Credit, Collections & Insolvency News
There are no traffic jams along the extra mile.” – Roger Staubach Credit Controllers and Credit Managers everywhere have so many choices to make every single day. They can keep their heads down, call all the overdue accounts, pass on the queries raised by customers, raise a few credit notes, (when they are finally approved!)…
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This year, many lenders will embark on a journey to gain an Internal Ratings Based (IRB) status. Following the Basel Committee on Banking Supervision’s (BCBS) recent announcement on significant reforms to Basel III, including an aggregate output capital floor of 72.5%, lenders are faced with squeezed interest margins and increased competition from the rise of challenger…
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Following on from last year’s saga in the cases of OneSavings Bank v Burns and Shear v Clipper Holdings [1], Sheriff Hamilton at Greenock in Promontoria (Henrico) Limited v The Firm of Portico Holdings (Scotland) and Linda Arthur [2] has confirmed a degree of flexibility for lenders in executing the prescribed statutory form, when assigning…
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Technology and software are an essential part of business today. This is especially true in the accounts and credit management worlds where organising and sharing data, tracking orders, scheduling tasks and managing workloads are key to long-term success and growth. The type of software used to manage these processes, and store the data they generate,…
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The impact of late payment on suppliers has always been well documented. But, what’s rarely talked about is the impact that not paying on time has on the business which chooses to skip a payment deadline. With rising business costs, late payment and economic uncertainty high on businesses’ minds it can be tempting to delay…
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At a basic level, Open Banking, which commenced its roll-out on January 13th, is just a data standard. Subject to a customer’s consent banks take a customer’s current account transaction history and provide direct access to this financial data to a verified third-party organisation advised by the customer. The whole process takes place through a…
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Advances in AI and machine learning will impact organisations beyond simple technical capability. They will face new types of challenges in terms of skills gaps, different approaches to implementation and new methods for monitoring models. In this blog, Ben O’Brien, Managing Director at Jaywing, explores how lenders can prepare for AI implementation, to ensure they…
Read moreSomeday you may find yourself without enough money to pay your suppliers and you’ll end up asking ‘what can a creditor do if I can’t pay them?’ We take a look at the actions that can be potentially used. In some cases, legal action can be sought by creditors through the County Court or High Court. However,…
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The role of the finance leader is evolving — with the last few years, in particular, seeing a clear shift from financial guardian to strategic partner, and key adviser, on the future direction of the business. More and more, finance leaders find themselves alongside business leaders at the heart of the organisation — not just…
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As the dust begins settling on the collapse of Carillion, we move to the damage assessment phase – but question marks remain over the fate of at least 43,000 jobs. 30,000+ small businesses are thought to be owed money by the firm, and although credit insurers have confirmed that they will pay out compensation totalling…
Read moreFor debt purchasers, such as Cabot, Arrow Global and 1st Credit, the relationship between purchases of portfolios and the revenue which arises from them is subject to time lags and variations depending on quality of debt, collections environment, regulations and other factors. This makes debt purchase a complex industry for outsiders to analyse and adds…
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Over the past decade we have witnessed significant commercial and regulatory changes in the financial services sector generally, but in the last 5 years especially, we have seen the particular focus placed on Consumer Credit. The mortgage sector has seen major changes through the MMR and more recently the EMCD. Other forms of consumer credit,…
Read moreLast month the Financial Conduct Authority (FCA) published an update, as part of their review of High-cost credit. In the update, the FCA outlined key areas of concern with the sector, including arranged and unarranged overdrafts, rent-to-own, home-collected credit and catalogue credit. The regulator has also continued to gather evidence from firms and its consumer…
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