14th February 2023 - Credit Connect

Quarter of couples argue about money at least once a week

14th February 2023 Consumer Collections | #money

A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to research by Aviva. The research also found that while more than two thirds of couples (67%) have a joint current account and half (51%) have joint savings accounts, 38% of people…

Business pessimism persists with supply chain a top concern

14th February 2023 Commercial Credit Management | #business confidence

Businesses remain pessimistic about the outlook for the economy, with BDO’s optimism index stuck in negative territory for a fourth consecutive month according to latest research from accountancy and business advisory firm BDO. Global and domestic supply chain pressures outrank access to labour, rising interest rates and mounting costs as the top concern facing over…

Fortress Restructuring director receives ten year ban after wrongly claiming £50,000 loan

14th February 2023 Business | #insolvency service

A company director has received a ten year from the Insolvency Service td after wrongly claiming a £50,000 loan. Thomas Whyte claimed £50,000 Bounce Back Loan for a dormant Scottish restructuring business, and withdrew cash before the firm was wound up. Whyte was the sole director and shareholder of Fortress Restructuring until it was wound…

Shoppers spent £8bn in January whilst BNPL use increases

14th February 2023 Alternative Consumer Lending | #BNPL #spending

Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…

Money and Pensions Service appoints new Chair

14th February 2023 Appointments |

The Department for Work and Pensions (DWP) has announced the appointment of Sara Weller CBE as the new permanent Chair of the Money and Pensions Service (MaPS). Weller has been serving as a non-executive board member since September 2022 and will formally take up the role of permanent Chair on 29th March 2023. Her prior…

Amigo avoids fine but faces FCA censures over affordability checks

14th February 2023 Alternative Consumer Lending | #Amigo Loans #FCA

The Financial Conduct Authority (FCA) has publicly censured Amigo Loans for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA says it would have imposed a fine of £72.9 million however Amigo demonstrated that this would cause it serious financial hardship. A fine would also have threatened Amigo’s ability to meet its…

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