20th December 2022 - Credit Connect

TSB fined £48.65m for operational resilience failings

20th December 2022 Consumer Lending | #bank fined

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services. In…

StepChange CEO to step down in 2023

20th December 2022 Appointments |

Chief Executive of StepChange Debt Charity Phil Andrew has announced that he is stepping down in 2023 after five years in post. Andrew will remain in post well in to 2023 to support the Board and Executive team to continue to deliver during an unprecedented cost-of-living crisis and to offer any support as the charity…

Business leaders expecting inflation to get worse

20th December 2022 Commercial Credit Management |

UK businesses expect to be hit the hardest by inflation, according to new research from Taulia. Nearly half (48%) of UK businesses expect inflation to get worse in the next 12 months, higher than businesses in Germany (42%), Singapore (35%) and the US (21%). The findings come at a time where nearly nine in 10…

Together appoints Director of Intermediary Sales for Commercial Finance

20th December 2022 Appointments |

Specialist lender Together has today announced the appointment of Tanya Elmaz to the role of Director of Intermediary Sales for Commercial Finance. Elmaz’s new role will see her leading and developing Together’s intermediary commercial finance channel. She will provide strategic vision, helping to support the company’s broker partners. Her team includes eight Field Sales Account…

Recession to last until end of next year

20th December 2022 Business | #recession

The UK economy is estimated to have entered a recession in the third quarter of 2022, which could last until the end of 2023 and see output fall by 1.9% during that period according to new research by KPMG. The squeeze on incomes is the main driver, with higher inflation and interest rates significantly reducing…

Two thirds of households will be unable to afford energy with April price rises

20th December 2022 Arrears and Recoveries | #energy debt

The number of families with children at home who believe they won’t be able to afford their energy bills is set to rise by an additional 27% over the next three months, pushing an additional one in four families into financial struggle, according to Comparethemarket’s latest Household Financial Confidence Tracker. Over a third (36%) of households…

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