The Financial Conduct Authority (FCA) has published the final report on its investigation in to Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). This follows the update provided in July 2018 on the investigation. In that update, the FCA said that given the…

It has been announced that from 1st June, the process for complaining about enforcement agents (bailiffs) will be streamlined.  The Civil Enforcement Association (CIVEA) will no longer review complaints on behalf of its members. With CIVEA no longer involved, all complaints about enforcement agents acting on behalf of local authorities will go straight to the…

Prime Minister Theresa May must use her final days in office to push through the late payments reforms package announced in this year’s Spring Statement. The urgent call comes from the Federation of Small Businesses (FSB) as businesses face up to extended political uncertainty surrounding the Brexit crisis coupled with the prospect of a new…

Outsourcing group G4S has been accused by the small business commissioner of “persistent late payment” towards one of its suppliers and its payment practices are being investigated. In a report, the Small Business Commissioner says a business approached them in December 2018 regarding late payment fees in relation to a project undertaken for G4S. The…

Fifteen of the seventeen businesses highlighted for poor payment practice in May have filed action plans or are preparing submissions to improve their treatment of smaller suppliers, demonstrating the effectiveness of the Prompt Payment Code. Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM), says firms have responded positively to approaches by…

The announcement by Chancellor Philip Hammond that HM Revenue and Customs (HMRC) would revert to secondary preferential creditor status for taxes collected on its behalf in all insolvency situations will likely have a significant negative impact on lending to UK Plc, according to analysis by Duff & Phelps. In a return to the pre-Enterprise Act…

HMRC is continuing its campaign of targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators in the sector, says the accountancy and business advisory firm, BDO. According to BDO, restaurants and takeaways account for 26% (200 of 775)* of businesses ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ since…

The Department for Education has confirmed it petitioned the High Court for Hadlow College to be placed into “education administration”, under the insolvency regime created by the Technical and Further Education Act 2017. The High Court is expected to respond on 22nd May. Insolvency practitioners BDO are understood to have been lined up as the…

New research by fraud investigation technology provider HooYu has identified loopholes at Companies House that enables individuals to register as a director, to run businesses and to enable fraud and money laundering, even after they have been struck-off from holding company directorships. The analysis also uncovered over 500 so-called “chameleon” directors who have been disqualified…

The latest statistics from the Valuation Office Agency’s ‘Check, Challenge, Appeal’ business rates system show a 97% drop in the number of businesses challenging their rates bills in the last two years in England, compared to the two years following the previous revaluation. Responding to the figures, Federation of Small Businesses (FSB) National Chairman Mike…

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