Credit, Collections & Insolvency News
Following the banking crisis in 2008, the Parliamentary Commission for Banking Standards (PCBS) recommended the creation of a new framework focused on increasing senior management accountability. Based on this recommendation, Parliament passed legislation in December 2013 that prompted the primary regulators of the financial services sector, the Financial Conduct Authority (FCA) and Prudential Regulation Authority…
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The Chief Executive of the Chartered Institute of Credit Management Philip King has given a cautious welcome to the Government’s call for evidence in tackling late payment but warned against actions that may ‘throw the baby out with the bathwater.’ King says that while the possibility of increased powers for the Small Business Commissioner (SBC)…
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Citizens Advice has revealed that it has seen an increase in the number of people turning to its advisors for help with consumer and benefits problems this year compared to last, as well as an overall increase in demand. The charity is celebrating 80 years of service on 4th September 2019. The charity was formed…
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Challenger credit bureau, Credit Kudos has announced that it has strengthened its team with the appointment of David Fletcher as VP of Sales. Fletcher joins Credit Kudos after 5 years at Dealflo (now OneSpan), an identity and agreement automation Fintech. Prior to this, Fletcher spent 7 years at the credit reference agency, Callcredit and has…
Read moreThe Federation of Small Businesses (FSB) is calling on the Government to tackle crime against small businesses as a priority and help to plug the billions that are being lost in the economy every year as a result. Hiring new police officers will be crucial to tackling business crime in England and Wales and making…
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Across nine UK regions, more than one in five small business owners (22%) are looking to expand into new markets overseas in order to achieve business growth. The latest findings from the quarterly Business Barometer research by Hitachi Capital Business Finance comes at a time when the country is gearing up for the Brexit deadline. Set against…
Read moreSpecialist asset-based lender, Ultimate Finance, has announced a strategic refocus of its product portfolio as it withdraws from the unsecured loan market to concentrate on further investment in its range of core asset-based solutions. The decision enables a full focus on growing its market-leading Invoice Finance, Asset Finance and Bridging products, and aligning its depth…
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Bereaved families who struggle with funeral costs are taking on an average of £1,990 debt to pay for a funeral, according to the 2019 Royal London National Funeral Cost Index. The total amount of funeral debt in the UK has risen to £147m, a 12% increase from last year. The report found 12% of people struggled…
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Auto-decisioning technology provider,LendingMetrics has announced that it has appointed Michele Pothecary as Sales Operations Coordinator. Pothecary joins from a major South Coast infrastructure company where she headed up the Customer Relations operation as Customer Experience Manager for the past 10 years. The company says Pothecary’s appointment will allow LendingMetrics’s business development team to spend more…
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Tesco Personal Finance (Tesco Bank) has confirmed the sale of its mortgage portfolio to Lloyds Banking Group for a cash consideration of c. £3.8 billion. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c.£3.7 billion and generated pre-tax profits of £9.1m in the 2018/19 financial year. As part…
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