Credit, Collections & Insolvency News
SilverRock Bank has announced the granting of its banking authorisation with restriction by the Prudential Regulation Authority following the completion of a £50m funding round. SilverRock’s unique business model and strategy is predominantly built to partner with non-bank and other lenders to support them to compete more effectively over the long term. An Ipsos SME…
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The Building Societies Act 1986 (Amendment Bill) has been completed in Parliament. This new Act of Parliament was introduced by Julie Elliott MP (Lab, Sunderland Central) to help to put building societies on a level playing field with their banking competitors, enabling them to support more lending to first-time buyers and homeowners in the future.…
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A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…
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New research conducted this week by business lender Together has found that over a third (35%) of SME business leaders strongly believe that ensuring access to finance for the country’s wealth creators should be prioritised by the government within the first six months of the new parliament. A third (33%) of this group – which…
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Consumer confidence has risen to its highest level in over two years, according to GfK’s consumer confidence index. The index rose by two points to minus 17 in May, which is the highest reading since December 2021 The analysis showed that consumer confidence continues to rise, with confidence in the general economic situation over the next…
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A new report by the London Business School and Evolution and the Institute of Directors has indicated that the adoption of generative artificial intelligence (AI) could widen corporate inequalities, with sectors prone to market consolidation seeing the most significant shifts. The report also proposed a series of recommendations that businesses and policymakers can implement in…
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A restaurant manager has been givena suspended sentence after using Covid Bounce Back loan to buy jewellery. The Manchester-based restaurant manager fraudulently obtained two Covid loans worth £100,000. Sehrish Yasmin was sentenced to 10 months in prison, suspended for 12 months, at Manchester Crown Court. The 32-year-old was also ordered to pay costs and compensation…
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Two in five (40%) SME decision-makers do not have protective measures against fraud and scamming in place, leaving them at risk of an incident or attack according to research by insights agency Opinium. The research, conducted among 500 senior decision makers at SMEs, found that this rises to 45% among SMEs in hospitality, food &…
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