Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced changes to the definition of income between consumer hire leases and consumer credit after a response to its consultation. In December of last year, the FCA made a call for leasing businesses to respond to the regulator. Under the current rule, FCA fees for regulated credit agreements such…
Read moreThe ICAEW has announced success with accountancy exams with students once again scoring top marks in their March 2018 ACA Professional Level exams and Level 4 Accounting Technician apprenticeship end-point assessments. Students scored high in all ACA exams, with Business Strategy and Technology seeing the highest pass rate (88.2%), closely followed by Financial Accounting and…
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Insolvency and restructuring trade body.R3 has announced that Stuart Frith, a Partner at Stephenson Harwood LL will be its new President. With over 30 years’ experience in the insolvency and restructuring profession, Frith has expertise covering both corporate and personal insolvency work. A partner in Stephenson Harwood since 2009, he is also a Deputy Judge…
Read moreCredit managers, those who keep the cash flowing in business, are untroubled by Brexit, unimpressed by new regulation, and keen to see how new technology can enhance performance in the future. They are also valued by the companies who employ them, and actively involved in the performance and success of the businesses they represent. These…
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New research* ‘Investor Sentiment: Alternative Credit’ from NN Investment Partners (NN IP) reveal increasing scarcity of high return assets followed by political risks are the two biggest issues concerning investors over the next two years. The investment manager says this will fuel growing demand for alternative credit, which delivers attractive returns that have low correlation…
Read moreDebt owed to UK businesses across eleven core business sectors was £580m higher in the last three months than in Q4, 2017 according to latest figures from a Creditsafe. After falling to a 12-month low in Q4 2017 with £157.9m being filed, bad debt (debt owed to businesses) filed in the first quarter of 2018 reached…
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Online lender Spotcap today opened the Fintech Fellowship to applicants. The programme offers an £8k award to a postgraduate student studying a fintech related course at a UK university. Applications will be open for four months and close on the 1 August 2018. The fellowship launched last year to raise awareness of the fintech talent…
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HM Courts & Tribunals Service (HMCTS) has announced that Tim Parker has been appointed as the new position as Chairman of the Board. The board is responsible for overseeing the leadership and direction of HMCTS and ensuring that it effectively delivers the aims and objectives set by the Lord Chancellor, the Lord Chief Justice and…
Read moreA third of millennials could be forced to rent in retirement, according to a report from the Resolution Foundation. Up to half of that generation could also be renting into their 40s, and around 40 percent are renting at the age of 30. A Resolution Foundation statement says: “Our estimates suggest that if recent conditions…
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The Government has called for evidence as part of a consultation to review airline insolvency procedures in the wake of the collapse of Monarch. The Airline Insolvency Review “will look to ensure airlines can wind down with the minimum impact on passengers and the taxpayer”, according to the Department for Transport. Peter Bucks, Chair of…
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Just 11% of the £416 billion in the total stock of loans to businesses are now being provided on a fixed rate – dropping by a third from 18% two years ago – leaving businesses with huge exposure to rising interest rates, says Hadrian’s Wall Capital, the London-based specialist debt adviser. The drop came as…
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The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has appointed Lloyd Hinton as its new President for the coming year. Hinton takes office with immediate effect and serves as the Association’s figurehead and Chair of its board of directors for the next twelve months. Hinton is a Licensed…
Read moreThe availability of consumer credit dropped “significantly” in the first quarter of 2018, according to a survey of credit conditions published by the Bank of England. The Credit Conditions Survey asks banks and building societies about the past three months and the next three months as part of the Bank’s role in maintaining financial stability. The Bank…
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