Nick Green Director at Purple Patch Broking Ltd
Financial crime damages the trust and stability that the economy relies on. As criminals use more advanced technology, there's a bigger need for smart and quick action—extending far beyond regulatory adherence. And that’s where the bureaux come in. Bureaux play a key role—using powerful tools to analyse data and spot risks before crime occurs. The...
21 March 2024 /retail /crime Banking and Lending Solutions
Credit providers understand the critical challenge with the rise of complex financial crimes, from cyber theft to money laundering. Criminals are using advanced technologies—the same ones that make digital banking possible—to break through security defences. In response, credit providers are forced to constantly modernise their approach to crime pr...
19 March 2024 /regulation /retail Banking
Andrew Bailey is under pressure. While there’s been progress in getting UK inflation down, it’s too early to declare victory, just yet. If they cut interest rates too soon and too rapidly—they risk a resurgence of price pressures. If they wait too long—they could do unnecessary damage to the economy, consumer affordability, and labour market. At t...
15 February 2024 /regulation /retail Banking
The FCA recently unveiled new consumer protection guidelines that signal a major shift in credit data management. These rules require financial services firms not only to meet formal compliance standards but also to proactively consider customer interests and welfare. In addition, the FCA simultaneously signaled that crowdfunding and peer-to-peer ...
13 February 2024 /regulation /retail Banking
Data contract flexibility makes a significant difference in how financial institutions respond to market shifts and manage spend. Why? Because with the right flexibility, institutions can align their contractual commitments with their actual needs and market conditions, leading to improved efficiency, cost savings, and a stronger competitive edge....
18 January 2024 /retail /crime Banking
An emerging pain point many financial institutions grapple with is ‘bureau lock-in’ – over-reliance on a single credit reporting agency (CRA). This data dependency narrows perspectives to one view, restricting the firms to the costs and data quality of that one provider. Of course, this greatly impacts the comprehensiveness of credit risk assessme...
17 January 2024 /retail /crime Banking
When it comes to credit data contracts, it’s not just about striking a deal on price; financial services procurement teams need to consider a range of factors to make them strategically aligned with evolving needs. By understanding the nuances involved, you can ensure that your financial institution is positioned to respond dynamically to market ch...
12 December 2023 /regulation /retail Banking
With almost half of UK adults having used BNPL, lenders face a key challenge: the varied data reporting practices among BNPL providers and CRAs. In this piece, we'll explore the rapidly growing BNPL market, and shed light on the disparities in data reporting and the implications for the credit industry. The rise of BNPL in the UK market BNPL has...
07 December 2023 /regulation /retail Banking
Despite the risks and compliance issues, a worrying number of lenders grapple with incomplete and inaccurate data. The consequences influence everything from individual decision-making to broader consumer impacts, culminating in defaults and fluctuating profits. This disparity gives rise to a data divide: ● On one side, we have lenders harne...
23 November 2023 /regulation /retail Financial Supply Chain
When it comes to credit data contracts, negotiating price is just one element. Aspects like contract flexibility, technological adaptability, and capped RPI strategies can dramatically influence your competitive edge and operational efficiencies. Unfortunately, there’s a catch. Understanding the options available to you remains opaque. The good new...
21 November 2023 /regulation /retail Financial Supply Chain
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