Credit, Collections & Insolvency News
The Bank of England has said the lenders could withstand the worst case no-deal Brexit and a full-scale global trade war, but warned “material risks of economic disruption” remain from a cliff-edge EU withdrawal. In the latest report from the Financial Policy Committee (FPC), the Bank said it had assessed lenders against a doomsday no-deal…
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International deceased account management specialist, Phillips & Cohen Associates, has announced the launch of a major upgrade to its unique ESTATE-SERVESM digital solution. ESTATE-SERVESM, powered by Katabat, is a proprietary global solution used by PCA to provide digital account resolution and channel choice flexibility to those handling the final affairs of a loved one. The…
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A new study across 11 markets commissioned by Mastercard has revealed that six out of seven people use digital banking solutions at least once a month, 38 per cent do so on a weekly or even daily basis. 63% use mobile banking apps from traditional banks and one in five (20%) already from digital-only banks.…
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According to a new survey, half of European businesses believe their country will be cashless within ten years. The coming European Payment Report 2019 by European credit management services company Intrum, shows that a quarter of all businesses believe their country will abandon cash within five years, while another quarter believes it will happen in…
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Intrum has announced that has reached an agreement with Piraeus Bank to acquire it’s Recovery Management Services platform; Recovery Banking Unit. The Unit will be hived-down into a separate legal entity, valued at €410m, which will be fully consolidated by Intrum. Intrum will acquire 80 per cent of the shares in the new company corresponding…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Raphael Bank (Raphaels) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of…
Read moreAnders Engdahl has been appointed new Chief Financial Officer (CFO) of Intrum. Engdahl is currently Chief Investment Officer. Mikael Ericson, President & CEO of Intrum said “Anders Engdahl has since he joined Lindorff in 2014, gained deep understanding of our core business, both debt collection and portfolio investments. He has a broad and long experience…
Read moreEuropean credit management Lowell, has announced positive quarterly results, for the period 1 January to 31 March 2019, showing the strong momentum carried over from 2018 with an income increase of 9%. Colin Storrar, CFO, said “I am pleased with the start we have made to the year. These results are the natural progression of…
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European debt purchase specialist Intrum has announced that it has completed the finalisation of regulatory approvals to finalise the acquisition of Solvia Servicios Inmobiliarios (Solvia) from Banco Sabadell following the initial announcement in December 2018. The agreement means that Intrum will acquire an 80 per cent share in Solvia, whilst Banco Sabadell, one of the…
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The Financial Conduct Authority (FCA) has published its final instruments and guidance that will apply in the event the UK leaves the EU without a deal or an implementation period. As the UK prepares to leave the EU, the FCA has been working to deliver a transition that is as smooth as possible. The package…
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Creditfix has unveiled plans to open a new office in the heart of Toronto, Ontario. Initially, Pearse Flynn, chairman of Creditfix will take responsibility for the Canadian Operation until a local senior team is appointed. A newly-formed team of personal insolvency specialists will arrange Consumer Proposals for householders struggling with debts of up to $250,000…
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For the second year in a row, Intrum has announced that it has arranged a hackathon to promote innovations for financial well-being among European consumers. The hackathon will take place in Madrid on April 3-4, 2019. The two day-event will have participants from universities, institutions, start-ups and SMEs. The objective is to identify innovation gaps…
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The Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) have signed a memorandum of understanding with the European Banking Authority to share information and co-operate if there is a no-deal Brexit. The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities. Following agreement on the…
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