26th February 2026 - Credit Connect

ANALYSIS: Scottish business distress rises 49.5%

26th February 2026 Industry opinion |

Scotland recorded 3,517 businesses in critical financial distress in Q4 2025, up from 2,353 in Q4 2024 — a 49.5% year-on-year increase, according to the Business Distress Index compiled by Real Business Rescue. That rise is higher than the UK-wide average of 43.8%, where critical distress nationally reached 67,369 businesses by the end of the…

Wesleyan appoints new Chair and CFO

26th February 2026 Appointments |

Wesleyan Group has announced it has made two appointments to the board to support its ambitious growth strategy, with Ian Gladman joining as Chair and Marco Groot Wassink as Chief Financial Officer (CFO). Gladmen will formally succeed Nathan Moss in April, following the completion of the outgoing Chair’s nine-year term. He brings more than 30…

Ofgem energy price cap fall boosting living standards for lower-income households

26th February 2026 Industry opinion |

The new Ofgem price cap of £1,641, effective from 1st April 2026, represents a 7 per cent (£117) fall on current (Q1 2026) levels, bringing a welcome boost to strained household budgets. The main driver of lower prices is the Government’s £6.9 billion energy discount announced at last year’s Budget, which moves some policy costs from…

DWP faces scrutiny over bank account check powers

26th February 2026 Banking and Loans | #bank accounts

The Department for Work and Pensions’ (DWP) new powers to reach further into citizens’ lives must be used effectively and proportionately. In a new report on benefit fraud and error, the Public Accounts Committee (PAC) promises continued scrutiny of how the DWP will work to resolve the cases of carers wrongly pursued for overpayment debts,…

Fraudster who followed friend’s advice to claim Covid loan is jailed

26th February 2026 Commercial Credit Management |

A fraudster who illegally secured a Covid loan after a friend coached him on how to make a false application has been jailed. Fahad Sheikh applied for a maximum-value £50,000 Bounce Back Loan in 2020, falsely stating that his Garage Cars 4U business had a turnover of £220,000. His business was in fact not trading…

FCA proposes action to close gaps in borrowers’ credit files

26th February 2026 Consumer Lending | #credit files

Lenders could have access to more comprehensive information to support lending decisions, under new proposals by the Financial Conduct Authority (FCA). The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all. The changes…

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