Credit, Collections & Insolvency News
Credit Connect has announced its annual Credit & Collections Technology company Power List for 2024. The sixth 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…
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Energy regulator Ofgem has announced a 1.2% increase of the energy price cap for the period covering January-March 2025. The change to the price cap – which sets a maximum rate per unit and standing charge that can be billed to customers for their energy use – will rise by £21 for an average household…
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Research by the Payment Systems Regulator (PSR) reveals that 36% of fraud victims are now hesitant to adopt new money management methods with vulnerable groups are particularly affected. Almost one in five fraud victims said their experience left them feeling anxious or depressed, while half reported a diminished trust in others. A third of victims…
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The Financial Conduct Authority (FCA) has announced that it plans to extend the deadline for lenders to respond to customer complaints regarding car loan mis-selling. A court ruling last month deemed it unlawful for lenders to pay undisclosed commissions to car dealers, leading to a surge in complaints. The FCA is considering extending the response…
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Insolvencies in the hospitality sector have increased year-on-year, according to analysis by RSM UK. The insolvency statistics show accommodation and food services insolvencies were up 5% in the year to September 2024 (from 3,490 in the 12 months to September 2023, to 3,679 in the 12 months to September 2024. Insolvencies in the sector saw…
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New research by Yorkshire Building Society has suggested that almost two in five (39%) 16–27-year-olds, twice the rate of the general population, said they lacked confidence needed to make important financial decisions. This lack of knowledge and confidence is reflected in their behaviours, just half (56%) said they know how to budget and a similar…
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Newly published research has revealed that nearly one in three firms surveyed (31%) believe they’ll need to embark on a wave of redundancies in the coming year according to research Evelyn Partners. The research also showed that 30% of business owners polled say it’s likely they’ll default on debt over the next 12 months. The research…
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The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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