Credit, Collections & Insolvency News
Whether you’re evaluating risk at one of the biggest commercial lenders in the world or as an independent factor, you’re likely taking on more risk at a faster pace. And that’s because both Asset-Based Lending (ABL) and factoring continue to grow at healthy rates in the US. According to the recent Secured Finance Foundation Impact…
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The Financial Conduct Authority (FCA) has come under the cosh of late and this showed no signs of abating when Chief Executive, Andrew Bailey and Chair, Charles Randall appeared in front of the Treasury Select Committee to present a biannual report on the work of the FCA. Chair, Nicky Morgan crushingly asked if “anyone at…
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It was confirmed earlier this month that five UK bookmakers – Bet 365, Flutter, GVC, Sky Betting and Gaming and William Hill – would increase their contributions towards fighting gambling addiction. The voluntary levy will see the firms increase their voluntary contributions from 0.1% of revenue to 1% within five years. Some have been quick…
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Invoicing is a critical part of any business’s processes. Without invoices, your customers won’t know how much and when they need to pay you. And without any money coming in, your business won’t survive for long! Being a small business owner often means too much to do and too little time. Yet it’s worth making…
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In their recent report on motor finance, the FCA made clear that they would be consulting with the industry on long term changes to the market – and that further scrutiny should be expected. The report was also clear on the FCA’s expectation that action should be taken now to improve compliance with current requirements…
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It’s no secret that Artificial Intelligence (AI) and Machine Learning technology has made huge advances in recent years. In fact, 83% of businesses state that AI is a strategic priority for their business today and the growth of AI in the UK is high on the Government’s agenda, as outlined in this recent whitepaper. As…
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Chasing late payments can be a frustrating process, especially if you run a small business and rely on clients for your capital. Sometimes, there is a perfectly good explanation for a missed payment and a simple nudge is all that is needed to recoup the outstanding balance. However, you may find there are times when…
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The recent case of Adelekun v Yorkshire Building Society [1] is an example of an individual’s attempt to rely on data protection laws and/or a tortious duty of care owed by a lender to a customer or potential customer to found a damages claim arising from a credit register entry. Banking & Finance Litigation specialist…
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Millennials, a generation of digital natives that grew up amid the fastest period of technological change in history are, according to new independent research, the age group least likely to borrow from alternative digital lenders. According to Equiniti Credit Service’s latest UK research report ‘A three part harmony: how regulation, data and CX are evolving…
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Debt collection is undergoing fundamental changes. In the last six months alone, there has been a ream of calls for a new, “ethical” approach to debt collection, led by the Treasury Select Committee, local authorities and organisations including Citizens Advice and the Money Advice Service. Utilising innovative communication technologies has become integral to not only…
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The challenges facing British Steel have been well documented over recent weeks as the impact of the Brexit impasse has bitten. A material repair to its main blast furnace, the delay of carbon credit allocations and a reluctance of overseas customers to place orders without a known outcome of Brexit negotiations have all contributed to…
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The media behaves the same with fraud headlines as with any other news; it is selective. Major frauds make the cut, as do the more entertaining or exotic items, “Lonely woman gives £800,000 to dating app con-man.” Or, as may be more relevant to you, “Payments diverted to confidence trickster’s bank account.” Abuse of trust…
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There’s no denying it’s is a very interesting time to be involved in the automotive F&I marketplace. Like it or not, the publication of the FCA’s review into the motor finance sector will be a harbinger of change. Motor finance can still be a source of profit for all parties – but the rules of…
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