Credit, Collections & Insolvency News
While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency. This has potentially huge ramifications for your clients if they intend to utilise an insolvency procedure to…
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A parliamentary committee has published a report on the draft Online Safety Bill calling for dangerous online paid-for adverts, such as those promoting scams, to be included within the Bill. A coalition of consumer groups, charities, policing leads and financial services industry bodies, including Which?, UK Finance, Martin Lewis and MoneySavingExpert, the Personal Investment Management…
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Active listening is key to producing good customer outcomes. It goes beyond hearing words and requires you to understand the meaning and energy that the words carry. It involves engaging with focus and concentration, demonstrating understanding to develop a rapport with the person you are in conversation with and helping them feel at ease. That…
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UK household budgets continue to be heavily pressured from all sides, with both international and national factors adding unexpected challenges into the mix. Significant challenging effects are being seen across the board on UK household budgets, driven by factors both expected and unexpected. In the year to October 2021, the inflation rate increased to 4.2%, alongside…
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Energy suppliers will undergo financial stress testing from January to measure their resilience against a range of scenarios in a raft of new measures announced by Ofgem which aims to boost financial resilience in the energy sector. Ofgem says that where stress testing reveals weaknesses, the regulator will agree an improvement plan for companies to address any concerns, particularly where consumers are…
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Latest research by Cifas reveals 1 in 13 UK adults have been involved in fraudulent conduct during the last year. Those aged between 16-34 were most likely to be involved, with more than 1 in 7 admitting to participating in being involved in at least one form of first-party fraud. The most common forms of…
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New research Opinium has found that 8% of retired people are concerned about being able to pay bills. The research found that 41% said being able to pay their bills in retirement was a realistic goal. Worryingly 8% did not think it was a realistic prospect, whilst 11% did not think it was realistic that…
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Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…
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Major banks have signed a new voluntary agreement that could see more shared banking hubs open in UK towns and villages. The agreement will see an independent assessment carried out by Link each time a branch is shut. These reviews could recommend a shared branch is opened, an ATM installed or a Post Office upgraded.…
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