Credit, Collections & Insolvency News
A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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Complaints regarding banks’ handling of fraud have reached a record high, with the Financial Ombudsman Service (FOS) reporting 9,091 cases from July to September, a significant increase from 6,264 in the same period last year. This surge includes 4,956 cases related to authorised push payment (APP) scams, where consumers mistakenly send money to fraudsters. In…
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Law firm Flint Bishop has appointed Shona Houghton as a Partner in its Debt Services division as it prepares to open a new office in Cardiff in Q1 2025, aimed at further expanding its capacity and service lines. Houghton joins Flint Bishop from the London-based law firm Francis Wilks & Jones, where she previously served…
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Homeowners in parts of northern England are more than twice as likely to be in mortgage arrears than those in the south, according to new analysis of Financial Conduct Authority (FCA) data by longer-term lender April Mortgages. The latest mortgage arrears data provided by the FCA shows that the North East (1.76%) has the highest…
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Global service provider for credit information provider Creditinfo has announced the appointment of Charles De Winnaar as its Global Head of Sales Strategy and Sales Operations. As an experienced sales leader in financial services, De Winnaar will lead Creditinfo’s global sales strategy and operations across its network of 30 credit bureaus. He joins the company…
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Food and drink producers recorded the strongest growth in output of any sector last month as inflationary pressures drove manufacturing price hikes, Lloyds Bank UK Sector Tracker data has revealed. Higher demand helped the UK food and drink manufacturing industry score 59.2 in July, compared to 56.9 the previous month. However, the research also said…
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More parts of the economy grew in May than at any time in the last 15 months according to the latest Lloyds Bank UK Sector Tracker. While the overall rate of output growth across the economy slowed marginally in May (53.0 vs. 54.1 in April), 11 out of the 14 UK sectors monitored by the…
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Latest data from the Financial Ombudsman (FOS) has shown that financial complaints have risen by 20% according in the last 6 months according to latest half-yearly data figures. The data from the second half of 2023 showed that overall FOS received a total of 95,349 complaints between 1st July and 31st December 2023, compared to…
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The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. …
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New research conducted this week by business lender Together has found that over a third (35%) of SME business leaders strongly believe that ensuring access to finance for the country’s wealth creators should be prioritised by the government within the first six months of the new parliament. A third (33%) of this group – which…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased three-fold, whilst personal insolvencies remained stable in Northern Ireland in April 2024. The data showed that there were 33 company insolvencies registered in Northern Ireland, more than three times as many as (267% higher than) in April 2023. The insolvencies comprised of…
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New research by Allianz Trade in its latest report on global Days Sales Outstanding (DSO) and Working Capital Requirements (WCR) has found that the looming profitability squeeze could extend payment delays further The research found that profitability is the number one driver of payment terms in Europe, more impactful than financing or the business cycle.…
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Financial software solutions provider, Aryza has announced it has made three appointments. Elliott Green assumes the role of Head of UK, Legal & Insolvency, taking on full responsibility for the division’s UK profit and loss management. Green will spearhead Aryza’s growth strategy in the UK market. Andrea Varga is appointed as Head of Revenue, Legal…
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