Credit, Collections & Insolvency News
The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…
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The Government has announced that consumers who pay for goods in advance will now be protected if retailers go insolvent under new proposals. Under existing rules, if a company becomes insolvent, goods paid for in advance that are still in its possession may be considered as assets belonging to the business. These goods can be…
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The financial questions consumers find most baffling are – what loan-to-value means, the difference between PCP and PCH finance and what a balloon payment is, according to new research by Virgin Money. The bank’s survey of 2,000 UK adults revealed almost a third of consumer (31 per cent) are confused when it comes to money…
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Free debt advice provider PayPlan and housing provider Longhurst Group have partnered to improve the support on offer to customers who may be in financial difficulty. The. Longhurst Group, which owns and manages more than 23,000 homes across the Midlands and East of England, has launched its Improving Lives 2025 strategy, in which it commits…
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Business turnaround specialist Tim Sloggett has joined financial and professional services firm Smith & Williamson LLP as a partner in its Bristol-based restructuring and recovery services (RRS) team. Sloggett joins from big four firm KPMG, where he worked with clients to deliver turnarounds, refinancing, accelerated business sales and formal restructuring processes. Tim has experience working…
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Latest research by Red Flag Alert for Quarter 2 (Q2) 2020 has recorded seven consecutive quarters of increased financial impairment resulting in a record 527,000 businesses in significant financial distress at the end of June 2020 – an increase of 33,000 since the beginning of the year. The research also finds that this represents a…
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Small business expectations of future performance are increasingly polarised, according to the latest quarterly SBI from Federation of Small Business (FSB), which shows that a sizeable share of firms have already had to let staff go. Over a fifth (23%) of the 1,400 business owners surveyed for the study expect their performance to be “much…
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