22nd November 2022 - Credit Connect

Output drops to its lowest since first Covid lockdown

22nd November 2022 Commercial Credit Management |

Analysis by Lloyds Bank has revealed that twelve of the fourteen key sectors of the economy experienced a drop in output in October. This is up from nine in September and the highest number to report contraction since May 2020. Rising inflation was behind the decline, forcing businesses and consumers to cut back on spending. The…

Restaurant insolvencies increase by 60%

22nd November 2022 Business | #insolvencies

Restaurants in the UK are going bankrupt at a faster rate than during Covid-19 due to rising energy costs, staff shortages and a lower level of bookings according to research by Mazars. The research found that closures in the sector rose by 60 per cent over 2021-22 compared to 2020-21. Restaurants in the UK are…

Ofgem finds energy suppliers failing vulnerable customers

22nd November 2022 Consumer Collections | #utilities

Ofgem has said that energy firms have been failing vulnerable customers. The energy regulator Ofgem has told all 17 firms in its review to improve, with Good Energy, Outfox, So Energy, Tru Energy and Utilita found to have severe weaknesses. Ofgem said that initial assessment and ratings were formed, many suppliers have already responded positively…

FCA proposes credit information improvements for borrowers

22nd November 2022 Consumer Lending | #credit information

The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…

Tandem Bank appointments two new senior executives

22nd November 2022 Appointments |

Tandem Bank has strengthened its executive team with the appointment of two new senior executives. David McCarthy has been appointed as Tandem’s Chief Financial Officer (CFO) becoming a member of both the bank’s Board and executive committee. McCarthy joins Tandem from Atom Bank where he has been CFO for the past eight years, following previous…

Four in five concerned about ongoing increases to the cost of living

22nd November 2022 Arrears and Recoveries |

Four in five employees across the UK are concerned about ongoing increases to the cost of living (79%), according to new research from Aviva which shows the over-45s are collectively the most affected. The research found that among lower income employees – those earning less than £30,000 – nearly a third (30%) report that their…

Intrum agrees deal to acquire Capquest and Mars platforms from Arrow Global

22nd November 2022 Consumer Collections | #debt sale

Credit management services company Intrum has agreed to a £36.5 million deal to buy the Capquest and Mars UK servicing platforms from European fund manager Arrow Global, along with a £121.25 million investment for 50% of Arrow’s UK back book consumer portfolios. The purchase includes outsourcing contracts with major financial institutions as well as the…

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