Belfast Telegraph

Banks told to be vigilant over lending

By Kalyeena Markortoff

The Bank of England has written to banking bosses, warning them to "remain vigilant" about the heightened risks linked to rising consumer debt levels.

It follows a Prudential Regulation Authority (PRA) review of consumer lending - covering credit cards, personal loans and car financing over the first half of 2017 - which found executives were receiving inadequate information and may be missing warning signs along the way.

"Our main finding concerns weakness in management information and governance," the letter to banking chairs said.

The financial watchdog said "more systematic reporting" will be needed for banks that rely heavily on consumer credit.

Belfast Telegraph

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