Credit, Collections & Insolvency News
Nearly 80% of eligible households have received a £150 council tax rebate in the first 3 months to help with the cost of living now Government figures have shown. A total of more than £2 billion has been handed to 15 million households in England under the scheme. Over 90% of households who had direct…
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The Financial Conduct Authority (FCA) has fined three former executives of Carillion for publishing misleading financial statements before the firm collapsed in 2018. The three individuals have referred their respective Decision Notices to the Upper Tribunal where they will each present their case. Any findings in the individuals’ Decision Notices are therefore provisional and…
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New data from carwow has revealed that the cost of living crisis continues to hit motorists hard, with one in five ( 21%) of those listing their cars for sale doing so to ‘cut costs’. Of those who said they are selling their car to save money, 52% are looking to downgrade to a cheaper…
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Ofwat has set out new proposals to improve financial resilience in the sector. These would give the regulator extra powers to stop water companies making dividend payments if the company’s financial resilience is at risk. The move would also enable Ofwat to take enforcement action against companies that don’t link dividend payments to their performance, or…
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The Financial Conduct Authority (FCA) regulation of pre-paid funeral plans has launched following legislation passed by Parliament. The FCA is now authorising 26 providers. Together these firms hold approximately 1.6 million plans, which make up 87% of the market. Regulation of the sector will bring higher standards and boost consumer protection. The rules will include…
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UK rentals rose by 2.47% (£849 to £870) during Q2 2022, the largest quarterly increase during the fifteen years that The Deposit Protection Service (The DPS) has recorded the country’s rental values. Average rents had risen £66 from £804 to £870(8.21%) between Q2 2021 and Q2 2022. The research also found that four of the…
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Commercial mortgage brokers are expecting a sharp increase in commercial property sales, with 42% expecting to see more SMEs look to acquire their premises rather than rent according to research by Alicia Bank. Rising business costs, including rent and associated charges, are driving business owners to buy their properties and acquire a freehold asset, rather…
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Half of consumers have cut back spending to cope with the cost of living crisis, although financial resilience appears robust, according to figures revealed in TransUnion’s latest Consumer Pulse study. Over 50% of consumers surveyed indicated they’d reduced their expenditure in the last three months and intend to decrease it further as the year progresses. Whilst all spend…
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The Building Societies Association (BSA) has launched a new report shining a spotlight on the work of individual building societies and credit unions in providing financial education within schools and their wider communities. Based on feedback from members, it includes a number of case studies about members outreach programmes and calls for improvement in the following…
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