Credit, Collections & Insolvency News
There are just four months left until Consumer Duty takes effect. During the last few weeks, the FCA has stepped up its efforts to reach those who aren’t yet engaging with Consumer Duty, and to bust the myth that firms don’t have to act. Despite what some might think, the incoming regulations won’t apply only…
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The Financial Conduct Authority (FCA) says that improved overdraft rules that reduced high fees for unarranged borrowing removed complex charging structures and helped consumers who were repeatedly using their overdrafts. Rules introduced in April 2020 meant that banks couldn’t charge more for unarranged overdrafts than for arranged ones. They also had to remove high fees…
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The Insolvency Service has said that 459 company directors were disqualified in 2022-23 for abusing the Covid-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters. Figures published today by the Insolvency Service also show that directors guilty of Covid-19 related misconduct are being hit with longer disqualification periods. The average…
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New research from TransUnion has found that nearly four in 10 (38%) adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for March 2023 rose by 16%. The number of registered business insolvencies in March 2023 was 2,457, 16% higher than in the same month in the previous year (2,120). The increase in company insolvencies compared to March…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 38.9% in March 2023 to a total of 11,438 compared to February’s total of 8,237, and decreased by 1% compared to March 2022’s figure of 11,554. Personal insolvencies increased by 4.4% when compared to March 2021’s total…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland rose in March 2023. The figures showed that there were 104 company insolvencies registered in Scotland, 21% higher than the number in March 2022. This was business insolvencies comprised of 40 compulsory liquidations, 61 CVLs, two administrations…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies decreased while personal insolvencies declined slightly. In March 2023 there were 12 business insolvencies registered in Northern Ireland, this was 40% lower than in March 2022. The business insolvencies comprised of eight CVLs, two compulsory liquidations and two administrations. There were…
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Debt charity StepChange has said that it helped or guided nearly half a million people last year, with more clients receiving full debt advice than in the previous year. Last year saw 171,000 people receive full debt advice compared to 158,000 people in 2021, while a further 312,000 clients used a StepChange money guidance or…
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Aquiring and collecting non-performing loans specialist, PRA Group has announced the appointment of Owen James as Global Investments Officer. James has been with PRA Group for more than a decade, most recently as Managing Director of Acquisitions. He has led the Company’s investments in Europe and has served on the European senior management team. Over the…
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New UK Finance data has indicated that there were 45,367 cases of impersonation scams last year, costing £177.6 million. The research also found that only 51 per cent of people always check if a request for money or personal information is legitimate before responding. Impersonation scams take place when a criminal contacts you pretending to…
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Invoice finance and ABL advisory firm, Loxbear Advisory, has strengthened its team with the appointment of Director, Tansy Cunningham. Cunningham has more than 20 years’ experience within the invoice and trade finance industry, gained from past positions in leadership, operations, risk and relationship management at Bibby Financial Services, Time Finance and Metro Bank. In those…
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Education lender Knoma has announced that it will use Fuse by Pave’s Open Banking insights to enhance credit decisioning through a new partnership agreement. The partnership will enable Knoma to improve acceptances, making education more accessible for millions across the UK through interest-free financial solutions. Open Banking data will empower Knoma to more accurately collect…
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