Proposals welcomed for SME disputes to be handled by FOS

3rd April 2018 Commercial Credit Management |

New Financial Conduct Authority (FCA) proposals which would give more SMEs the opportunity to refer disputes related to financial services firms to the Financial Ombudsman Service (FOS) have been backed by experts from a debt services provider. The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS)…

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Engage accredited in new water industry scheme

29th March 2018 Commercial Credit Management |

Following the launch of the Water Industry Registration Scheme – Accredited Entity (WIRSAE) in January 2018, Lloyd’s Register has awarded the scheme’s first accreditation to Engage Services.The accreditation means that Engage Services, specialist field visit agency, can now carry out temporary disconnections and reconnections for water meters up to 40mm in the non-domestic water sector direct…

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Company failures prompt Government overhaul of Insolvency rules

21st March 2018 Commercial Credit Management |

The Government has announced plans to improve the UK’s corporate governance framework to ensure the UK remains one of the best places to start and grow a business. The rules include: Directors selling companies recklessly to face tough new sanctions including fines and disqualification Creditors could have money returned to them by reversing inappropriate asset stripping…

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Small Business Minister says Carillion must act as the catalyst for change

19th March 2018 Commercial Credit Management |

The Minister for Small Business says the collapse of Carillion must act as a catalyst to supporting small businesses, and prompt payment is a central part of the solution. Interviewed exclusively for ‘Credit Champions’, a news and current affairs-style programme created by The Chartered Institute of Credit Management (CICM) and ITN Productions, Andrew Griffiths MP…

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Proposal for SME disputes to be handled by FOS welcomed

16th March 2018 Commercial Credit Management |

The Financial Conduct Authority (FCA) has announced proposals which would give more SMEs the opportunity to refer financial services disputes to the Financial Ombudsman Service (FOS). The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS) after highlighting that such businesses can often struggle to resolve financial…

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Enforcement Agents seek to extend CCJ debt enforcement work

15th March 2018 Consumer Collections |

Proposed reforms that would allow high court enforcement officers and certificated enforcement agents to enforce small sum County Court Judgments and Consumer Credit Act judgments have been put to the Government in a joint industry submission. The joint submission by the High Court Enforcement Officers Association (HCEOA) and the Civil Enforcement Association (CIVEA) has been…

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Government data sharing scheme will reduce SME finance gap

15th March 2018 Commercial Credit Management |

SME finance monitor shows only 41% of SMEs seeking finance were confident the bank would lend to them in Q4 2017. Nic Beishon, Head SME of Commercial at Equifax, said “There are millions of companies in the UK with fewer than 10 employees and many who apply for finance often have a limited credit history –…

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Spring Statement: Chancellor commits to ending late payments

14th March 2018 Commercial Credit Management |

The Government has announced its commitment to end late payment culture as part of its Spring Statement. Responding to the news the Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “The Chancellor has sent a clear message to UK boardrooms today by committing to ending the late payment crisis that destroys 50,000 businesses a year. We…

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Business CCJs rise in 2017

12th March 2018 Commercial Credit Management |

Businesses in England and Wales faced the first rise in adverse County Court Judgements (CCJs) in eight years during 2017, according to figures released today by Registry Trust. In 2017, 105,633 CCJs were registered against businesses in England and Wales, up 30 percent on 2016 and the first year-on-year increase since 2009. The rate of…

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CICM announces first candidates to attain Credit Controller Apprenticeship

9th March 2018 Commercial Credit Management |

The Chartered Institute of Credit Management (CICM), has announced the first three candidates to successfully attain their Level 2 Apprenticeship in Credit Control and Collections. The three successful apprentices, Bradley Abbott of Aggregate Industries UK, Ryan Coton of Adecco Group UK & Ireland and Lewis Pace of Smiths News were fully supported throughout the programme…

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Small Businesses set to lose millions with interest rates rise

6th March 2018 Commercial Credit Management |

Small businesses could be stung with £355 million of extra interest payments if rates rise by 0.25 percent, new research has claimed. The research by debt adviser Hadrian’s Wall Capital shows that SMEs would be liable for an extra £355 million in interest payments in the first year if rates increased by a quarter. If…

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Government to launch new laws to combat identity fraud for directors

23rd February 2018 Fraud |

New laws to help protect company directors from identity fraud and personal harm will be introduced by the Government. The new laws will enable company directors to remove their personal addresses from the UK’s official company register on Companies House. Directors must still provide their business address as a legal requirement. This comes in response…

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Judge & Priestley announces FCA authorisation

20th February 2018 Outsourced Collections Services |

Judge and Priestley LLP (J&P) has announced that it has recently gained Financial Conduct Authority (FCA) authorisation. This comes in addition to its traditional authorisation and regulation by the Solicitors Regulation Authority (SRA). The move to seek FCA authorisation came in response to increasing client demands for J&P Credit Solutions (J&P CS), the debt recovery…

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