Credit, Collections & Insolvency News
The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, bounced to +7 in July 2024, from -14 in June. This is the highest result that the Index has registered since July 2021 (+22), which was also the last time the Index was positive. The underlying indicators showed…
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The Bank of England’s annual update on the Credit Union sector shows that loans to members increased by 21.4% to £2.3 billion, the largest year-on-year change, after increasing 15.7% in 2022. The total number of Credit Union members also rose by 4.6% to 2.2 million while income grew by 27.5% to record levels in 2023,…
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The Financial Services Compensation Scheme (FSCS) paid out £423m in compensation to customers during 2023/24. The data showed that £262m for FSCS’s claims service, which includes claims for investments, pensions and financial advice with paid out £160m to customers of failed insurers and £1m for deposits held with failed credit unions. The FSCS recovered £54m from…
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