment of customers with mortgage payment shortfalls (commonly referred to as arrears). This guidance covers remediation for mortgage customers who may have been affected by the way firms calculate these customers’ monthly mortgage payments. The FCA has identified…
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Equifax Touchstone analysis of the intermediary marketplace reveals significant growth in the mortgage market with sales up £1.2bn in September, a rise of 8.4% on August. Residential and buy-to-let sales for the month totalled £15.1billion. September buy-to-let figures jumped by 19.0% to £2.9billion, while residential sales increased by 6.2% to £12.2billion. Regional performance for the…
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Annual fraud and cybercrime losses in the UK have grown to the equivalent of £210 per adult, according to research. A total of £10.9 billion was lost to the UK economy in the 12 months to April, prevention group Get Safe Online said. Fraudulent emails and messages directing people to websites that gather victims’ personal…
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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…
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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…
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