Credit, Collections & Insolvency News
The cross-party Treasury Committee has launched an inquiry into the challenges faced by small businesses when seeking finance. In the wide-ranging new inquiry, the MPs will investigate the accessibility of finance, the role of financial innovation in business lending, and the role of the Bank of England’s Term Funding Scheme, credit reference agencies and Government…
Read more
The Financial Conduct Authority (FCA) has made rulebook changes in an effort to grant households relief from rising mortgage rates. Lenders will be able to offer borrowers a switch to interest-only payments for six months. They will also be able to offer an extension to mortgage terms to reduce monthly payments, with borrowers given the…
Read moreNew analysis of Bank of England data by RSM has found that In May 2023, consumer borrowing fell from £1.5 billion in April to £1.1 billionn. Consumers withdrew £4.6 billion from banks and building societies, which marked the highest level of household withdrawals on record, suggesting households are using savings to pay down debt which…
Read more
The Institute of Directors (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -31 in June 2023, down from -6 in May, wiping out the improvements recorded since the beginning of the year. The reasons for the drop are greater concerns around inflation and, separately, falling customer…
Read more
The Insolvency Service has issued a reprimand against the Institute of Chartered Accountants in England and Wales (ICAEW) for regulatory failings. ICAEW is one of the four Recognised Professional Bodies which regulates licenced Insolvency Practitioners in Great Britain. The reprimand relates to failures by ICAEW after restrictions were imposed on Adrian Duncan, an Insolvency Practitioner…
Read more
Cross-border advisory firm Quantuma has appointed restructuring expert, Craig Morrison as a Managing Director in its Scottish practice. Morrison will be based from Quantuma’s new premises in Edinburgh which is the firms second Scottish office and 18th in the UK. Morrison joins Quantuma from a national restructuring practice, where he held a senior role for…
Read more
HMRC has been accused of profiteering from self-employed workers over the rate it charges on late payments. Analysis shows that while taxpayers have been charged 7% on late payments, those who are owed a refund from HMRC receive interest of just 3.5%. Julia Kermode, founder of IWORK, said “HMRC is profiteering from self-employed workers at…
Read more
StepChange Debt Charity has announced the appointment of Liz Harding, Mike Ashley and Sue Acton as Trustees, who will join its board on 1st July. StepChange conducted a comprehensive and extensive search process to find new expertise to support the future direction and strategy of the charity. In particular, the charity sought lived experience of…
Read more
TransUnion and NatWest Group have expanded their existing partnership to introduce Know Your Credit Score – the first credit information service from a retail bank available to all eligible consumers in the UK. The new service builds on the success of the bank’s existing tool, powered by TransUnion’s CreditView solution, which has already seen more than five million customers…
Read more