Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) received 101,031 complaints about banking and credit cards in the first half of the year, with this almost double the 56,690 recorded in the first six months of 2023. Across all products, the first six months of 2024 saw 133,019 new complains logged with the FOS. This marks a 40%…
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The EY ITEM Club has revised its GDP growth expectations for 2024 down slightly from 1.1% in July’s Summer Forecast to 0.9%. UK GDP growth is expected to accelerate to 1.5% in 2025, although this is lower than the 2% forecast in July. The downgrade reflects that household savings are now lower than initially thought three…
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Companies House has published its first ever strategic intelligence assessment as the agency steps up its work to help tackle economic crime. The strategic intelligence assessment gives an in-depth analysis of the key threats Companies House faces. It’ll guide future prioritisation, decision making, risk identification and mitigation. The assessment will be followed by a new control strategy, which…
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After purchasing their first home, one in 10 (10%) first-time buyers expect to have less than £200 left each month, while one in 20 (5%) believe they would have nothing at all to live on, according to Yorkshire Building Society. A further two-thirds (64%) are worried they won’t be able to afford to put any…
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The cost of car insurance has fallen by £72 (-8%) year-on-year, according to new research from Compare the Market. The average premium declined to £776 in September 2024, compared to £848 in September 2023. August 2024 and September 2024 were the first months where car insurance premiums have been cheaper than the same period in…
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Eight in ten (86%) of UK small business owners are fearful of Autumn Budget announcements that could negatively impact the growth outlook and finances of their enterprises according to new research from Novuna Business Finance. For those that expressed concerns, the prospect of national insurance hikes (49%), rises to VAT (48%) and income tax (50%)…
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Insolvencies of UK fashion manufacturers have risen 23% in the past year, with 106 companies going under in the year to July 2024, up from 86 companies in the previous year, says Forvis Mazars, the international tax and advisory firm. The fashion industry has been hit hard by the cost-of-living crisis in the UK whilst…
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Global information and insights company, TransUnion has announced the appointment of Madhusudan ‘Madhu’ Kejriwal as its new Chief Executive Officer (CEO) for UK and Europe. Kejriwal will officially join TransUnion in January 2025. The appointment is subject to the required regulatory approvals. Kejriwal started his career with Capital One in Fraud & Credit Risk and…
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