Credit, Collections & Insolvency News
Business and consumer insights specialist Equifax and the Open Data Institute (ODI), the international organisation dedicated to improving the use of data, have launched an in-depth research report looking at the international consent framework for Open Banking. The report combines research into Open Banking and data portability initiatives from across a range of countries, as well…
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Irish mortgage lenders can no longer impose legal fees and other charges on borrowers in arrears who are co-operating with their bank to resolve the issue. Irish regulator, the Central Bank has written to all the main Irish lenders, reminding them of their obligation not to impose charges on borrowers ahead of a decision by…
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International deceased account management specialist, Phillips & Cohen Associates (PCA) has announced the appointment of several key European executive roles as it continues to expand internationally. Ana Suarez Minguez, has been appointed as Site Director for the business’ Madrid office and will lead the growth of PCA’s Spanish and Portuguese servicing capability. Suarez Minguez is…
Read moreThe Irish arm of Ulster Bank has agreed to sell €800 million of mortgage, to US distressed debt specialist CarVal Investors. Pepper Finance Corporation (Ireland) DAC will become the legal owner and Servicer of the mortgages, the bank has said in a statement. The portfolio includes 2,800 owner-occupier loans with a face value of €715…
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With 30 days until the October 31 Brexit deadline, the number of Brits saying they have put off a big financial decision has risen to one in five (19 per cent) – equal to ten million people. The major outgoings currently on ice for one in five people include booking a holiday (38 per cent…
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A new report by global management consultancy A.T. Kearney has found that the first truly cashless society will be reached in five years, with Sweden predicted to be the first country running solely on digital and card payments. Cashless transactions have increased substantially following the introduction of contactless payments and mobile payment options like Apple Pay and…
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The Financial Conduct Authority (FCA) has updated and published draft directions under its Temporary Transitional Power (TTP). The TTP gives the FCA flexibility in applying post-Brexit requirements, allowing firms to transition to a new UK regulatory framework. The directions would only come into effect on exit day if the UK leaves the EU without an…
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State Bank of India (SBI) has launched its digital banking app YONO for customers of SBI (UK). Originally launched in 2017 by SBI in India, YONO has become very popular, especially among the youth, as it combines mobile banking and lifestyle. SBI has now decided to take YONO globally, starting from the United Kingdom. YONO…
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UK Finance has announced its support for the United Nations Environment Programme Finance Initiative’s ‘Principles for Responsible Banking.’ The Principles align banks with society’s goals as expressed in the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement. They set a global benchmark on responsible banking and provide actionable guidance on how to achieve this.…
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Irish bank Permanent TSB has announced that it is selling 1,932 home loans that have fallen into arrears to Start Mortgages. Star Mortgages are part of US vulture fund Lone Star. The deal is thought to be worth €264 million, slightly more than half the €506 million that the borrowers owe. Permanent TSB Chief Executive,…
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In a speech at the Dublin Economics Workshop, Sharon Donnery, Deputy Governor of the Central Bank of Ireland, has said that while the Irish economy greatly benefits from being one of the most open in the world for trade and finance, this comes with vulnerabilities beyond our control. In the speech she said that the…
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International deceased account management specialist, Phillips & Cohen Associates has announced plans to extend its unique, compassion-based servicing to the German market by confirming a long-term lease on a prestigious Düsseldorf base. The business, which has been providing niche services to creditors since its foundation in 1997, has identified the historic and vibrant city of…
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The Financial Conduct Authority (FCA) is stepping up its efforts to ensure firms are aware of what they need to do prepare for the potential of a no-deal Brexit. Firms who have not prepared appropriately may risk an impact on their business. To help firms prepare, the FCA will be running a series of digital…
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