9th June 2023 - Credit Connect

Rising rates pushing landlords to sell

9th June 2023 Consumer Lending | #house sales

Rising interest rates are pushing some landlords to consider selling up, which in turn could squeeze availability and raise costs for tenants, the Royal Institution for Chartered Surveyors (RICS) has said. Nearly two-thirds of estate agents reported an increase in landlords looking to sell in April, according to the RICS’ survey A similar proportion reported…

Hundreds of businesses fined £3.2 million in money laundering penalties

9th June 2023 Commercial Credit Management |

Hundreds of businesses fined a total of £3.2 million for breaching anti-money laundering rules have been named by HM Revenue and Customs (HMRC). The 240 supervised businesses named today were fined between 1 July and 31 December 2022 by HMRC for breaching Money Laundering Regulations aimed at preventing criminals from exploiting illicit cash. Certain types of business…

Energy companies urged to make bills clearer

9th June 2023 Consumer Collections | #energy bills

Energy retailers have been urged to simplify the language used in consumer communications after a survey found the majority of customers (76%) are confused by their bill. Consumer group Which?’s research found almost half (48%) of all consumers said they experience a negative emotional response when reading their bills. The research that almost half (47%)…

HSBC withdraws mortgages

9th June 2023 Consumer Lending |

HSBC has withdrawn all residential, buy-to-let and business mortgage deals after being overwhelmed by a rush of customers seeking to lock-in deals before rates rise. The lender, which accounts for almost a quarter of the home loans market, said it would relaunch its products next week. Recent rises in yields on government debt have prompted…

ICAEW appoints news President

9th June 2023 Appointments |

The ICAEW has announced that it has appointed Mark Rhys as its new President. Rhys succeeds Julia Penny and will serve a one-year term until June 2024, when he will hand over to Malcolm Bacchus. Rhys joined ICAEW Council in 2018; he became an ICAEW Board member that same year. During his year in office, Rhys…

RSM UK appoints Consumer Duty Managing Consultant

9th June 2023 Appointments |

Audit, tax and consultancy firm RSM UK has appointed a dedicated Consumer Duty expert to support financial services clients with the new rules, which represents the most fundamental regulatory change programme for the financial services industry since TCF (Treating Customers Fairly) principles were introduced in 2006. Michael McCormick joins RSM’s London office on 12 June…

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