Credit, Collections & Insolvency News
The International Accounting Standards Board (IASB), has outlined the new international standard on financial assets accounting, IFRS 9. This will be a revised update of the former IAS 39 regulation, motivated by the delayed recognition of credit losses on loans in the 2008 financial crisis. IFRS9 will be fully implemented on January 1st 2018. IAS…
Read moreTackling illegal lending The research and analysis department at Western Circle recently carried out a survey that revealed some startling facts about the payday loan industry. Since January 2015, over 35,000 nurses have applied via Cashfloat’s online form for a payday loan. In fact, we discovered that 11% of all nurses in the UK have…
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The NACFB has a new training and education programme which has now been established for a few months, so we can see how enthusiastically it is being taken up by our members. One thing we have had to bear in mind when preparing a set of exams for members is that the topics have to be…
Read moreFollowing a period of sustained focus on payday lenders, it seems the time has come for rent-to-own firms to face the music. Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA), made clear that price caps would not be the first measures he’d be likely to take, but were a possibility: “The price cap is…
Read moreTechnology 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…
Read moreIf you’re involved in the world of debt – perhaps you’re a lender, collector, debt adviser, debt buyer, regulator or insolvency practitioner – you might just want to check your diary. As autumn draws to a close, with the last of the conkers get swept away and the trees briefly revealing their true colours, there’s…
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Knowing who you are contracting with is a very simple question. Indeed for any credit controller the identity to whom you are granting credit must be the first question asked before a credit decision can be made. Knowing who your customer is, and the decision whether or not credit should be granted should help a…
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The NACFB’s lead generation site findSMEfinance suggests that there has been no decline in SMEs’ appetite for further investment. They are making long term plans that are unaffected by uncertainty. In fact, the first half of August saw a massive surge in funding enquiries, often exceeding £2 million per day, twice the value of funding…
Read moreIn February this year, OFCOM’s consultation closed for their proposed revised policy on “the persistent misuse of an electronic communications network or service”. Anyone who uses dialler technology is waiting with baited breath to see whether OFCOM will implement “ZERO TOLERANCE” on abandon calls, and also whether abandoned calls that arise from automated voice solutions where…
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Over the summer, Computershare was delighted to welcome 1,700 colleagues to our new Loan Services business following our appointment by the UK government to service the mortgage book of UK Asset Resolution (UKAR). The change saw the volume of assets that Computershare manages increase significantly, meaning that as well as being acknowledged as the UK’s…
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