26th September 2023 - Credit Connect

Ministers urged to extend energy bill support for vulnerable households

26th September 2023 Consumer Collections | #energy support

MPs on the Commons Select Committee have warned that vulnerable households face an inevitable new winter crisi ” without more help on energy bills. A report from the Energy Security and Net Zero Committee follows a quick inquiry on how the Government and energy firms can best prepare for the coming months. MPs heard of…

FCA proposes new diversity and misconduct rules

26th September 2023 Consumer Lending | #FCA

The Financial Conduct Authority (FCA) and Prudential Regulation Authority have set out proposals to boost diversity and inclusion across the financial services industry. The rules would require large banks and insurers to report diversity and inclusion data to regulators and set new targets to address under-representation. In a consultation paper, the bodies say firms would…

Water companies to return £114m to customers for under-performance

26th September 2023 Consumer Collections | #water rebates

Under-performance by the majority of water and wastewater companies in England and Wales, will mean companies have to return £114m to customers next year according to the water regulator Ofwat. The rebate has been set by Ofwat following its assessment of performance against targets set for 2022/23 and will come off customers’ bills for next…

Small Business Commissioner recovers less than £800,000 in late payments

26th September 2023 Commercial Collections and Recoveries | #late payments

A Government watchdog set up to tackle late payments has reclaimed less than £800,000 for small businesses since June 2021. The Office of the Small Business Commissioner, launched in December 2017, has recovered £8.5 million owed to small businesses, with £7.8 million retrieved before June 2021. The Commissioner attributed the lower amount recovered to resolving…

UK economy predicted to slow in second half of the year

26th September 2023 Commercial Credit Management |

The UK economy is heading for a slowdown in growth in the second half of the year, according to KPMG. With interest rates reaching their potential peak, attention will turn to fiscal policy, however, the upcoming general election could prolong the uncertainty for businesses and delay investment. High-interest rates, continued uncertainty and low productivity could…

SMEs repay £5.3bn in first half of 2023

26th September 2023 Alternative Business Lending | #SME Lending

Analysis of the Bank of England’s data on SME lending shows that through the first half of 2023 SMEs saw net lending decrease by £5.3 billion. The research by Ebury has highlighted the urgency with which businesses are now making debt repayments in the aftermath of the various Covid-19 loan schemes and the rising cost…

Ophelos acquired by Intrum

26th September 2023 Company News |

Debt resolution specialist, Ophelos has announced that it has entered into an agreement to be acquired by debt purchase and collection company Intrum. Intrum says the acquisition of Ophelos, will seek to advance the development of tech-enabled solutions in its offering by further strengthening its market position. Ophelos is a technology company that uses AI to…

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