In Reference Appointments & Updates
Intrum Justitia has completed a deal to acquire 1st Credit from private equity firm Bridgepoint for an enterprise value of £130m.
1st Credit chief executive Eddie Nott said: “1st Credit is well-known for its highly ethical approach to the treatment of customers in debt and this track record has secured our place on all the major debt purchase panels. There is a clear opportunity for expansion in the UK and becoming part of Intrum Justitia provides new levels of expertise and a lower cost of capital, which will allow us to take advantage of that opportunity. We intend to increase our purchase levels significantly and look forward to working with the team at Intrum Justitia to expand the business.”
Ben O’Brien, managing director, Jaywing, said: “Lenders are looking for a more efficient and effective and way of remaining compliant with multiple regulations. We have always advocated close risk integration across all expected loss disciplines: stress testing, loss forecasting, capital planning, and provisioning under IFRS 9. West Bromwich Building Society is ahead of the curve in adopting this approach and is using IFRS 9 to build a better business.”
Stephen Allinson has been appointed chairman of the Insolvency Service Board. He said: “I look forward to working with the Insolvency Service to ensure it continues to effectively oversee the UK’s regime. In a dynamic economy firms will fail. Our job is to provide an effective framework that enables resources to be speedily recycled; financial misconduct to be policed, and those in financial distress to be supported to tackle their debts and move on with their lives.”
Eddie Nott
The Lending Standards Board (LSB) has announced that Chris Pond will take over as chair at the end of March; he succeeds Lord Hunt of Wirral.
Mr Pond said: “The LSB plays a critical role in ensuring the fair treatment of customers. While statutory regulation provides basic protection, the commitment to fairness by our registered firms builds trust. The LSB is ambitious to develop the new Standards of Lending Practice.”
March 2017
www.CCRMagazine.co.uk
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