Credit, Collections & Insolvency News
Arrow Global has announced that, following the completion of the takeover by TDR Capital, Lee Rochford has decided to step down as Group Chief Executive Officer (CEO). Rochford will be succeeded by Zach Lewy, Founder, Group Chief Investment Officer and CEO of Arrow’s Fund Management and Investment (FIM) business. The change takes effect immediately, Rochford…
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Credit Kudos, the Open Banking credit reference agency, has launched Signal, a highly accurate, explainable Open Banking credit score to help lenders serve more customers, reduce defaults and evidence risk decisions. Available now, the score enables lenders to move beyond the limitations of traditional credit data, allowing them to accurately score all applicants, not just…
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The national roll-out of the new £100 spending limit for contactless card payments will begin today (Friday 15th October). Consumers will start to see retailers accepting contactless card payments up to £100, which will give them more flexibility when shopping in-store. This will also help with bigger spends where speed and convenience are valued, such…
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Deceased account care servicing and technology solutions specialise, Phillips & Cohen Associates (PCA) has announced that Shawn Farris has joined its senior leadership team in the newly created role of Senior Vice President (SVP), Digital Operations. Farris is a proven leader and seasoned executive within the Accounts Receivable Management industry with an extensive background in…
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The Financial Conduct Authority (FCA) has issued new guidance to companies operating a remote or hybrid working model. The new directive states that firms will be evaluated by us on a case-by-case basis and should be able to prove that the lack of a centralised location or remote working does not or is unlikely to…
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Two more UK energy firms have ceased trading amid soaring wholesale energy prices. Pure Planet and Colorado Energy have announced they are ceasing to trade. Pure Planet supplies gas and electricity to around 235,000 domestic customers and Colorado Energy supplies gas and electricity to around 15,000 domestic customers. The founders of Pure Planet have hit…
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New analysis of data by Lloyds Bank has found that its customers spent a fifth more on household energy (24%) and fuel (20%) in the last fortnight, compared to the two weeks before. Fuel spend peaked on 24th September (the day after one of the biggest UK petrol station operators said a number of its forecourts…
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Open banking provider, Yolt Technology Services (YTS), launched its inaugural European Open Banking Outlook (EOBO) revealing huge growth potential for open banking, with 40% of banking customers across Europe’s biggest markets not currently using any open banking solution. YTS also sets out how this potential can be unlocked. The EOBO, produced in partnership with the…
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Subscription loan provider, Creditspring has launched a new credit builder product that helps members gradually improve their credit score without running the risk of incurring further debt. The product, called Step, is the industry’s first credit builder product where the issuer takes on risk through loans borrowed, offers members a small, no-interest loan in exchange…
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Insolvencies in the construction sector could rise as much as 25% in the next six months despite a rebound in orders according to trade credit insurer Atradius. The report found that he sector contracted by 14% in 2020, UK construction output is forecast to rebound by almost 15% in 2021 and grow by more than…
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The Department for Levelling Up Housing and Communities has released the third wave of the Household Resilience Survey which has indicated that renters’ resilience has been pummelled by the pandemic, and has highlighted the new threat of inflation. The research found that 7% of private renters were behind on the rent in April-May (up from…
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Equifax has announced the launch of a new browser-based scorecard monitoring tool that is designed to transform complex scorecard monitoring into a range of accessible visualisations that shows the performance of a scorecard over time. As increasing numbers of organisations build and utilise bespoke scores to optimise decision making, there is an associated overhead to…
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Ofwat has urged the water sector to do more to make data open and accessible as a means to share information, collaborate on sector-wide challenges, and improve trust in the industry. The water regulator’s discussion paper says that open data means making data freely available to everyone to access, use and share, unless there’s a…
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