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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The UK online alternative finance market volume grew by 35 per cent in 2017, to £6.2 billion (from £4.6 billion in 2016), as peer-to-peer business lending became an increasingly important part of overall financing of smaller British businesses, according to the 5th UK Alternative Finance Industry Report by the Cambridge Centre for Alternative Finance (CCAF). Peer-to-peer…
Read moreNew research has indicated that bank lending to SME construction businesses has fallen by almost £1.2bn following the collapse of Carillion, dropping to £15.46bn at end of September 2018, down from £16.63bn on 30 September 2017. The study has been carried out by specialist debt adviser firm Hadrian’s Wall Capital. Hadrian’s Wall Capital says that…
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UK businesses are missing out on £85 billion each year due to a lack of digital capability, according to the latest Lloyds Bank Business and Charity Index. The report highlights that this issue is particularly acute for sole traders, of which 41% have low digital capability. Despite this, UK business looks set to enter a…
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Secure Trust Bank Commercial Finance has bolstered its regional presence with the appointment of John Copping as Regional Sales Director for the North West. Copping joins from RBS, where he worked for 33 years. His most recent role was Regional Head for Williams & Glyn’s Structured Finance team in the North, in which he specialised…
Read moreTSB is publishing flagship research in Parliament today on the impact of better banking and business services on the productivity of British SMEs. At an event hosted by the All-Party Parliamentary Group on Fair Business Banking, TSB will launch its ‘Boosting Local Business’ report which reveals that giving small businesses access to the products, tools and advice they need…
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Small business lender Iwoca has announced that Seema Desai has been named Chief Operations Officer (COO). Desai joins a small but growing number of women at C-suite level in the fintech industry. Desai joined iwoca in January 2017 as Head of People, developing Iwoca’s talent and organisational capabilities. Prior to joining Iwoca, Desai led the…
Read moreNew 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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Business lender iwoca, has announced an Open Banking partnership which Lloyds Bank. The company becomes the first ever business lender to connect with any of the UK’s nine largest banks under the Open Banking initiative, launched in January 2018. By securely linking their Lloyds Bank data, business owners can now provide iwoca up to five…
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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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