Credit, Collections & Insolvency News
The number of debt decrees registered against Scottish businesses fell to a record low during 2017, according to figures released today by Registry Trust. There were 2,192 decrees issued against businesses in Scotland during 2017, 38 percent fewer than the previous year. The fall in decrees registered, coupled with a 58 percent decrease in the…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 5% in 2017 – the seventh consecutive year of growth. New business in December 2017 increased by 4% compared with the same month in 2016. The plant and machinery finance and commercial…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer car finance market in 2017 were at a similar level to 2016, while the value of new business was up by 6% over the same period. New business in December 2017 fell 2%…
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The Peer-to-Peer Finance Association (P2PFA) has announces the appointment of Paul Smee as new independent Chair, succeeding Christine Farnish who is stepping down after a five-year term. This appointment follows a record-breaking year for the peer-to-peer lending sector with £2.9 billion lent through P2PFA platforms in 2017 alone. Smee brings more than 17 years’ experience…
Read moreToday marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…
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A Responsible Finance Provider (RFP) is set to be wound down after Duff & Phelps was appointed as administrators. Midlands Community Finance was one of the first RFP in the East Midlands when it was set up in 2003. Midlands Community Finance was set up to make loans to financially excluded individuals and businesses that…
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The Government’s BEIS Select Committee has launched an inquiry into SME Finance supply chain bullying and small business productivity. Commenting on the launch, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said “SMEs play a key role in driving innovation, productivity, employment and economic growth across the UK which the finance sector is…
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Aldermore has announced the expansion of its asset finance lending team with the appointment of Nick Dudley as Head of Business Development for Dealer Services, a newly created role within the Bank’s Business Finance division. Dudley will be responsible for partnership accounts across a variety of industry sectors, with a particular focus on transportation and…
Read moreThe P2PFA has published data showing that in the period ending in the fourth quarter of 2017, cumulative lending transacted through P2PFA member platforms exceeded £8 billion. Commenting on the data, Robert Pettigrew, Director of the P2PFA, said “The final three months of 2017 saw considerable growth in levels of new lending transacted through platforms…
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Four out of five finance professionals have said that their department is not keeping pace with the rest of the organisation’s digital transformation plans, leaving them struggling with productivity, cost and efficiency issues, according to new UK research among senior finance and IT executives. IT which most commonly leads digital transformation said finance was the…
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Rivers Leasing has announced it has appointed a former Managing Director of Arkle Finance to its management team. Stephen Bassett, former Managing Director of Arkle Finance, joins as Non-Executive Director. With much of his career spanning senior management and directorship roles at organisations including Schroder Leasing Ltd, Lloyds & Scottish Finance, Lombard, Wyse Leasing Plc…
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Zopa, has announced the appointment of three new hires to its Executive team. The new hires come at a significant time in Zopa’s growth as it moves towards launching its next-generation bank. Steve Hulme has been appointed Chief Financial Officer. Hulme joins from Tandem Money where he was CFO for the last two years. Before…
Read moreFollowing on from Investec’s acquisition of Amicus Commercial Finance in December, the company has announced that Amicus will be rebranded as Investec Capital Solutions. Investec Capital Solutions will form part of Investec’s Corporate Lending team. John Wilde, Managing Director of the rebranded company said “We are excited to be part of the Investec brand, completing our…
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