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June 2017 Credit Management magazine

The CICM magazine for consumer and commercial credit professionals

NEWS A new report has

NEWS A new report has been published that sets out a recommended delivery plan for consolidating three payment systems and their operators: Bacs Payment Schemes (BPSL); Cheque and Credit Clearing Company (C&CCC); and the Faster Payments Scheme (FPSL). The consolidation aims to further develop the capability and capacity of the operators by bringing them within a single organisation and is intended to reduce the complexity and costs of having three separate retail payment system operators (PSOs). This single entity would also become responsible for delivering the next stage of the development of the New Payments Architecture (NPA), an industry-led initiative that aims to increase competition and resilience as well as enhance innovation across the payments and banking industry. THREE INTO ONE WILL GO The plan was created by the PSO Delivery Group, an independently chaired body set up by the Payment Systems Regulator (PSR) and the Bank of England. The plan now needs to be reviewed and agreed by the boards of the three operators. The PSR and the Bank of England reviewed the Delivery Group’s report before publication from the perspective of their respective objectives and duties. Hannah Nixon, Managing Director of the PSR, says the report sets out a compelling approach to deliver the new PSO which should support the Forum’s vision: “The consolidation can help facilitate the safe and secure transition to, and management of, the new NPA which we believe could deliver more dynamic competition and innovation in payments. Consumers will also benefit from new entrants coming into the market and offering users of payment services new, innovative products.” psr.org.uk COMPLAINTS ARE ON THE RISE THE FCA has published the first set of data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was just over three million. This number is higher than previous reporting periods because under the FCA’s new rules all complaints are now captured in the data. The data reflects the fact that under the new rules, financial services firms have longer to resolve complaints less formally. Firms now have three days to address a complaint to a consumer’s satisfaction; previously they had as little as 24 hours. The FCA believes the new data set is more informative because it shows the number of complaints against the size of the business. It also provides greater insight about the products that consumers complain about. The FCA believes that greater transparency of complaints information will enable consumers looking to invest or buy “This data will provide us with improved intelligence on complaints including new detailed data to show where an industry is potentially failing consumers at a product level.” products to be better informed about the products that have caused concern for others. “Consumers want a simple way to complain that does not leave them out of pocket. And they want to be assured that their concerns will be dealt with fairly and quickly,” says Christopher Woolard, Executive Director of Strategy and Competition at the FCA. “This data will provide us with improved intelligence on complaints including new detailed data to show where an industry is potentially failing consumers at a product level.” Payment protection insurance (PPI) is the most complained about product. The total number of PPI complaints was 895,000. Excluding PPI, the number of complaints was 2.15 million. Current accounts were the next most complained about product with around 514,000 grievances. The total redress paid to consumers was £1.9 billion in the second half of 2016. When all redress payments related to PPI are excluded, the redress figure is approximately £0.3 billion during the same time period. fca.org.uk 8 June 2017 www.cicm.com The Recognised Standard

News in Numbers – provided by the Money Charity THE.news . IN NUMBERS £2.04 BILLION SPENT EVERY DAY ON PLASTIC CARDS IN THE UK £170 million MORE GOVERNMENT DEBT A DAY DURING FEBRUARY 547,711 9.45 mILLION (35 PERCENT) HOUSEHOLDS HAVE NO SAVINGS £120,230 average 126 purchases WERE MADE EVERY SECOND USING CREDIT CARDS IN MARCH outstanding MORTGAGE FOR 11.1 MILLION PEOPLE 28% OF ISSUES CAB HANDLED RELATED TO DEBT ISSUES DEALT WITH BY CITIZENS ADVICE BUREAUX (CAB) IN MARCH 48,178 loans APPROVED FOR HOUSE PURCHASE IN MARCH EXPORT FINANCE MD Bibby Financial Services (BFS) has appointed Craig Durnell as Managing Director for its export finance business, as the company looks to strengthen its support for SMEs trading overseas. First joining BFS from RBS in 2014, Craig has held a variety of roles including Head of Operations, and most recently, Head of South West Business Centre. Prior to joining RBS, he spent more than 23 years with HSBC in a variety of commercial and leadership positions. bibbyfinancialservices.com CYBER PROTECTION ARC (Europe), the specialist debt collection agency (DCA), has achieved the Government-backed Cyber Essentials certification following a further upgrade of its internal IT infrastructure and the introduction of an enhanced firewall. The Cyber Essentials scheme accredits those businesses that display significant levels of cyber security and who have correctly implemented five key controls that prevent up to 80 percent of cyber attacks. In gaining accreditation, ARC’s IT systems were exposed to an external vulnerability scan to test whether the firm had effective and efficient cyber security measures in five key areas: secure configurations; boundary firewalls and internet gateways; access controls and administrative privilege management; patch management; and malware protection. arceuropeltd.co.uk NEW MD FOR DUFF Duff & Phelps has appointed Allan Graham as Managing Director within its restructuring advisory practice to focus on the company's mid-market restructuring and nationwide insolvency cases. He joins Duff & Phelps from KPMG where his 27-year career included 19 years as a restructuring partner. Allan will assist mid-market corporates nationally and has particular expertise advising manufacturing, recruitment, and printing and packaging businesses. Allan is a qualified accountant, insolvency practitioner and member of R3. duffandphelps.com BUN IN THE OVEN Secure Trust Bank Commercial Finance has provided a £2 million invoice finance facility to Stage Electrics Partnerships, a provider of stage lighting and sound equipment to theatres and the entertainment industry including The Great British Bake Off. The facility is enabling the business to expand and invest in two new sites in Avonmouth and Patchway as it looks to improve its margins within the next three years. securetrustbank.com/commercial-finance GROWING TENTACLES Louise Young has joined Octopus from Masthaven having served as senior underwriter at the bank since January 2012. Paul Mann has also been added to the ranks, having formerly served as residential and commercial collections manager at Aldermore Bank before a four-year spell as Senior Mortgage Underwriter at Saffron Building Society. The appointments come amid a major overhaul of the Octopus product range. octopusproperty.com CICM IN BRIEF This month's briefing gives details on the CICM's Virtual Summer School, the booking window for online exams closes on 2 June, a vacancy to represent members of CICM in the specialist area of Consumer Credit, and the third CICM AGM to be held on 8 June The Recognised Standard www.cicm.com June 2017 9

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