10th February 2025 - Credit Connect

Directors warned of repercussions of illegal ‘phoenixing’

10th February 2025 Commercial Credit Management |

Audit firm, Wbg has warned directors against the repercussions of failing to deal with failing companies in the proper manner and illegal ‘phoenixing’. The caution follows reports that a Scottish company director used a ‘corporate rescue’ process to shut down his winter sports business and dodge paying out money to staff by paying bogus directors…

FCA sees increase in misleading and illegal financial ads

10th February 2025 Consumer Lending | #financial adverts

The Financial Conduct Authority (FCA) has warned of a growing number of misleading and illegal financial promotions, with the regulator saying that almost 20,000 financial promotions were withdrawn or amended after intervention in 2024. This is almost double the number of cases recorded in 2023, when more than 10,000 were flagged. The report also shows…

Small business growth predicted to fall for first time since July 2024

10th February 2025 Commercial Credit Management | #business growth

The percentage of UK small business owners predicting growth (33%) has dipped to a nine-month low, according to the latest quarterly data from Novuna Business Finance. Whilst 45% see Q1 as a standstill period, there is a four-year high in the percentage of small businesses saying they will contract by the end of March (13%)…

FOS introduces new charge for claims

10th February 2025 Consumer Collections | #financial complaints

Financial Ombudsman Service (FOS) has announced that professional representatives will be charged £250 to refer a case to the service, FOS says professional representatives can bring ten cases to the service for free each financial year. After that, every subsequent case they refer will be chargeable. They will receive £175 back in credit if the…

Credit Union membership grows by 4.2%

10th February 2025 Alternative Consumer Lending | #credit unions

Latest figures reported from the Bank of England have revealed that Credit Unions across England, Scotland, and Wales continue to oversee steady growth in membership, loans, and savings, reaffirming their crucial role in supporting communities during challenging economic times. The data showed that the total number of Credit Union members in Great Britain has reached…

Financial Ombudsman Service CEO resigns

10th February 2025 Appointments |

The Chief Executive Officer (CEO) of the Financial Ombudsman Service (FOS) Abby Thomas has left her role. Thomas has been in the role since October 2022. Baroness Manzoor. Deputy Chief Ombudsman James Dipple-Johnstone will step in as Chief Ombudsman on an interim basis, while Chief Finance and Risk Officer Jenny Simmonds will cover the CEO…

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