Credit, Collections & Insolvency News
New research published by open banking platform Tink has revealed an increase in spending among Europe’s financial executives, with 47% saying their open banking budgets have risen in 2021. This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally. The research, based on 308…
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TotallyMoney has announced its API integration with Zuto to enable more personalised car financing options. TotallyMoney says that it’s API integration with Zuto offers customers personalised quotes, meaning greater transparency while removing surprises. Its customers will be shown guaranteed rates prior to application so they know what they’re getting before they apply. In addition to…
Read moreThe Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…
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The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…
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The Vulnerability Registration Service (VRS), has announced that it partnered with the Illegal Money Lending Team (IMLT), an organisation that investigates and prosecutes illegal money lenders, commonly known as loan sharks, while supporting those who have been affected by the crime. An estimated 310,000 people are in debt to illegal money lenders in the UK.…
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Consumers are failing to measure up when it comes to understanding their finances, according to a survey of 24,000 European consumers by credit management group Intrum. While 58 per cent say they want to ensure they are in a stronger financial position before another global crisis, more than a quarter have less visibility of their…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Latest Bank of England data has shown that October saw a surge in credit card borrowing. Consumers borrowed a net additional £706 million last month, with new credit card borrowing accounting for £637 million of the credit, the largest amount of card borrowing since July last year. Between the start of the pandemic and April…
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Latest figures from UK Finance have shown that new later life mortgages dropped 7% in Quarter (Q3) 2021. The figures showed that there were 44,130 new later life mortgages in Q3 2021, with total lending in the quarter of £6.46 billion. This represents a 7% decrease in mortgage volumes compared with Q2 2021, but a…
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The Financial Conduct Authority (FCA) has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms. As part of its transformation to a more innovative and assertive regulator, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC). The…
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Enforcement specialist Bristow & Sutor has scored 100% score in a recent audit by the Civil Enforcement Association (CIVEA). Trade association, CIVEA represents enforcement firms across England and Wales. All members, including Bristow & Sutor, are required to follow a strict code of conduct, which exceeds statutory requirements and the National Standards. This code aims…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Independent restructuring and advisory firms BM Advisory and Moorfields Advisory have announced a merger, enhancing their ambitious growth plans and providing a strong all-round service proposition to the market across the UK. The merged businesses will continue to operate under the Moorfields Advisory brand, bringing together two like-minded practices with a shared ethos of partner-led…
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