Credit, Collections & Insolvency News
The International Accounting Standards Board (IASB), has outlined the new international standard on financial assets accounting, IFRS 9. This will be a revised update of the former IAS 39 regulation, motivated by the delayed recognition of credit losses on loans in the 2008 financial crisis. IFRS9 will be fully implemented on January 1st 2018. IAS…
Read moreOnGuard and Credit Tools have announced they are to merger. The merger will strengthen their European credit management software solutions. The new name of the organisation will be announced at a later stage. The merger will optimise the innovative capacity so that the organisation can continue to fulfill its strategic pioneering role for customers in the…
Read moreThe Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters. In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…
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Equifax is launching Equifax Address Check to facilitate lenders in identifying addresses with a suspicious level of account activity. The solution will flag addresses with an unusually high number of financial accounts or that are known fraudulent mail forwarding addresses so that lenders can investigate the circumstances and help protect against fraud and money laundering.…
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Irish bank Permanent tsb has announced their intentions to focus on new controls within their contact centre and provide enhanced customer service with Noble System’s Composer Real-Time Speech Analytics. Alan Murphy, Head of Collections at permanent tsb, said “At permanent tsb, we take customer service very seriously and we have invested heavily in technology that will support…
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Monitoring Poverty and Social Exclusion 2016, an annual state of the nation report written for the independent Joseph Rowntree Foundation (JRF) by the New Policy Institute, has found that 13.5 million people, 21% of the UK’s population, are living in poverty. The economic recovery has helped to stop poverty rates from rising higher, with overall…
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Research from Equifax has revealed that 23% of Brits say they have reduced their spending habits since the end of June 2016 and a further 60% say it has stayed the same. The online survey, conducted by YouGov, also found that since the EU referendum (end of June till now) 19% of respondents have delayed…
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More than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…
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Arrow Global Group (Arrow) has announced that Tom Drury has decided to step down as Group CEO. Lee Rochford, formerly CFO of Virgin Money will replace Tom as Group CEO and Board Director from 3 January 2017. Drury will remain with the business until the end of February to provide an orderly handover period. Rochford…
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