Credit, Collections & Insolvency News
The last few weeks have seen an unprecedented number of press releases from the Financial Conduct Authority regarding the consumer credit industry. The regulator has good intentions like any worthwhile organisation but its current cosseting approach does the consumer a disservice and is consequently narrowing their availability to responsible, regulated credit. In August 2018, Sky…
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Are you uncertain of what to do because a winding-up petition has been filed against your company? A winding-up petition is a legal action put forward by a creditor to the court against a company in order to settle debts. If you fail to prevent a winding-up petition, it could eventually lead to your business…
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A notice of enforcement (previously known as a distraint order notice) is a formal document that a creditor can issue to a debtor, giving warning that it is preparing to take action to recover money owed. The notice gives the creditor the power to take control of a debtor company’s goods and sell them at…
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Almost two years on from the introduction of the Apprenticeship Levy, we are taking the opportunity to reflect on our experiences as a RoATP Provider so far and looking forward to what the future holds. Behind all the headlines about the mixed response to and success of the Apprenticeship Levy are some real success stories…
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On 28th November 2018, the Bank of England (BOE) published the results for the 2018 Concurrent Stress Test run by the seven largest banks in the UK. Banks had to present their capital position across a 5-year forecasting horizon, under a stress scenario more severe than the 2008 financial crisis. While the results overall were…
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While there are some companies growing strongly at present, the current political and economic uncertainty has created an environment where many are finding it increasingly difficult to plan long-term. The FSB has pointed towards the “chaotic” Brexit negotiations to explain the recent drop in business confidence. On top of this, the government’s business insolvency figures…
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In the last 6 months, 62% of smartphone users have made a purchase using their mobile devices, making mobile transactions a key function for many businesses. While the number of mobile transactions is on the rise, the same cannot be said for effective mobile strategies which collect payments and debts. With an increasing emphasis on…
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It’s hard not to have a degree of sympathy for the challenges facing the car industry at the moment. Sales down, confidence waning, diesel cars vilified and now, the latest blow in the form of Nissan’s decision to pull production of its X-Trail from Sunderland. Rather than this being the ultimate doomsday scenario for our…
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Martin Lewis is campaigning for independent regulation of bailiffs and debt enforcement officers by the Ministry of Justice to protect those in distress from aggressive collections. Is he right to do so? Martin Lewis’s campaign is well intended, but is it well-founded? And who will pay for the regulator? Citizens Advice figures claim that bailiffs…
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There has been a lot of developments around training and apprenticeships in recent years and has left some employers unsure of what training they can access, the suspected complexes and what they are and can be used for. I hope in the following article to give the background, the context and explain what you can use…
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The pressures of Brexit, economic uncertainty and declining consumer confidence pile up challenges for restaurant chains. After a turbulent year in the UK restaurant sector, 2019 seems unlikely to bring much hope for a turnaround in the industry’s fortunes, with multiple economic factors and an over-saturated market continuing to put pressure on revenues and consumer…
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Businesses are inundated daily with new challenges and opportunities. From Brexit to economic fluctuations, new market players and changing technologies – it’s fair to say that businesses have several factors to consider in their daily operations and strategies when looking to grow. An area that businesses may underestimate at times is the power of using…
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As our industries and governing bodies continue to work towards a more financially capable nation her is an overview of the top six topics to watch in 2019. 1. New year, new government body The Single Financial Guidance Body (SFGB) officially began operating in January and replaces the Money Advice Service (MAS), the Pensions Advisory…
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