16th July 2024 - Credit Connect

Court closes firm offering unlicensed insolvency services

16th July 2024 Business | #fraud

A court has wound up a Manchester firm which offered unlicensed Insolvency Practitioner (IP) services. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed. Its actions risked undermining the insolvency regime and the company’s directors refused to explain its trading practices to investigators The company…

6.8m people struggling to pay for essentials

16th July 2024 Arrears and Recoveries | #cost of living

New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…

Two thirds of financial services leaders more optimistic under new government

16th July 2024 Commercial Credit Management | #uk economy

Two thirds (67%) of financial services leaders are more positive about the sector’s future growth under the new government, according to KPMG’s latest UK Financial Services Sentiment Survey. The quarterly poll, which was conducted after the General Election, tracks sentiment among over 150 leaders working across banking, insurance, asset and wealth and private equity. It…

Cost for moderate retirement is £36,480 per year

16th July 2024 Consumer Lending | #retirement

Latest data from Hargreaves Lansdown’s (HL) savings and resilience barometer has put the cost of a moderate retirement income at £25,000 per year for a single person and £36,480 for a couple. The research suggests that 38% of households are on track for a moderate retirement income. It is thought that retirement costs have soared…

Regulators call for information on big tech and digital wallets

16th July 2024 Consumer Lending | #digital payments

The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are scrutinising the benefits and potential risks of digital wallets as analysis suggests that over half of adults may be using services like Apple Pay, Google Pay, and PayPal. As well as looking at the advantages digital wallets offer consumers, the regulators will also…

Real disposable income is still lower than before the pandemic

16th July 2024 Customer Insight and Analytics | #disposable income

New research by Hargreaves Lansdown (HL) has found that real disposable income is still lower than before the pandemic, but with consumers cutting spending it has found thatoverall financial resilience has improved. The research shows that the average household has £235 at the end of the month, over twice the pre-pandemic level of £110, and…

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