Credit, Collections & Insolvency News
The Government has announced the appointment of Liz Barclay as Small Business Commissioner to spearhead the national effort to crackdown on delayed invoices, which cause thousands of small businesses to close every year. Barclay will be the first female Small Business Commissioner, a post which was created in 2016 to help small businesses secure the…
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New analysis by Deloitte has found that 85% of consumer business leaders are prioritising profitable and sustainable growth in 2021, despite greater cost reductions and smaller profits. The survey of CEOs and CFO in consumer businesses identified priorities for the next 12 months as profitable and sustainable growth (85%), developing existing products and services (70%),…
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UK small business owners are feeling the dual impact of Brexit and a global pandemic which resulted in a challenging 2020 and an uncertain outlook for 2021 according to research commissioned by Dun & Bradstreet that found that half of SMEs (51%) surveyed believe they will suffer the effects of Covid-19 more acutely in 2021.…
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UK households have repaid a record £17.6 billion of mortgage debt in just three months, equivalent to £192m a day, as savings made under lockdown helped some existing borrowers to reduce their debt commitments. Analysis of official data by the Equity Release Council, the representative trade body for the equity release sector, shows a surge in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in January 2021 by 34% compared with the same month in 2020. The retail store and online credit sector reported new business 1% lower in January than in the same month in 2020. By contrast, credit card and…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 35% in January 2021, compared with the same month in 2020. The consumer new car finance market reported a fall in new business volumes of 38% in January compared with…
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Wylie & Bisset has announced the appointments of Senior Managers Craig Allison and Elaine Ramage, to its business recovery and insolvency team.. Allison joins from French Duncan while Ramage takes up her new position following the firm’s recent recruitment of the management team from MLM Solutions. Last month Wylie & Bisset appointed former MLM Solutions…
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Provident Financial Group (PFG) has revealed that it is being investigated by the Financial Conduct Authority (FCA), with the regulator looking into issues including whether the firm carried out proper affordability checks before lending to borrowers. The FCA says that it will look at the ‘affordability and sustainability’ of loans made in the year to…
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The Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank (NatWest) over allegedly failing to comply with money laundering rules (Money Laundering Regulations 2007. The FCA alleges that NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) of MLR 2007 between 11th November 2011…
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