15th December 2023 - Credit Connect

2023 Credit & Collections Technology Company Power List announced

15th December 2023 Consumer Collections | #2023 company power list #featured

Credit Connect has announced its annual Credit & Collections Technology company power list for 2023. The fifth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovator companies highlighting the achievements and successes of the top-performing…

Energy firms will now start to help struggling customers as new rules begin

15th December 2023 Consumer Collections | #energy bills

New rules which mean that energy suppliers will now have to help struggling customers with their energy bills have now come into effect. Energy regulator says the new rules will make it easier for domestic customers to contact their supplier, help provide support for domestic customers who are struggling with their energy billsand compel suppliers…

Businesses face costs £10k higher than last year

15th December 2023 Business Lending | #business risk

Small businesses (SMEs) in the UK face costs £10,000 higher than they were during the same period last year according to new research by Liberis. The research also indicates that the cash buffer provided by various government-led Covid Business Interruption Loans is quickly depleting. Small businesses, which have relied on these loans to weather the…

Motor sector responsible for a quarter of all financial complaints

15th December 2023 Consumer Lending | #motor finance

New complaints data from the Financial Ombudsman Service (FOS) has shown that complaints relating to motor issues now make up 25% of all cases for the second quarter (Q2) of this financial year, July to September 2023/24. These increasing complaint levels have arisen in two separate sectors. From 1st July to 30th September 2023, on…

Mistrust of technology exposing a third of regulated firms to money laundering

15th December 2023 Consumer Lending | #fraud #money laundering

More than a third (36 per cent) of people in regulated firms who ‘can’t trust’ electronic ID verification and instead rely on manual checks, are leaving their doors open to financial crime according to new research by SmartSearch. The research in the company’s 2023 annual survey of 500 compliance stakeholders – has doubled since their…

Ofwat outlines vulnerability plans from water companies

15th December 2023 Consumer Collections | #vulnerability

Water regulator, Ofwat has set out expectations for the minimum standards water companies should provide for all customers, specifically recognising vulnerable householders. The new vulnerability guidance recognises that some customers need extra help to access water and wastewater services, such as those who are sick, have a disability or have mental health problems. It will…

Bank of England holds rate – business industry reaction

15th December 2023 Commercial Credit Management |

The Bank of England has announced that it held interest rates at 5.25% the third rate pause, two years on from the first rate rise. Responding to the Bank of England’s Monetary Policy Committee’s (MPC) vote, Federation of Small Businesses (FSB) Chair Martin McTague said “A third hold in a row was widely expected, but…

Interest rates hold at 5.25% – consumer credit industry reaction

15th December 2023 Consumer Lending | #interest rates

The Bank of England has announced that interest rates will be held flat at 5.25%. The MPC voted 6-3 to hold rates steady, with dissenters preferring to raise rates by 0.25% to 5.5% Responding to the news Change Debt Charity that the hold will be worrying for households yet to secure a new fixed-rate mortgage…

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