Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…
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Glasgow-based independent law firm Yuill & Kyle Limited has secured full authorisation from the Financial Conduct Authority. Yuill + Kyle managing partner Stephen Cowan said: “Quite often as part of an audit process a creditor may take the view that they will not deal with a legal firm unless they have the FCA consent. Because Y+K…
Read moreThe Money Charity has released statistics indicating that after years of steady falls, cases of mortgage arrears have risen for the second quarter in a row. According to the Financial Conduct Authority, at the end of Q2 2016 there were 218,279 mortgage loan accounts with arrears of more than 1.5% of the current loan balance. This…
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Spiralling charges on unarranged overdrafts are adding millions of pounds to problem debt and they must be capped by the FCA, says StepChange Debt Charity. New figures from the charity, suggest that almost two thirds of people seeking its help with overdraft debts have regularly exceeded their limit and faced charges of £45 each time…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 18% in August, compared with the same month last year. New business reported by the commercial vehicle finance and business equipment finance sectors grew in August by 28% and 24% respectively, while…
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Sidley Austin LLP has announced that Jifree Cader is joining the firm as a partner in its Corporate Restructuring and Bankruptcy practice. Cader, brings a wealth of experience in advising clients on all facets of European insolvency and restructuring. James Conlan Chairman of Sidley Austin said “Jifree has considerable experience in restructuring work, particularly on…
Read moreTarget Group has today announced the appointment of Jeremy Edwards as the company’s Chief Client Officer (CCO). Having held senior leadership positions at Accenture, Firstsource Solutions and Hinduja Global Services, Jeremy brings with him a wealth of experience in financial services, business process outsourcing (BPO) and client services. The new role brings together business development, client…
Read moreSharon Walker has joined North West law firm Napthens as debt recovery manager. Walker, a Chartered Legal Executive, will be based in the firm’s Preston office. She joins following almost ten years’ experience in the recovery of debt from individuals and businesses, working for companies including Marsh Finance Ltd, Bolton-based Keoghs LLP and Ralli Solicitors in…
Read moreUlster Bank has sold off £2 billion tranche of loans to Cerberus. The portfolio consists 900 mortgages, across Ireland. Around 14% of the debt is based in Northern Ireland. A spokesman for Ulster Bank said: “Ulster Bank has confirmed the completion of a sale of significantly impaired loan portfolio, predominantly in the Republic of Ireland, enabling…
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Average starting salaries for professional roles have grown by a composite rate of 3.68% in the past three years, according to the recruitment specialist Robert Half. Salaries for professional roles in finance and accounting, financial services, technology and administration are predicted to grow by a further 2.1% in 2017. Starting salaries for accountancy and finance roles…
Read moreSixty two per cent of a cross section of the UK’s insolvency industry believes that Brexit will lead to an increase in the number of business failures over the next 12 months, according to a survey conducted by international law firm Pinsent Masons. Over 400 insolvency practitioners attended th Restructuring and Insolvency conference, hosted by Pinsent…
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Brian Morgan has been appointed as Operations Director for the Rimilia Rimilia Commercial Director Steve Richardson said; “We are delighted to welcome Brian to our executive team. He is well known as a leading innovator in the Credit World and brings a host of experience to the Rimilia management team. Brian will help develop our strategy,…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that new business in the point-of-sale (POS) consumer new car finance market grew 9% by value and 5% by volume in August, compared with the same month last year. The percentage of private new car sales financed by FLA members through the POS reached…
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