Credit, Collections & Insolvency News
The knock-on impact of soaring energy prices is being felt strongly by the UK construction sector as businesses face delays to new work while continuing to operate with disrupted global supply chains. According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI fell to 48.9, down from 52.6 in June, showing…
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Around 1 million children with key worker parents are living below the breadline, new research by the TUC has found. In some parts of the UK, more than two-fifths of children in key worker households are living below the breadline with one in five (19%) key worker households having children living in poverty. The research,…
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HMRC is to revise late payment interest rates after the Bank of England increased its base rate to 1.75%. The Bank of England Monetary Policy Committee voted on 4th August 2022 to increase the Bank of England base rate to 1.75% from 1.25% HMRC interest rates are linked to the Bank of England base rate. As…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years as the Insolvency Service continues to identify and tackle abuse of the Bounce Back Loan scheme. In each of the five separate cases, the Bounce Back Loans were either wrongfully obtained through overstating their businesses turnover, or on behalf of a company…
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A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027, increasing from 360 million in 2022. The research says that the substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost…
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End-to-end collections and recovery specialist C&R Software has announced a partnership with Elanev to provide propensity scores. Elanev scores are UK and US-wide. Uniquely they apply to all customers, new and current, credit active and inactive and are updated daily. They include propensities for contact, payment, and financial vulnerability/resilience as well as the best time…
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Digital SME lender and savings bank, Recognise Bank has appointed Jean Murphy as Chief Executive Officer (CEO). Murphy brings over 25 years of experience of banking and capital markets for several leading global institutions. She is also experienced in building businesses, both within financial institutions and having founded and managed a successful wealth management firm.…
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The Financial Conduct Authority (FCA) has appointed Ruairi O’Connell, OBE, as the new Director of International. O’Connell will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping…
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