Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has found that while life insurers provide good service to bereaved customers, they need to settle claims quicker and improve how they measure customer experience. The multi-firm review found evidence of good practice, such as firms providing additional support for claimants throughout what is a difficult time for them. The…
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Research by the Payment Systems Regulator (PSR) reveals that 36% of fraud victims are now hesitant to adopt new money management methods with vulnerable groups are particularly affected. Almost one in five fraud victims said their experience left them feeling anxious or depressed, while half reported a diminished trust in others. A third of victims…
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The Financial Conduct Authority (FCA) has announced that it plans to extend the deadline for lenders to respond to customer complaints regarding car loan mis-selling. A court ruling last month deemed it unlawful for lenders to pay undisclosed commissions to car dealers, leading to a surge in complaints. The FCA is considering extending the response…
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The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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The Financial Services Compensation Scheme (FSCS) increased claims decisions by 18% year-on-year in H1. The FSCS said that more than two-thirds of its advice claims are now considered ‘highly complex.’ The levy for the 2024/25 financial year remains as previously forecast in May 2024 at £265m, and no additional levy is expected for the remainder…
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Nottingham Building Society has announced that it will phase-in its use of LendingMetrics’ award-winning Auto Decision Platform (ADP) over the coming weeks. The platform – a universally-integrated SaaS solution that handles real-time execution of credit reference, AML and affordability calls to data providers – will allow the society to instantly inform introducers of decision outcomes,…
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Research from fraud prevention service, Cifas, has revealed that nearly two-thirds (63%) of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff will become an ‘insider threat’. As many businesses prepare to recognise International Fraud Awareness Week (17-23 November), a recent Cifas survey…
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Data from Opinium on behalf of Hargreaves Lansdown has found that one in five people don’t know how much is going into their pension. A further 19% don’t know much they and their employer is contributing to their pension. This rises to one-third (33%) of people aged over 55. This compares to 10% of people…
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The Financial Conduct Authority (FCA) has banned Mr Ari Harris from working in financial services. In July 2020, Mr Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to three years imprisonment in July 2022. Mr Harris and Reeds Motors Ltd…
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Afin Bank has announced that it has appointed David Kenmir as an independent Non-Executive Director. Kenmir was previously COO of the Financial Services Authority and a Risk and Regulatory Partner at PwC. he is an independent Non-Executive Director (INED), bringing over 30 years of financial services experience and expertise to its Board. Kenmir spent more…
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Tandem Bank has announced that it has appointed Matt Dobson as its new Chief Financial Officer (CFO), subject to regulatory approval. Dobson has played a key role in shaping the bank’s financial strategy, including leading its first Tandem Second Charge Mortgage securitisation. Currently Tandem’s Treasury Director, Dobson has 25 years of experience in Finance and…
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A new study by FICO has underscored the need for banks to strike a better balance between customer satisfaction and fraud mitigation as real-time payments (RTP) surge in popularity. In the survey, one in four (26%) per cent of consumers said that they had reported actual or suspected scam losses to their bank. About three-quarters…
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UK cyber security and law enforcement chiefs have issued an urgent alert to Black Friday bargain hunters after new figures revealed rising losses to online scammers during the festive shopping season. Clothing, high-end tech products and even cars were among the products featuring in scams as GCHQ’s National Cyber Security Centre (NCSC) and Action Fraud…
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