Credit, Collections & Insolvency News
Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud.…
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In its latest report Brexit: implications for financial reporting, ICAEW’s Financial Reporting Faculty suggests that UK plc should continue to apply internationally-accepted accounting standards if the UK wishes to retain its status as a major global financial centre. However, learning from the experience of the EU and other IFRS (International Financial Reporting Standards) jurisdictions, it…
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In the last week I have had three separate conversations with business people and read a few LinkedIn posts about profitable, growing businesses that have either closed down or are on the verge of closure as a result of cash flow problems or in their words “not getting paid from their customers” It is only…
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A robust credit control strategy is a fundamental part of business success. Implementing it the right way ensures that payments are made on time. Done wrong, however, it can lead to late payment issues which can severely impact any business’s cash flow and threaten their survival. Yet, despite understanding the need to have an effective…
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Paul Horlock has been appointed as the Chief Executive of the UK’s new payment system operator, which has been established to develop the capability and capacity of the UK’s retail payment systems, which between them process over £6.4 trillion pounds of payments every year. Horlock has worked in the banking sector for over 15 years,…
Read moreCitizens Advice Cymru has called on the Welsh Government to ban letting agent fees in Wales. New analysis from the charity reveals that renters in Wales pay at least £3 million a year in fees when they move into a privately rented home, with charges averaging £178. The total figure could be even higher as…
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Among growing concerns about high consumer debt levels in the UK, a new study finds that almost a third of credit card and personal loan debt – up to £35bn – is sitting with people who are deemed to have low financial maturity. Aire, which uses Artificial Intelligence (AI) technology to help lenders provide applicants…
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