Credit, Collections & Insolvency News
The Bank of England has held interest rates at 3.75%. Policymakers voted 6-3 to make no change, with three members voting for an increase by 0.25 percentage points. Three members voted to increase base rate by 0.25 percentage points, to 4%. Tamsin Powell, Consumer Finance Expert at Creditspring, said “Today’s decision to keep the base…
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Directors are being warned to verify their identities with Companies House or risk prosecution after the Insolvency Service secured its first convictions for these offences. Jill White and Marc Dillon, directors of White (Reading Properties) Limited, and Modinat Banjo, director of J Isogony Apparel Limited, were fined at City of London Magistrates’ Court. Identity verification…
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The Finance & Leasing Association (FLA) has welcomed proposals from the Solicitors Regulation Authority (SRA) to strengthen consumer protections around third-party litigation funding, but says the Government must go further by bringing commercial litigation funders within the scope of Financial Conduct Authority (FCA) regulation. The FLA’s response to the SRA consultation says regulating solicitors is…
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Bank lending to small businesses across Great Britain falls £27bn in three years, with nine in 10 postcode sectors receiving less finance. The data has revealed a sustained and widespread decline in high street bank lending to UK small businesses, with total outstanding SME credit falling to its lowest level in more than a decade.…
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