Firstsource to acquire UK-headquartered Pastdue Credit Solutions
The acquisition is subject to Financial Conduct Authority (FCA) approval, said Firstsource Solutions, a provider of domain-led Business Process Services (BPS).The RP-Sanjiv Goenka Group company, however, did not divulge the financial details or size of the buy.
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News18
2 days ago
- News18
Firstsource to acquire UK-headquartered Pastdue Credit Solutions
New Delhi, Jul 18 (PTI) Firstsource Solutions on Friday announced it will acquire Pastdue Credit Solutions, a debt-collection business serving several of the UK's banks, utility firms, telecom companies, and government bodies. The acquisition is subject to Financial Conduct Authority (FCA) approval, said Firstsource Solutions, a provider of domain-led Business Process Services (BPS). The RP-Sanjiv Goenka Group company, however, did not divulge the financial details or size of the buy. Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said, 'Pastdue Credit Solutions' deep expertise in first- and third-party collections, particularly across utilities, financial services, and the public sector, strengthens our capabilities in a space that is both critical and growing". The acquisition aligns with the company's long-term strategy to build a differentiated collections business with sectoral depth and local delivery capabilities across the UK, he added. The latest acquisition comes at an opportune time, it further said, citing the prospects in the UK collections market. By digital-first, AI-driven capabilities with local expertise, Firstsource said it is strongly positioned to scale with purpose, delivering value to clients, supporting public priorities, and expanding its footprint in a market poised for long-term growth. Phil Grant, Chairman of Pastdue Credit Solutions, said, 'With Firstsource's global reach, deep domain expertise, and strong culture of innovation, coupled with its long-established credentials in debt collection, this move will pave the way for us to scale our impact, strengthen our services, broaden our offering and unlock new opportunities together". PTI MBI MBI SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 18, 2025, 20:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Time of India
Firstsource to acquire UK-headquartered Pastdue Credit Solutions
Synopsis The acquisition is subject to Financial Conduct Authority (FCA) approval, said Firstsource Solutions, a provider of domain-led Business Process Services (BPS).The RP-Sanjiv Goenka Group company, however, did not divulge the financial details or size of the buy.
NDTV
4 days ago
- NDTV
Barclays Fined $56 Million Over Poor Handling Of Crime Risks
Britain's financial watchdog on Wednesday said it had fined Barclays bank $56 million for "poor handling of financial crime risks". The Financial Conduct Authority said in a statement that the fine was "for separate instances of failings in its financial crime risk management" between 2015 and 2023. A Barclays spokesperson said the British bank is "deeply committed to the fight against financial crime and fraud", after its third FCA fine for failings in financial crime controls since 2015. They added in a statement that "Barclays fully cooperated with both investigations and has further strengthened its financial crime and other control capabilities". In the first case, Barclays "failed to check it had gathered sufficient information to understand the money laundering risk, before opening a client money account for WealthTek", a wealth manager which the regulator had shut down. The FCA said Barclays needed to carry out only "one simple check" to see that "WealthTek was not permitted by" the regulator to hold client money. The bulk of the fine $5.25 million -- was for Barclays "failing to adequately manage money laundering risks associated with providing banking services to Stunt & Co", a trader of gold. FCA enforcement director Therese Chambers said "the consequences of poor financial crime controls... allow criminals to launder the proceeds of their crimes, and they allow fraudsters to defraud consumers". "Banks need to take responsibility and act promptly, particularly when obvious risks are brought to their attention," she added in a statement.
