Credit, Collections & Insolvency News
The Corporate Insolvency and Governance Bill, which was introduced on 20th May 2020, is a welcome development that will deliver a number of changes to UK company law, including enabling companies in the middle of a restructuring and rescue to continue trading. The Bill To help assist companies through the coronavirus pandemic, the Bill contains…
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Firms must do more to ensure they are always giving appropriate advice to equity release consumers, a Financial Conduct Authority (FCA) review has found. Demand for later life lending has grown in recent years. With the option of no monthly payments, equity release is an attractive option for some – allowing consumers to benefit from…
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The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns…
Read moreA scheme designed to ensure people can maintain free access to cash could see banks share branches for the first time. The Community Access to Cash Pilot will test new subsidised ATMs and local cash deposit centres for retailers. Eight locations across the UK, including an army barracks, have been chosen for trials to help…
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Latest figures from UK Finance have shown that consumer credit card spending on some services slowed during March. Lockdown restrictions implemented towards the end of March resulted in a sharp drop in “non-essential” retail activity, travel and entertainment spending. The figures showed that there were 1.6 billion transactions on debit cards made by UK cardholders…
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A poll commissioned by Visa shows that more than half of small business owners fear their company may not recover from the COVID-19 crisis and lockdown. Over half (56%) of small business owners surveyed are concerned they will not be able to bounce back from the impact of COVID-19. Consumers are also having similar worries.…
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International technology-led services and payments specialist, Equiniti Group has announced the launch of an enhanced Know-Your-Customer (KYC) service for asset-based and invoice finance lenders. Equiniti’s dual automated and managed service helps lenders efficiently address the increasing KYC demands brought on by evolving regulation. Furthermore, the service provides futureproof access to third-party data sources through universal…
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Optimum Finance has announced that its Founding Director and Chief Executive Officer (CEO) and veteran of the invoice finance sector Richard Pepler sadly passed away on 5th June 2020. The Optimum Finance team, supported by investors JRJ Group, have expressed their sincere condolences to Richard’s family. Richard was well-known and much-loved in the industry and…
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More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes. Figures published by HM Treasury has revealed that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected…
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