Credit, Collections & Insolvency News
By the end of November, the UK’s largest companies and LLPs should have started submitting their first round of data concerning their payment policies, practices and performance. The Department for Business, Energy & Industrial Strategy (BEIS) introduced this half-yearly reporting cycle from 6 April 2017 with the explicit hope of reducing late payment to SMEs.…
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It has been reported in ‘Scottish Financial News’ that Scots who pay off outstanding debts could continue to be penalised because the authorities are not being informed of payments, the Registry Trust says. The warning comes from Malcolm Hurlston CBE, chairman of Registry Trust, the non-profit organisation which collects decree and judgement information from jurisdictions across the…
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As someone who works to bring together the money advice sector and the creditor community as Money Advice Liaison Manager at Nationwide, the Money Advice Liaison Group (MALG) is an important network for me and I was pleased to be involved in the organisation of this year’s conference. The theme of the MALG Conference 2017…
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The industry is, by now, fully aware of GDPR which provides new rights for consumers. The changes go live in 218 days and will enhance protection for consumers, but in doing so will present some challenges to the market place. We believe that some of the biggest challenges our industry will face are – Customers…
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In recent news, the rise in consumer default rates has the Bank of England (BoE) as well as the high street banks concerned about the health of the UK economy. The BoE has attributed this to the rising cost of living that is outpacing the increase in wage growth. However, this only considers the short…
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The Basel Committee on Banking Supervision (BCBS) has long had its sights on reducing variability in risk-weighted assets (RWAs). The Basel IV package of regulatory reforms proposed by BCBS will greatly increase the capital requirements of firms following the standardised approach to credit risk. Firms with significant concentrations of secured assets in higher risk segments…
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If you can’t afford to pay your tax bill in one go, the first thing to do is to make sure that the debt is reduced as far as possible by filing all outstanding tax returns, appealing against any penalties and making a claim to reduce payments on account where possible. If you still can’t…
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The Christmas period is almost upon us. It’s a time to be merry and dispense peace and goodwill to all men! It’s also, as this business report article on how Christmas can cripple cash flow, points out, one of the most dangerous times of the year to experience cashflow problems. How peaceful will you be…
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For many businesses, December is a challenging month when it comes to credit control and cash flow can become severely stretched as a result. With so much to think about over the Christmas period, staff taking holiday and postal and processing delays, it’s not uncommon for payments to be missed. With a little forward planning…
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Technology advances are quietly changing the face of the Collections industry and there are significant implications for organisations that don’t keep up with consumer demand and recognise the potential both financially and operationally. Customer Service as it stands is a frustrating business and rarely achieves positive results. Do you remember the last time that you…
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No one involved in credit management, collections and recoveries will have missed the news pieces written over the last couple of weeks in the FT, Telegraph and even Daily Mail, about the debt purchase market. This seems to have been triggered by Bybrook Capital (a hedge fund), whose presentation in October close to Cabot’s (now-shelved) IPO and some devaluation…
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Expanding commercial lending has been a strategic focus for many banks over the last few years, and this movement aligns with the growing number of Government-backed schemes to support SME lending. However, challenges inherent within commercial credit processes often hinder growth efforts. When it comes to commercial lending, most credit processes – from application through…
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The FCA is proposing changes to how people working in financial services are regulated. These changes are already effective in the banking industry and the aim is to roll out to the whole industry during the summer of 2018. A Consultation Paper was issued in July providing all regulated businesses the opportunity to review and…
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