7th July 2023 - Credit Connect

Third of grandparents have gifted money to grandchildren

7th July 2023 Alternative Consumer Lending |

Almost a third of grandparents say they have lent or gifted money to their grandchildren, with the elderly family members paying out £2,119 on average according to new research by Saga. 17 per cent of those surveyed said they had used the cash to buy a first property and the same amount saying that it…

Mandatory bank referral system failing SMEs

7th July 2023 Commercial Credit Management |

The Finance & Leasing Association (FLA) is recommending a review of the Mandatory Bank Referral (MBR) system because it is failing to help SMEs find alternative funding if they are turned down by their bank. The MBR was introduced in 2016 and requires banks to refer declined loan applications from SMEs to other finance providers…

FCA tells banks to improve rates for savers

7th July 2023 Consumer Lending | #savings

The Financial Conduct Authority (FCA) has told the UK’s largest banks to do more to improve returns for savers following months of criticism over the gulf between the cost of mortgages and rates offered on easy-access savings accounts. In a statement after the meeting with senior executives from Barclays, Lloyds Banking Group, NatWest and HSBC, the regulator said they had…

Money Advice Trust publishes outcomes report

7th July 2023 Consumer Collections |

The Money Advice Trust has published its latest Outcomes Report, which shows the scale and impact of the charity’s work helping people and small businesses in financial difficulty. Last year, through its National Debtline and Business Debtline, the Trust helped 140,980 individuals and small business owners to tackle their debts, with 1.87 million visits to…

Half of older workers who retired earlier 2020–21 have ended up in relative poverty

7th July 2023 Arrears and Recoveries | #poverty

New IFS research, funded by the Joseph Rowntree Foundation (JRF), shows that 48% of 50- to 70-year-olds who had recently left the workforce in 2020–21 ended up in relative poverty. This was significantly higher than the percentage of individuals who were in poverty after leaving the workforce in pre-pandemic years – even though overall poverty…

Working Capital Group 1.0 Review

7th July 2023 Commercial Credit Management | #working capital group

Credit Connect hosted the launch of its first-ever Commercial Working Capital Group last week which saw commercial credit and collection strategies and the future of the sector discussed by sixteen leading professionals at Marsh McLennan’s central London office. The impact of rising energy prices and interest rates was discussed as was the availability of credit…

FLA makes board appointment

7th July 2023 Appointments |

The Finance & Leasing Association (FLA) has announced it has appointed Karen Page, Managing Director of Caterpillar Financial Services, to its board. Stephen Haddrill, Director General of the FLA, said “I am delighted that Karen has joined us. Her sector expertise will further strengthen the FLA’s insights across the full breadth of the industry.” Karen…

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