Credit, Collections & Insolvency News
A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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New research from Paragon Bank revealed that 54% of UK SMEs have already either met or exceeded pre-pandemic turnover levels, with more than nine in ten feeling positive about their post-pandemic recovery. One in five SMEs (22%) have now exceeded pre-Covid turnover levels, while 31% are now matching pre-pandemic figures. Of those still working towards…
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The Financial Conduct Authority (FCA) was successful in obtaining a High Court Order to remove around 625 charges, notices or restrictions registered in the name of illegal money lender, Dharam Prakash Gopee’s, former companies. This application is the latest in several legal proceedings commenced by the FCA against Gopee arising out of his illegal money…
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The number of borrowers releasing equity from their homes has neared pre-pandemic levels in the second quarter of this year, according to the latest figures from the Equity Release Council (ERC). There were 20,352 new and returning customers in the market between April and June, a rise from 16,527 in Q1 2021 and 13,617 in…
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Latest Bank of England (BOE) data has shown that mortgage borrowing hit a record monthly high in June, climbing to £17.9 billlon. This marks a 163% jump on the £6.8bn recorded in May. The increase came as buyers looked to complete deals before the stamp duty holiday started to taper. While the threshold at which…
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International SME funder, Bibby Financial Services (BFS) has seen global client turnover grow by almost a third year-on-year as SMEs around the world start to recover from the Covid-19 pandemic. Client turnover or debts factored, increased by 32 per cent from £1.8 billon in Q2 2020, to £2.4bn in the second quarter of 2021. This…
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The latest Red Flag Alert research for Q2 2021 has recorded 650,000 businesses in ‘significant financial distress’ – the second-highest distress level ever recorded by this research. However, this number has fallen 10% since the highest recorded number of significantly distressed businesses in Q1 2021 (723,000) by the Red Flag Alert, as the economy has…
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Differentiation between data and technology brands is disappearing, applying even more pressure on short-term objective chasing. All too often, we see efforts diverted into delivering next quarter’s budget, which spurs short-term tactics over strategically driven, brand-building initiatives. Over time, this “short-termism” can erode the underlying equity value of many brands and rob companies of greater…
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The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…
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