Credit, Collections & Insolvency News
The Financial Conduct Authority says seven lenders have agreed to pay £12m in compensation to nearly 60,000 customers to correct repayment agreements that were unaffordable and unsustainable, in the wake of the pandemic and the cost-of-living squeeze. The regulator has also told a total of 32 mortgage and consumer credit firms to make changes to…
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Audit, tax and consulting firm RSM has appointed Tom Straw as Restructuring Partner in its growing London team. Straw joins RSM after spending nine years at Moorfields Advisory and over three years at BDO as a restructuring specialist. He has more than 15 years’ experience spanning debt advisory, M&A, financial advisory and restructuring, and a…
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New research from Freedom Finance, has indicated the potentially serious impact of credit declines on potential borrowers in the UK is creating application anxiety. Nearly half of all (46%) adults said that they wouldn’t apply again if they were declined for a loan or credit card from their bank. Over a third (36%) said that…
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Portland Business Recovery has announced that it has changed its name following its acquisition by the national Leonard Curtis business services group. The company was formed to provide business recovery and regulated insolvency services to businesses mainly located in Hampshire and Dorset. Alex Cadwallader, Director and Head of South for Leonard Curtis, said “Portland has…
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The Bank of England has raised interest rates from 2.25% to 3%. The increase is the biggest rise for 33 years, taking rates to their highest point since they were slashed during the financial crisis, at the end of 2008. Responding to the announcement, Jane Tully, Director of External Affairs and Partnerships at Money Advice…
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Two East Midlands directors have been banned by the Insolvency Service over misused of falsely claimed Bounce Back Loans totalling more than £80,000 during Covid pandemic. Muhammad Rais from Leicester, has been disqualified for 9 years for exaggerating the turnover of his takeaway business to claim £31,000 of Bounce Back Loans to which the company…
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The Bank of England has forecasted a prolonged recession and a deep income squeeze next year, as it scaled back expectations of future interest rate rises despite raising interest rates by 75 basis points to 3 per cent. The Monetary Policy Committee voted to raise Bank Rate by 75 basis points – the biggest single…
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The Bank of England has raised interest rates from 2.25% to 3%. Responding to the announcement, Federation of Small Businesses (FSB) National Chair Martin McTague said “Whatever the macroeconomic justifications for this latest rise, the eighth in a row, its effects will be felt immediately on the ground by small businesses carrying many kinds of…
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Morses Club has announced a number of changes to its board. Steve Curtis will join the board with effect from 5th November in the role of Interim Chair (non-independent), subject to FCA approval. Curtis has extensive experience as a Chair and CEO across a broad range of sectors, including financial, and has direct knowledge of…
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The Money Charity has announced that 250,000 young people have been taught financial education since 2010 with their money workshop While Financial Education as a subject has officially been on the Curriculum since 2014, many schools and colleges still lack the resources and confidence to deliver this themselves. The Money Charity meets this need through…
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