Credit, collections & insolvency news
The Financial Conduct Authority (FCA) has published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year. From next April, all CMCs set up or serving customers in England, Scotland and Wales will…
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Accountancy firm Moore Stephens says in 2017/18 there were 1,219 restaurant insolvencies, up 24% on the year before and nearly double the rate seen in 2010/11. Higher demand for ready-to-eat delivered food means that the marker is growing ten times faster than dine-out. Due to this, the UK restaurant sector is facing major disruption according…
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Shieldpay has announced that it has agreed a partnership with Visa to deliver secure card payments across peer to peer marketplaces and classified ad sites. The partnership will open up the use of debit and credit cards to the £120bn classified industry.1 Shieldpay’s instant digital escrow solution mitigates the risk of fraud by verifying the…
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Trade credit insurer Atradius has published a new economic research report analysing the impact of a potential trade war on the economies of Southeast Asia. With a trade war seemingly escalating between China and the US, Atradius reports that trade across Southeast Asia has already been moderately impacted, with increased risk aversion in international financial markets. However,…
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Energy firms SSE and Npower have cancelled their merger plan. The move has been blamed on “very challenging market conditions”. The deal would have created the UK’s second-biggest energy supplier. The government’s new price cap means is due to start in the new year and has been a key factor in the cancellation. In a company…
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The latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
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More than one in four young parents expect to get into debt this Christmas, as the cost of festivities and austerity take their toll, according to Young Women’s Trust, a charity that supports young women on low or no pay. The charity surveyed 4,000 young people between the ages of 18 and 30 and found that, of…
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