As far back as 2013, we said in a press release titled ‘Government is letting small to medium size businesses down’ that the Prompt Payment Code needs a complete overhaul as it clearly isn’t fit for purpose. We also said that it needs to be given real powers to be able to act effectively on…

Following the banking crisis in 2008, the Parliamentary Commission for Banking Standards (PCBS) recommended the creation of a new framework focused on increasing senior management accountability. Based on this recommendation, Parliament passed legislation in December 2013 that prompted the primary regulators of the financial services sector, the Financial Conduct Authority (FCA) and Prudential Regulation Authority…

We get a lot of calls from clients having received letters promising that all their business debt problems will be gone, usually by the way of Company A buying Company B for the nominal sum of £1. As you read further into it there are also fees of £5,000 to pay to handle the process.…

The recent ‘Car Buyers Report’ by AutoTrader has once again got the automotive industry talking – particularly around a common frustration and mistrust of the vehicle purchasing process on behalf of the consumer.  Of those polled, 14% of respondents thought the customer journey had worsened, while more than half believed the car-buying experience had remained…

Building trust is an essential part of any stable business relationship. Whether you want to connect with a potential client, vendor, or landlord, you need a way to demonstrate your trustworthiness and convey the value of your business. A business credit file can effectively demonstrate your business’s reliability and make your business more attractive to…

Pressure on motor finance companies looks set to see changes in the months ahead and lenders and dealers must adapt. The automotive sector must pay attention to developments like this which further indicate the importance of the market becoming more buoyant and sustainable in order for dealerships to thrive. While recent years have seen new entrants…

Body-worn cameras are to be compulsory for bailiffs under government plans to improve the treatment of people in debt.  The Ministry of Justice said that the move, which only affects England and Wales, should help protect those in debt from “intimidation and aggression” used by some bailiffs. However the Citizens Advice Bureau, according to the…

No one goes into business expecting to fail, although sometimes business owners lose sight of fundamentals such as ensuring the business is sufficiently profitable. It is very easy to chase turnover or a client which could be a game changer, only to run into working capital issues. ‘Turnover is vanity, profit is sanity’ may be a…

Christopher Woolard, Executive Director of Strategy and Competition at the FCA, gave an interesting speech at the AI ethics in the financial sector conference at The Alan Turing Institute yesterday. As Flexys conducts its own artificial intelligence research and development exclusively for the debt collection market, we were listening intently. From the regulator’s perspective, there are…

Many firms in the construction sector face a one-off cashflow hit when a change in the VAT rules comes into effect on 1st October.  Under the rule change, a “reverse charge” will apply to many VAT-registered businesses in the construction sector. This means that their fellow business customers will pay the VAT on their bills…

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