Credit, Collections & Insolvency News
Challenger bank N26 has announced that it will exit from UK banking market. The banks says that with the UK having left the European Union, that it will be leaving the UK market. The timings and framework outlined in the EU Withdrawal Agreement mean that the company will in due course be unable to operate…
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With a fortnight to go until the UK is due to leave the European Union, the proportion of consumers who think their finances will improve after Brexit rose by 5 percentage points in the last quarter, from 6 per cent in August 2019 to 11 per cent of the population in the days following the…
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The Fifth EU Money Laundering Directive (5MLD) is due to be transposed into domestic law today The Directive also specifically endorses the use of electronic ID verification, and states that it should be used wherever available. The new directive places an increased importance on the acceptable use of electronic verification methods in confirming identity, without…
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The House of Commons has approved the EU Withdrawal Agreement Bill at second reading. Commenting on the approval Chief Executive of UK Finance Stephen Jones said “This vote takes us one step closer to an exit from the EU but is only the beginning of what is required to restore the predictable legal and economic…
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Arrow Global Group has announced has raised €838 million for inaugural pan-European NPL (Non-Performing Loans) fund. Arrow says raising the Fund is a major achievement in the development of the company’s fund management capabilities and is central to the Group’s strategy to accelerate towards a more capital-light model. Lee Rochford, Group Chief Executive Officer of…
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Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
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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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