Lenders have been warned to expect extra scrutiny on how they treat borrowers during the pandemic, with a particular focus on digital lending, according to Equifax. Equifax, a credit reference agency, warned that the shift towards digital lending and open banking that the coronavirus pandemic has caused will come with its own set of challenges. …
Leaked FinCEN documents have this week revealed how some of the world’s biggest banks have allowed criminals to move dirty money all over the world. The documents include around $2tn of transactions and also reveal how Russian oligarchs have used banks to avoid sanctions that were meant to prevent them from accessing their money in…
As of Monday, the eviction ban in England and Wales has ended, leaving up to 55,000 households vulnerable, according to campaigners. Although there has been mounting pressure from councils and charities alike, the legal eviction process can now be progressed fully through the courts. The government’s reasoning for this is that they already extended the…
Greece has reported some major progress with its non-performing loans after four of its biggest banks recorded a significant 22% reduction in their bad loan stock. The reduction is for the first half of the year in comparison to a year earlier and comes at a time when other industries are suffering huge financial losses.…
The UK government has revealed that tenants across the country affected by coronavirus will continue to be supported throughout the autumn and winter months. The new laws issued by the government are being put in place to help both renters and buy-to-let landlords who are impacted directly or indirectly by coronavirus. One of the major…
Peer-to-peer lending platform Lendable has been named in a list of the top 100 fastest growing tech companies in the UK. The annual Tech Track 100 league table is put together by research firm Fast Track and featured in The Sunday Times. The list assesses some of the countries leading and fastest growing private tech…
Mortgage lenders have tightened their criteria for mortgage applicants ahead of changes to the governments furlough scheme. The tightening was predicted by brokers and is being made in line with upcoming changes in the furlough scheme that comes to an end in October. The current government guidance surrounding the end of the scheme states that…
The UK’s Financial Conduct Authority (FCA) has confirmed it is set to ban motor finance commission models that offer incentives to dealers and brokers to set higher interest rates. The ban will refer to commission models in the motor finance market where the amount of commission the broker receives is linked to the interest rate…
Mortgage lenders have been told by the Financial Conduct Authority (FCA) that they are expected to continue offering support to borrowers who are in a difficult financial situation thanks to the coronavirus pandemic. New guidance published by the FCA last week is in place for consumers who continue to be affected by the pandemic as…