Credit, Collections & Insolvency News
Small and medium size enterprises (SMEs) with a turnover between £6.5 million and £10 million and a balance sheet up to £7.5 million will soon be able to have their banking and finance disputes reviewed and redressed through alternative dispute resolution arrangements, following the creation of a specialist ombudsman service with the expertise and powers…
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UK Finance has released it’s business finance update for October 2018 which reveals that Lending to manufacturers grew by 6.9 percent over the last twelve months, in contrast to a 1.9 percent contraction in overall UK business borrowing. There was also annual growth in borrowing by the agriculture and accommodation sectors. The findings also revealed that…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) in September was at a similar level to the same month in 2017. In Q3 2018, new business grew by 6% compared with the same quarter in the previous year. New finance for IT…
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Paragon has appointed a new Head of Credit Management for its asset finance business. Experienced senior credit professional Anup Sangha will oversee credit decisions at the leading specialist lender, which supports SME businesses and growth in the UK. Sangha is the former Head of Credit for Aldermore’s Asset Finance division has 23 years extensive experience…
Read moreAlmost half of those working in the financial services sector (47%) are convinced that robotisation will lead to far fewer jobs within the industry in the UK. In addition to the fact that robotisation will have a significant impact on employment, employees also expect that artificial intelligence (36%) and the arrival of big data (36%)…
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A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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The Treasury Committee has published a Report on SME Finance with a recommendation to appoint a Financial Services Tribunal to help SMEs resolve disputes with lenders. The report says the Financial Services Tribunal is needed to handle complex SME disputes and expanding the Ombudsman’s remit to handle SME cases should not be rushed through. The…
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UK Finance has published its Business finance update for September 2018 which reveals that Lending to manufacturers grew by 4.9 percent over the last twelve months. While there is annual growth in borrowing demand from manufacturers, agriculture and accommodation, those sectors are in marked contrast to a wider 2.0 percent contraction in UK business borrowing overall. Deposits…
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The Financial Conduct Authority (FCA) has confirmed plans to extend access to the Financial Ombudsman Service (FOS) to more small and medium-sized enterprises (SMEs). The changes will mean that SMEs with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m will now be able to refer unresolved…
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A third of the 1.1 million UK SMEs with EU suppliers would be unable to operate without imports from the bloc, according to the latest SME Confidence Tracker from independent financial services provider, Bibby Financial Services (BFS). The research news comes as a potential ‘no-deal’ Brexit threatens to disrupt trade between the UK and EU, and…
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Bibby Financial Services (BFS) has announced that it has appointed Joe Waters as Head of Sales as it seeks to develop its services to small and medium-sized enterprises (SMEs) operating in the South of England. With industry expertise spanning over 30 years, Waters has held several senior positions in financial services, specifically supporting UK SMEs.…
Read moreLatest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in August, compared with the same month last year. The plant and machinery finance sector reported new business up in August by 10% compared with the same month in 2017, while…
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UK Finance has released its latest Business Finance update for July 2018 which has revealed that lending to manufacturers grew by 7.4 per cent in the last 12 months, in contrast to a wider 2.1 per cent contraction overall in UK business borrowing. UK business deposits for non-financial companies grew by 1.5 per cent in…
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