Credit, Collections & Insolvency News
The Office For National Statistics (ONS) has today revealed its estimates of household incomes and inequality in the UK for the financial year ending 2021. For the financial year 2021, median income of the poorest fifth of people fell by an average of 2%, while the richest fifth of people fell by 1%. Whilst disposable income inequality…
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New polling commissioned by the anti-poverty group Jubilee Debt Campaign has revealed that three million people fear they will be pushed into debt over the next six months. This week’s rises in National Insurance contributions as well as the increase in the energy price cap and council tax are set to push even more people…
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Digital identity (ID) verification and fraud prevention, specialist Mitek has announced the acquisition of KYC (know your customer) technology specialist, HooYu. The United Nations (UN) estimates that up to three percent of the world’s GDP – or nearly two trillion dollars – is money laundered annually. The increased regulatory eye, together with the rise in…
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UK digital bank Chetwood Financial (Chetwood) has announced the acquisition of core banking provider Yobota to extend Chetwood’s Banking-as-a-Service (BaaS) capabilities. Founded alongside the bank in 2016 and developed as a separate entity, Yobota is a London-based technology company that has built a fast, flexible, cloud-native core banking platform. The platform allows companies to create and run innovative…
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The government must do more to recover taxes that went unpaid during the pandemic, a group of MPs has said. The Public Accounts Committee (PAC) says the Covid-19 pandemic has changed the nature and scale of tax debt creating an enormous task for HMRC to bring tax debt back from the current mountain of £39…
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The Government stake in NatWest has been reduced to 48.1% as an important landmark reached in returning the bank to private ownership. For the first time since the financial crisis, NatWest Group plc (formerly Royal Bank of Scotland Group plc) is no longer under majority public ownership following a £1.2 billion sale of part of…
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The Competition and Markets Authority (CMA) has published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by…
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Men are 50% more likely than women to feel more optimistic about their finances than ever before – a quarter of men (25%) felt this way compared to just 15% of women according to research by Creditspring. However, men are also more likely to rely on credit, with around one in six (15%) men admitting…
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New research from Experian has revealed that there are over 5 million (5,049,129) people in the UK who are virtually invisible to the financial system, because there is insufficient information available about their financial track record. These people, referred to as credit Invisibles, find it difficult to access mainstream financial services or have to pay…
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A new report by Evolution Funding has found an increase in the number of prime borrowers who are taking out second-charge mortgages. The report says the second-charge product split by volume of mortgages is 73% for traditional debt consolidation borrowers, compared to 27% of prime borrowers in the three months to the end of February.…
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Business Minister Paul Scully has announced the launch of a new law to help resolve remaining commercial rent debts accrued because of the pandemic. The ‘Commercial Rent (Coronavirus) Act 2022’ received Royal Assent means that a legally binding arbitration process will be available for eligible commercial landlords and tenants who have not already reached an…
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British households spent 66% (£226) more on petrol in 2021 than 2020 and 45% (£468) more on groceries, according to the latest figures from LifeSearch. LifeSearch looked at spending across 16 categories, including food, entertainment, clothes and retail – and can reveal a 47% (£96.1bn) total increase in actual spending, with huge spikes in the…
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United Trust Bank (UTB) has announced that. it has appointed Essie Quinnell as Underwriter in its Asset Finance Credit team as the division continues to transact record levels of new business. Quinnell joins UTB from Wesleyan Bank and has previously worked in Asset Finance Sales and Credit roles. Before joining Wesleyan Bank, she spent nearly…
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