Credit, Collections & Insolvency News
More than eight in ten (83%) Chief Finance Offices (CFOs) ) say they expect the long-term business environment to deteriorate as a result of the UK leaving the EU, according to Deloitte’s latest Q2 CFO Survey. This is the highest reading since the referendum in June 2016. Meanwhile, the percentage of CFOs who think that…
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Specialist lender, Aldermore has appointed Tim Boag as interim Business Finance Managing Director (MD) with overall responsibility for Invoice Finance, Asset Finance and Commercial Real Estate. Boag will replace Carl D’Ammassa who will leave the Bank on 15th July. Boag joins from Royal Bank of Scotland (RBS) where he was Managing Director for their Corporate…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) for deals of up to £20 million grew by 6% in May, compared with the same month in 2018. New finance for plant and machinery and commercial vehicles both grew by 8% in May…
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New research has revealed late payment problems have worsened for 27% of the UKs SMEs in the last 12 months, according to research conducted by Purbeck Insurance Services. The study also shows that 29% are experiencing worsening cash flow problems and 30% have found that access to finance has become harder. The findings also show…
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SME fintech lender ThinCats, has announced the appointment of Andy Hegedus as Director of Underwriting. Hegedus brings a wealth of industry experience to ThinCats, having joined the commercial banking industry in 1979, working across both client-facing and internal roles. Andy joins from Barclays, where he spent 12 years in the SME credit team, supporting businesses…
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Anti-money laundering (AML) specialist SmartSearch have become the only online verification platform to offer business credit checks. SmartSearch is already the only organization in the UK with the ability to verify individuals and companies in the UK and internationally all in a single platform via a browser or API, with full Sanction, PEP and adverse…
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Vanquis Bank has announced that it will apply to the Banking Competition Remedies’ (BCR) Capability and Innovation Fund in order to accelerate their plans to address the shortage of tailored products on the market to support the self-employed population. Vanquis Bank will seek Pool C funding, which is geared toward facilitating the expansion of business…
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British businesses could have £593 billion locked up in excess working capital, potentially hampering growth and leaving them exposed to economic uncertainty, according to new research from Lloyds Bank Commercial Banking. The Lloyds Bank Working Capital Index combines the bank’s proprietary research and IHS Markit’s UK Purchasing Managers’ Index (PMI) data to calculate the working…
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Persistent low confidence holds back SME borrowing with CYBG’s SME Health Check Index falling by 6.6 points to 48.5 in the first quarter of 2019. this is the lowest level for a year. Despite the gloomy top-line figure, and persistent low confidence amongst the country’s SMEs, there are grounds for cautious optimism with GDP and…
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Paying upfront for a car is increasingly falling out of favour with UK drivers according to research from Close Brothers Motor Finance. In the past year, the proportion of drivers saying they will opt for finance, leasing or renting for their next car has increased by 15% (from 37% in 2018 to 43% now). While…
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Almost half (44%) of UK businesses avoid or delay paying bills due to issues within their cashflow. Other commonly cited reasons for non-payment of invoices include receiving an incorrect invoice (21%) and corporate bureaucracy (20%). These were some of the findings of the FinTech Barometer 2019, an annual survey conducted among 1,000 finance professionals by…
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The Financial Conduct Authority (FCA) has published the final report on its investigation in to Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). This follows the update provided in July 2018 on the investigation. In that update, the FCA said that given the…
Read moreCompanies around Europe predict increased bad debt losses, later B2B payments and higher debt risks are ahead, according to the European Payment Report from pan-European credit management firm Intrum. Across Europe, the 2019 report shows an increase in bad debt losses, following several years of declining write-offs. Almost one-fifth (18%) believe their country is already…
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