Credit, Collections & Insolvency News
Lowell Financial has appointed two new independent Non-Executive Directors (NEDs). Caroline Marsh and Professor Heather McGregor CBE will join David Gagie as NEDs on the UK Board, together with Group CEO Colin Storrar, UK MD John Pears and UK CFO John Flaherty. Professor Heather McGregor CBE is the Executive Dean of the Edinburgh Business School…
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Bottomline, a provider of financial technology that makes business payments simple, smart and secure, has announced the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers. Bottimline says that new product is an alternative to the raft of payment…
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NatWest Group has been working with open banking and affordability software specialists, Paylink Solutions, on developing their digital income and expenditure (I&E) tool to support their agents and better understand customers currently in arrears or coming to the end of payment holidays. In March 2020, NatWest Group approached Paylink to work alongside their digital experts…
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Business advisory firm Quantuma has completed a merger with AIM-listed K3 Capital Group for an initial consideration of £26.95 million, to create an independent global advisory practice. The merger will help K3 to build a more diverse professional services group with enhanced capabilities in restructuring, corporate finance, tax advisory, forensic accounting and expert witness services.…
Read moreMetro Bank has announced that it has agreed to acquire peer-to-peer lender RateSetter. RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31st March 2019, the company reported revenue of £33 million, a pre-tax loss…
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JBW Group has announced that Phoenix, JBW and Collect Services have merged together to form a single company, CDER Group, with the combined aim of delivering ‘Fairness in Operation’ across the collections and enforcement industry. Nick Tubbs, Chief Executive said: “I am absolutely delighted to have achieved this important milestone in our company’s history and…
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Two new reports have called for more support to ensure the Credit Union sector can increase its reach. The Carnegie Trust has published its findings into existing affordable credit provision in seven Scottish Council areas, and called for stakeholders to work together to increase affordable credit providers market share to at least 10% of the…
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The Financial Conduct Authority (FCA) has issued a call for input into how lenders should handle ongoing payment difficulties among people who have taken coronavirus payment holidays, but are unable to resume their payments in full when these holidays expire. The FCA is seeking view on what should happen to consumers coming to the end…
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Court Enforcement Services announces three senior changes at board level. Daren Simcox has moved from Managing Director (MD) to become Chairman of the High Court Enforcement company. Daron Robinson has been promoted from Operations Director to Managing Director. The previous Chairman Frank Millerick has retired. Robinson, as the MD, now has responsibility for leading all…
Read moreA new automated credit control app has been launched. The new app, Itsettled provides an automated, legally compliant process for SME’s to chase their outstanding invoices. The app has been launched by credit industry veteran Glen Morgan, who has recently acted as an advisor to the UK Government’s Parliamentary Review and Leadership council on late…
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The Financial Conduct Authority (FCA) has set out views on Employer Salary Advance Scheme (ESAS) ESAS are commonly promoted as an alternative to high cost credit and have a broadly similar economic effect. While most of these schemes do not fall under the FCA’s regulation, as they do not meet the definition of credit under…
Read moreFurloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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