Credit, Collections & Insolvency News
Kevin Hellard, Partner and Insolvency and Asset Recovery Practice Leader at Grant Thornton UK LLP, has been announced by the Insolvency Practitioners Association (IPA) as its President for the next 12 months, serving as Chair of the Association’s Board of Directors and acting as key representative of the Association. Hellard has more than 25 years’…
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Metro Bank has committed to repay more than £10.5 million to its customer after it breached a legal order by failing to send texts warning people about unarranged overdraft charges. The bank was found to have breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017. This requires banks…
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Water regulator, Ofwat has proposed a package of measures to protect business retail customers and minimise disruption in the market. The impacts of COVID-19 are being felt across the whole of the UK economy and throughout each and every sector. In water, the business retail market in England will inevitably be affected, both through businesses…
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The Insolvency Service has announced changes to the IVA Protocol guidance. In a joint statement by creditor representative members of the committee it said “As members of the Individual Voluntary Arrangement (IVA) Standing Committee we have recognised that the COVID-19 pandemic will impact a number of consumers who currently have or will soon be proposing…
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Small business loans platform, Funding Circle has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), term loan variant. Funding Circle expects to open CBILS applications within the next week once it has completed the required legal and operational approvals with the Bank. Keith Morgan, CEO, British…
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Latest Red Flag Alert data for Q1 2020 found there were large numbers of UK businesses experiencing significant financial distress at the end of March 2020, with the overall figure now exceeding half a million for the first time. New research from insolvency and advisory Begbies Traynor Group, has found that the largest quarterly increase…
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Consumer credit technology and outsourced services provider, Equiniti Credit Services (EQCS), has announced that it has been chosen by Cardiff-based bank, Hodge, to create a flexible digital mortgage servicing solution. This latest client win is significant for EQCS and marks its move into the mortgage market for the first time. EQCS is working with Hodge…
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Money-saving app Snoop has launched ahead of schedule in an effort to help consumers hit by the impact of COVID-19 cut costs. The app, founded and led by former Virgin Money boss Jayne-Anne Gadhia, uses open banking technology to connect to a customer’s bank account and credit cards and analyse the data to identify areas…
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A specialist police unit funded by the banking industry has executed several warrants across the country in a crackdown on criminals sending scam text messages and emails exploiting the coronavirus outbreak. The Dedicated Card and Payment Crime Unit (DCPCU) is made up of officers from the City of London Police and Metropolitan Police and is…
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New research from Intuit QuickBooks, has indicated that the majority (71%) of SMEs have not yet taken any action to address financial stability. The findings are echoed comments from Minister for Small Business Paul Scully who has urged small business owners to go back to their banks if they were originally put off by the…
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