Credit, collections & insolvency news
Brilliant Energy Supply, an energy supplier with about 17,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, will continue and the outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…
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The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…
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Mortgage arrears would soar by 30% over the next three years in the event of a no-deal Brexit, according to data modelling by Kensington Mortgages, the specialist mortgage lender. Using its proprietary risk modelling tool, Vector, Kensington’s analysts tested a series of scenarios based on a representative data set of 750,000 loans (with an outstanding…
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Cabot Financial, the debt purchase arm for the Cabot Credit Management Group (CCM), raised £122,633 for two children’s hospices last year with £94,212 being donated to Demelza in Kent and £28,421 to Chestnut Tree House in Sussex. Cabot Financial has two sites in the UK, one in Kings Hill, Kent and one in Worthing in…
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A report by Moore Stephens has revealed that there has been a 10% rise in the number of businesses liquidated in just 12 months. From 13,010 cases in 2017 to 14,270 in 2018, there is a clear pressure being placed on businesses the face of rising interest rates and Brexit disruption. The report says that…
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The Financial Conduct Authority (FCA) has announced the final rules on the Directory – a new public register that enables consumers, firms and other stakeholders to find information on key individuals working in financial services. Publishing this information on a regular basis will empower customers to make sure they only deal with individuals whom an…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in January, compared with the same month last year. The plant and machinery finance and IT equipment finance sectors reported new business growth in January of 26% and 45% respectively, compared…
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