14th April 2023 - Credit Connect

ECB’s draft business plan welcomed by HCEOA

14th April 2023 Consumer Collections | #regulation

The Enforcement Conduct Board (ECB) has published its first-ever draft business plan for 2023/24. In its first-ever draft business plan, the ECB, which will operate independently of the profession and Government, has stated that its five priorities are to: Design and start to gather an evidence base to support the development of a proportionate oversight framework.…

Banks see increase in defaults

14th April 2023 Arrears and Recoveries | #bank defaults

Data from the Bank of England shows that banks and building societies have seen an increase in defaults. In the three months to February, lenders said that default rates on secured loans to households, such as mortgages, and unsecured loans, such as credit cards, increased and are expected to increase further in the next three…

MoneyPlus Group acquires InControl Debt Solutions

14th April 2023 Company News | #merger

Manchester-based MoneyPlus Group, parent company for the brand MoneyPlus Advice has announced that it has completed the purchase of Exeter-based InControl Debt Solutions. This is the second acquisition for MoneyPlus Group this year after acquiring Bright Oak in February. The deal will see InControl’s customers managed under the MoneyPlus Advice brand. Following a detailed due…

Former TSB Executive fined over Senior Manager conduct rule breach

14th April 2023 Company News | #regulation

The Prudential Regulation Authority (PRA) has fined Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank, £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. The…

Companies entering administration hits three-year high

14th April 2023 Business | #business insolvencies

The number of companies entering administration in March rose to 130, the highest figure since the Covid-19 pandemic first hit according to analysis by Kroll. The figures show that a rise in administrations continued in March, hitting the highest level since March 2020, when lockdowns made trading impossible for many firms. In Quarter 1 (Q1) of 2023,…

Rising cost of childcare drives one in three away from their career

14th April 2023 Consumer Collections | #childcare

New research by Credit Karma has found that almost one in four (23%) parents can no longer afford their current childcare arrangements. In the wake of the Spring Budget, which promised 30 hours per week of free childcare for under-fives by 2025, the Great British Credit Report has revealed many parents are being priced out of the…

UK economy stalls in February – industry reaction

14th April 2023 Commercial Credit Management | #economy

The UK Economy registered no growth in February, as a contraction in services and production offset strong growth in construction, according to latest Office for National Statistics (ONS) data. Revised figures from the previous month pushed GDP up by 0.4 per cent in January after a 0.5 per cent decrease in December. TheONS estimated that…

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