Credit, Collections & Insolvency News
Latest figures released by the Treasury have revealed that lenders have approved over £31.3 billion to over 745,000 businesses through government-backed schemes. In the past week alone, more than £3.8 billion in lending has been provided to 94,000 firms through these schemes. More applications have been received and are expected to be approved in the…
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We’ve never faced a situation that has required transition to distance Collection management with agents working from home. Although most of us have lived through financial crises before and know that we need to start planning for the future, we’re now in uncharted waters as to what to expect. While outmoded collection systems can create…
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Vulnerable people risk being left with no way to pay for essential products and services as the coronavirus crisis further accelerates the UK’s shift to a cashless society, according to new research by Which? as it calls for government action to ensure that the cash system does not collapse at a time when millions of…
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Losses at the UK’ top 100 restaurant groups increased 94% to £151 million last year, growing from a loss of £78 million the year before new research at UHY Hacker Young indicates. The top 100 restaurant groups have seen losses worsen in recent years and this trend is expected to continue as restaurants grapple with…
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Metro Bank has announced that Martin Boyle has been appointed Chief Transformation Officer. Boyle will report to the CEO, Dan Frumkin and will be a member of the Bank’s Executive Committee (ExCo). Boyle is an experienced change and operations leader with extensive retail banking expertise, joins from Nationwide Building Society, where he was Chief Transformation…
Read moreWith restrictions on some non-essential businesses beginning to lift and further changes due to come into effect on 15th June, new research from Intuit QuickBooks suggests SMEs are looking towards recovery following the impact of the pandemic. Almost three in five (57%) small and medium-sized enterprises (SMEs) feel confident about business activity in the next…
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The Financial Conduct Authority (FCA) has opened an investigation into subprime lender Amigo Loans (The Richmond Group), the company has announced In a stock market update. Amigo said the FCA started an investigation on Friday into whether Amigo’s creditworthiness assessment process and its governance oversight of this was compliant with regulations. News of the investigation…
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New research from the Centre for Community Finance Europe (CFCFE) looks at how Credit Unions in Britain have continued to serve members during the Covid-19 crisis. The Credit Union Difference: Responses to COVID-19 in Great Britain report is based of responses from 24 British Credit Unions and support organisations and covers March and April. It…
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The Financial Conduct Authority (FCA) has extended the mortgage payment holiday application deadline for customers struggling to meet payments. Mortgage customers now have until the end of October to request a break from payments while repossessions are further blocked. The FCA has confirmed the support firms should give to mortgage customers who are either coming…
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