Credit, Collections & Insolvency News
Despite increasing fraud volumes, the UK enjoys lower rates of successful fraud attempts as a proportion of overall transactions (0.2%) compared to the rest of the globe (1.3%) thanks to a world-leading fraud prevention market according to the latest online fraud analysis published by LexisNexis Risk Solutions. Almost 9 in 10 (88%) UK financial services…
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UK freelancers and small business owners continue to be struggle by the problem of late payment, according to new research by cloud accounting software company FreeAgent. Analysis of invoices sent by FreeAgent’s small business customers between June 2022 and June 2023 has revealed just under half (43%) of invoices sent over the past 12 months…
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Figures from the Office for National Statistics (ONS) show the UK economy shrank by 0.1% in May, largely due to the extra bank holiday for the King’s Coronation. This is less than the 0.3% drop predicted by economists, however. The fall follows growth of 0.2% in April 2023, looking at the broader picture, GDP has…
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Data released by Cifas and UK Finance reveals that in the first six months of 2023 there were 17,286 cases with intelligence indicating money mule activity filed to the Cifas National Fraud Database. Of these, 3,881 involved young people aged 21 and under which now make up one in five (23%) of all cases filed…
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A third (32%) of lenders have seen an increase in borrower defaults over the last 12 months, according to new research from AI powered transaction analytics firm, Fuse. The report found that consumers are increasingly reliant on credit amidst rising living costs – with young people struggling the most. Over four in ten (43%) of 18-34…
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Trade credit insurer, Allianz Trade has announced that it has appointed Stephen Bramall as Credit Director for both UK & Ireland. Bramall is responsible for implementing the Allianz Trade in the UK & Ireland’s credit strategy, managing risk underwriting, credit analysis, claims, and collections, plus delivering operational targets and supporting commercial activity. He reports directly…
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Arrow Global has announced the acquisition of Blue Current Capital (BCC), an ESG-focused real estate asset manager dedicated to the development of electric vehicle (EV) charging hubs. Arrow says that the acquisition is part of its commitment to investing in opportunities that focus on generating positive social or environmental outcomes alongside financial returns, particularly those…
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Ofcom says that it is concerned about the number of complaints it has received from Virgin Media customers who have tried to leave but said the company had made it difficult. The regulator says that some people have struggled to get through to an agent on the phone, and some found their call was dropped…
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