Credit, Collections & Insolvency News
The Lending Standards Board (LSB) has announced that it has appointed Ken Scott as its next Chair. Scott will replace current Chair Chris Pond, when he reaches the end of his six-year term on 1st April 2023. Scott has extensive experience in the financial services sector, having spent many years working in HSBC’s commercial bank,…
Read more
A Financial Conduct Authority (FCA) review of business interruption claims handling has welcomed insurers quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims following the test case judgment handed down by the Supreme Court last year. However, the FCA has raised concerns over how firms handled…
Read more
New research by Royal London has found that four in ten (40%) workers have little or no idea how much they need to save for retirement. The research found only a minority of UK employees (16%) are very confident that the amount they are currently saving is sufficient for retirement. A further 46% are fairly…
Read more
Prime Minister Liz Truss and Chancellor Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn. The chancellor acknowledged that their desire to axe the 45% rate on earnings over £150,000 in a move to be paid for by borrowing had become a “distraction”…
Read more
Sub-prime lender Morses Club has announced that Non-Executive Director Sir Nigel Knowles has relinquished the chairmanship to concentrate on his role as CEO at law firm DWF Group. Knowles joined the Morses Club board in May 2016 as senior independent director before becoming chair in March 2022. He will leave the role with immediate effect.…
Read more
Open Banking payment provider Ecospend, has announced a partnership with QR-code based payment services app, PENG. The partnership will enable PENG’s small business customers to benefit from Open Banking services in the form of free transactions and enhanced security. Founded in 2017, Ecospend’s ‘Pay-by-Bank’ technology aims to harness the benefits of Open Banking for businesses.…
Read more