Credit, Collections & Insolvency News
New research from insurer Royal London has found that over £400 billion in wealth being held by Britain’s grandparents is set to cascade down through the generations to the benefit of Millennials in the coming years. Although most of the wealth held by the grandparents’ generation will be passed on initially to their baby boomer…
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New forecasts by economics consultancy the Centre for Economics and Business Research (Cebr) – show that the UK economy will grow by 1.7% in 2017, only marginally behind last year’s 1.8% growth. However, underneath this headline figure, which is bolstered by an improving outlook for exports, is a rapidly deteriorating picture for household finances, with…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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Belfast firm MKB Law has appointed James McIlveen to join its’s debt recovery team as a legal executive. McIlveen will be dealing exclusively with debt recovery and collection matters. McIlveen said: “I have accumulated over 30 years of commercial litigation experience, and was admitted as a member to the Institute of Credit Management in December 2002. I…
Read moreA new credit union office has opened in Kendal The newly re-branded Penrith Office of Eden & South Lakeland Credit Union will open soon. It has come about following the successful completion of a merger between South Lakeland Credit Union and EdenSave Credit Union. Adrian Rush, Chair of Eden and South Lakeland Credit Union said “This…
Read moreOne in five businesses has been victims to cyber-attacks in the past year, according to the results of a survey released by the British Chambers of Commerce (BCC). The survey of more than 1,200 businesses across the UK found that 20% had been hit by a cyber-attack in the last 12 months. Big businesses are…
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Payday firm CFO Lending has entered administration. Last year the company entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers following findings that…
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