Credit, collections & insolvency news
The new general data protection regulation will soon be upon us. For any businesses using credit reference agency (CRA) services, whether it’s credit checking or identity verification to help fight fraud, urgent steps must be taken to ensure these services can be maintained. Data sharing between lenders and CRAs and other authorised organisations helps consumers…
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Like most of the financial services industry, the debt collection sector has traditionally been male-dominated. But thankfully things are changing – for the benefit of both businesses and customers. Here at the CSA we have a senior management team made up of several women including our Head of Regulatory Standards & Compliance, Claire Aynsley, who…
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If ever there was a pivotal moment in the future of digitalisation that time is now. The Cambridge Analytica Facebook scandal, which has sparked controversy over foreign state interference and election rigging, has far wider implications. It brings under scrutiny how we harvest data, what it is used for, and how we control its dissemination…
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The government has announced plans to ban late payers from bidding on government contracts. But, whilst it’s great to see the government finally proposing to clamp down on poor payment practices running through its supply chains, more needs to be done for us to see a real cultural change in late payment. The proposals, which come…
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Good cash flow is the lifeblood of any business so it’s essential to monitor overdue invoices and act quickly to ensure payment. Failure to act promptly could mean your firm incurs damaging losses if a defaulting customer becomes insolvent and can’t afford to pay you. There are several early signs that a customer may be…
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I’ve just been taking a look at the Financial Conduct Authority 2018/19 business plan, published today and, in particular, the bits about debt solutions. The numbers are interesting. So are the implications for the future of debt advice but that’s for another time. FCA say: “Financial Lives data suggest that 3% of UK adults used debt advice or debt…
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There has been plenty written online about GDPR compliance already. Since the New Year it has become a popular blog topic. Indeed, most large businesses already have had large central programs underway for some time. Mapping of data and the basis of processing should have been already established. Privacy notices and any updates to data policy may have…
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Over the last few months I’ve spoken to many business owners. Time and again I’ve encountered in them a crippling dislike of calling clients and chasing for payment. They’ll email the reluctant payer until the cows come home yet do all they can to avoid picking up the phone and speaking to them! Which leads…
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As bricks-and-mortar retailers continue to struggle, landlords have to brace themselves for more tough negotiations ahead. Even as spring shows signs of finally emerging, there are no green shoots of encouragement for landlords of retail premises. Poor profits reported by big name retailers indicate that rental negotiations will be difficult, with retailers pushing for substantial…
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SMEs (Small or Micro Businesses) are particularly sensitive to both good and bad fortune – large profits can turn into losses very quickly when an unforeseen hurdle is hit. The majority of businesses can be saved by rigorous action as soon as directors realise that there is a problem, rather than burying their heads in…
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The ‘high cost short-term’ lending industry has gone through a transformation since it was reviewed by the Financial Conduct Authority (FCA) last year. Speaking as a Director of MYJAR, we can see that Industry standards have been raised and with this so have consumer perceptions. There is no longer a ‘taboo’ around instalment borrowing and…
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The financial services industry has been a little behind the curve on automated speech recognition (ASR) technology. It’s not hard to see why. In the past few years, the fallout from the 2008 financial crisis, a swathe of new regulatory regimes, and other market issues have kept the sector busy. Few organisations have had the…
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The SME market is booming. Initiatives like the Bank Referral Scheme and deals made last year between the government and some of the UK’s largest banks to ramp up support to SMEs mean they are finally, after being so neglected post-2008, getting the financial support they need to thrive. Because of this progression, the regulatory…
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