Credit, Collections & Insolvency News
Following a review of its commercial finance proposition, peer-to-peer lending platform RateSetter has announced that it is going to simplify its commercial finance product suite to focus solely on property-backed and asset-backed lending. RateSetter will continue to offer lending into consumer, business and motor finance markets, however, the commercial finance offer will no longer include…
Read more
Henry Howard Finance has announced that Mark Catton, has been appointed as the new group Chief Executive of Henry Howard Finance Group, Catton is a former Chief Executive of RBS’ UK corporate bank. Catton will take over from the current group CEO and co-founder Mark Crook. Reflecting on the recent successes of the business, Mark…
Read moreThe Financial Conduct Authority (FCA) has today launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service (FOS). This follows a review of the protections available to small and medium-sized enterprises (SMEs) as users of financial services. At the moment only individual consumers and around 5.5 million micro-enterprises (the…
Read more
Business Secretary Greg Clark has welcomed a decision by several banks to set up funds to support small businesses affected by Carillion’s insolvency. Lloyds Banking Group has launched a £50 million fund, HSBC a £100 million fund and RBS has made £75 million of assistance available. It follows a meeting held by Greg Clark yesterday with banks where…
Read more
Metro Bank, has announced the appointment of Jamie Sim as a Commercial Banking Director within the Commercial Real Estate team. Reporting directly to Gabrielle Berring, Director of Commercial Real Estate, who joined the bank earlier this year, Jamie will be responsible for managing new and existing customers portfolios within the real estate sector. Sim has…
Read moreSpecialist Bank, Aldermore, the specialist bank, has announced the appointment of Tim Bearder as Head of Specialist Vehicle Valuations, a key role within the Bank’s Business Finance division. Bearder, whose career spans over 35 years in the motor industry, brings extensive knowledge and experience to the role supporting the Bank’s ambition of gaining a greater…
Read more
In 2017, almost half of all small to medium UK enterprises turned down a contract or order because they couldn’t deliver the work due to a lack of available finance; a trend that is expected to continue in 2018. According to funding line data from Hitachi Capital Invoice Finance, the demand for invoice finance is…
Read more
New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) in November was £2.5 billion, a similar level to the same month in 2016. The commercial vehicle finance and IT equipment finance sectors reported new business up in November by 5% and 1% respectively,…
Read more
Bibby Financial Services (BFS) has appointed Kash Ahmad as UK Specialist Director as it looks to grow its support for businesses trading domestically and overseas. Joining BFS with more than 25 years’ experience in the financial services sector, Kash has held a range of senior executive positions throughout UK, the Middle East and Asia, supporting SMEs, mid-market…
Read more
Figures released from UK Finance have revealed that the balance of pure Invoice Finance has grown from £18.6 billion at the end of Q2 2017 to £18.9 billion at the end of Q3 2017. This marks record lending levels from UK businesses amid sustained annual growth with the total balance of Invoice Finance rising from…
Read more
The same external and internal political, economic and market challenges remain for businesses for this year as they did for 2017 according to the new research by ICAEW. Despite improved global conditions, uncertainty about the UK’s relationship with the EU continues to be the biggest concern for business. Key headline findings from the report include:…
Read more
The Peer-to-peer lending industry was given a boost of confidence as the government began legislating to clarify that no business borrowing through a peer-to-peer platform needs to be regulated as a ‘deposit taker’ (often referred to as a ‘banking licence’) unless that is their core business. The legislation will ensure that the industry can continue…
Read more
Latest data released by UK Finance has shown that the invoice finance and asset-based lending sector is providing more finance to UK businesses than ever before. Advances (the amount of funding being provided to clients at the close of the most recent quarter) are up 13 per cent year on year and stand at just over…
Read more