Credit, Collections & Insolvency News
The Federation of Small Businesses (FSB) has welcomed the Government’s announcement that 32 of it’s biggest suppliers have signed up to the Prompt Payment Code. The move represents a positive step in tackling the poor payment culture that is rife in the UK. Research from FSB highlights that the UK’s poor payments culture costs the…
Read moreThe Insolvency Practitioners Association (IPA), Royal Institution of Chartered Surveyors (RICS), and the Non-Administrative Receivers Association (NARA) have announced the re-launch of their joint initiative with updated and extended regulation of property receiverships. A new Memorandum of Understanding provides for some important changes which should increase transparency and reassure stakeholders. All Registered Property Receivers will…
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Hundreds of thousands of UK businesses will be potentially at risk of huge fines (up to 4% of a firm’s global annual turnover) by not complying with the forthcoming EU General Data Protection (GDPR) next May, according to latest research published by UK’s first fully compliant GDPR job board CareersinCyber.com and London law firm Hamlins…
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Fewer than half as many female than male business owners are confident about the future success of their businesses post-Brexit. New research conducted by RateSetter Business Finance has revealed that only 10% of women business leaders believe that leaving the EU will be positive for their business. This contrasts to the fact that twice the…
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Business Lending Peer to Peer platform ArchOver has secured full authorisation from the Financial Conduct Authority (FCA). Angus Dent, Chief Executive Officer at ArchOver said “There is great satisfaction in gaining a stamp of approval. Our industry-leading policies and procedures will allow us to take alternative forms of lending to the next level. At a…
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Business Peer to Peer Lender Funding Circle has received full authorised by the Financial Conduct Authority. Launched in 2010, Funding Circle allows people and organisations to lend to small businesses, offering investors attractive and stable returns whilst supporting the backbone of the British economy. The news puts Funding Circle in a position to be able to…
Read moreThe smallest businesses should not be excluded from plans to cap ‘rip off’ energy bills, according to the Federation of Small Businesses (FSB). A price cap for the 17 million households on variable standard tariffs would deal a double blow to microbusinesses – these firms are the most vulnerable and so deserve protection. Under today’s…
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The Insolvency Service has handed out 573 director disqualifications lasting more than five years in 2016/17, the highest figure since 2010/11. In 2015/16, it handed out 532 bans. Data from the regulator showed that, in total, there were 1,214 director disqualifications in 2016/17, compared with 1,210 one year earlier. The regulator said the average period of…
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An online building products supplier has been fined £55,000 by the Information Commissioner’s Office (ICO) after the firm failed to protect its customers’ personal information. Construction Materials Online Ltd (CMO) was unaware its website contained a coding error which left it vulnerable to attack. On 6 May 2014 an attacker used a common hacking technique…
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The Civil Enforcement Association (CIVEA), which represents all the major civil enforcement agencies along with a number of independents, is to host a major conference this September 20th at One Great George Street in Westminster. The one-day event will include a conference and exhibition and will be free to delegates drawn primarily from local authorities. …
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An independent study commissioned by Dun & Bradstreet has shone a light on the complexities of the modern Financial Leader role – highlighting a community under intense pressure to balance traditional accounting tasks with more strategic revenue-generating activities. Of the 200 UK Financial Leaders surveyed, almost three-quarters (71%) believe finance teams are under too much…
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Creditsafe has been granted full Financial Conduct Authority (FCA) authorisation. Paul Beard, Global Commercial Contracts Director at Creditsafe, said: “FCA authorisation demonstrates to current and future clients, particularly large enterprises that Creditsafe’s regulatory and operational infrastructure has met the highest standard demanded by the FCA. It is further evidence of our commitment to deliver excellence…
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Redwood Bank, a new UK SME Business bank, has secured a banking licence following approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Redwood will now enter its mobilisation phase and expects to launch to customers later in 2017. Redwood Bank is wholly owned by Redwood Financial Partners Ltd (RFP), a company…
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