Consumer Lending

Consumers should choose the repayment date and amount: FCA Report

26th July 2016 Credit Cards |

The Financial Conduct Authority (FCA) has published the the reports of it’s credit card market study. The main suggestions of the study were as follows: timely prompts before promotional periods end timely information to prompt consumers to take into account how much they are borrowing and avoid over limit charges, and giving consumers the ability to…

FCA outlines plan to boost authorisation procedure

25th July 2016 Arrears and Recoveries |

The Financial Conduct Authority (FCA) has outlined plans to improve the authorisation process for consumer credit firms. Figures shared by the FCA indicate they have closed 87% of applications with 99.6% within the statutory deadline. The FCA have issued the following commitments to firms applying for authorisation: The FCA will tell you as soon as your application…

Staffordshire and Black Country councils owed tens of millions

23rd July 2016 Consumer Collections |

Government figures reveal that tens of millions of pounds in unpaid council tax and business rates is owed to councils across the Black Country and Staffordshire. The figures owed are as follows: Walsall £20.3 million Sandwell £23.3 million Wolverhampton £14.7 million Dudley £8.7 million Cannock £6 million Stafford £4.4 million

MasterCard to buy VocaLink

22nd July 2016 Consumer Collections |

MasterCard Incorporated has announced that is going to acquire VocaLink Holdings Limited for about £700 million (approximately US$920 million).

Freedom Finance hires new Managing Director

20th July 2016 Consumer Collections |

Freedom Finance has hired Jeff Poole as their new Managing Director of Consumer Finance. Zoe Cuthbertson has also joined the team as Freedom’s new Head of Marketing.

Bailiffs, Government and Councils ranked most unfair in dealing with debt

19th July 2016 Consumer Collections |

A report by charity Stepchange has found that bailiffs, government departments and bailiffs are among the most unfair when dealing with people in problem debt. The report titled Creditor and debt collector conduct: What’s making debt problems worse? also found that some creditors are failing to take vulnerabilities such as depression and other ongoing mental health conditions into…

TSB launches new brand for loans portfolio

19th July 2016 Consumer Collections |

TSB’s new brand for the loan portfolio is Whistletree. The brand name has been given to Northern Rock’s former loans and mortgages portfolio which TSB bought from Cerberus Capital Management last year. The loans were previously managed by UK Asset Resolution (UKAR).

Payday Lender loses interim permission and Director is banned

15th July 2016 Consumer Collections |

The Financial Conduct Authority (FCA) published a Decision Notice issued to Andrew Barry Hart, Director of Wage Payment and Payday Loans Limited (WPPL). The FCA has decided to prohibit Mr Hart from performing any role in regulated financial services and has decided to cancel WPPL’s interim permission. WPPL is a consumer credit firm that provides…

Starling Bank gets banking licence

15th July 2016 Consumer Collections |

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) approved the new licence. The bank plans to launch in January 2017. The bank will offer a one account concept joining up consumer finances by linking up bank accounts, loans and credit cards in one place.

Freedom Finance acquires home and loan specialist

15th July 2016 Consumer Collections |

Freedom Finance have acquired Sensible Home Finance

Co-operative Bank hires new Chief Financial Officer

14th July 2016 Consumer Collections |

http://www.cityam.com/245577/co-operative-bank-has-hired-new-chief-financial-officer

No interest rate change despite Brexit fears

14th July 2016 Consumer Collections |

Bank of England monetary policy committee maintains interest rates at 0.5% for an 88th month.

MPs decry ‘failed’ effort to stop UK property money laundering

13th July 2016 Consumer Collections |

https://www.theguardian.com/money/2016/jul/15/mps-decry-inadequate-efforts-stop-money-laundering-uk-property

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