Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. This supports the announcements made by the Chancellor earlier this week. The new mortgage guidance makes clear that firms should grant customers a payment holiday for an initial period of 3 months, where they may experience payment…
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The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
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Hundreds of thousands of British SMEs have been turned down for property finance in the past five years, a new study by Together has revealed. Nearly a quarter of small and medium-sized companies said they had struggled to find the funds to move or expand – with inflexible lenders and a shortage of suitable property…
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Equiniti Riskfactor and Codat have announced an SME lending partnership The partnership will see Equiniti Riskfactor and Codat allow SME customers to automatically share data with their lender, speeding up decision making. Equiniti Riskfactor will connect with Codat’s single API to digitise data collection for its clients, enabling small businesses to share data automatically, reducing…
Read morePeer to peer lender Assetz Capital has announced that it has surpassed the £1 billion mark for lending to SMEs and housebuilders across the UK since 2013. As part of its business lending, Assetz Capital has been a key supporter of the UK housing market, funding a total of 4,846 new homes since its inception.…
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British Business Bank’s Small Business Finance Markets 2019/20 report has highlighted a significant long-term growth in alternative finance volumes over the last five years, with a 32% increase in asset finance, a 131% increase in equity finance and a 374% increase in marketplace business lending. The British Business Bank was set up in 2014, with objectives…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew by 1% in December 2019, and by 6% in 2019 to reach a record annual total of £35.7 billion. In December, the IT equipment finance sector continued to report double-digit growth as…
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New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases. 2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) in November 2019 was at a similar level to the same month in 2018, but grew by 6% in the eleven months to November 2019. The IT equipment finance sector reported a second…
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UK businesses are planning a £1.7 billion investment boost over the next two years as Brexit uncertainty ends, a new survey has revealed. Plans to expand premises and employ more staff top the agenda for small and medium sized enterprises (SMEs), according to the results of the study by finance specialist Together. More than a quarter…
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Small and medium-sized enterprises (SMEs) outside of London and the South East received two thirds of loans in the first three quarters of 2019, according to the UK Finance’s latest Business Finance Review. While eight out of ten loan applications by SMEs were approved, there were four per cent fewer loan applications in Q3 2019…
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With today marking two years since the implementation of the Second Payment Services Directive (PSD2) in the UK, the Federation of Small Business (FSB) has highlighted figures which show the minimal impact of the legislation to date. The FSB says that PSD2 paved the way for Open Banking – a set of interfaces which give consumers…
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The Government has welcomed an independent review that recommends changes to the Loan Charge, while also confirming that it was a ‘necessary’ response to the tax avoidance schemes it was designed to tackle. The Review, led by Sir Amyas Morse, was commissioned to look at the impact of the charge, which was introduced to tackle…
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