Credit, Collections & Insolvency News
Collections specialist Debt Managers (Services), business growth has resulted in a £1million office refurbishment and the creation of 70 job opportunities for local people over the next six months. Debt Managers (Services), was acquired by Secure Trust Bank in 2013. Since then the credit management company has grown rapidly, leading to a significant recruitment drive…
Read moreUK Finance has released its latest Household Finance update for August 2018. The findings showed that credit card spending was 7.6 per cent higher than a year earlier, with outstanding levels on card borrowing growing by 5.8 per cent over the year. Gross mortgage lending for the total market in August was £24.1bn, some 1.2…
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Enforcement specialist JBW have announced have acquired Phoenix Commercial. The agreement will create the UK’s second largest enforcement company. The deal follows an acquisition of the shares in Phoenix by JBW, with funding provided by OUTSOURCING Inc OUTSOURCING Inc. is a Japanese listed company with headquarters in Tokyo and has expanded its operations internationally in Asia,…
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New research has revealed that 10.8 million consumers now consider themselves to be virtually cashless, using payment methods other than physical notes and coins to pay for lower value items. The research, commissioned by GoCompare Money, found that UK consumers are now more likely to make payments of under £30 using contactless technology than cash and,…
Read moreEnergy services group, Engie has signed its first energy white-label contract with a local authority to supply householders across the north-west of England. In the new offer launching today, residents in the Cheshire West and Chester region will benefit from a new local energy platform called Qwest Energy. The new proposition sees Engie become the…
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UK payments fintech specialist, Modulr, has opened a new office in Edinburgh and says it aims to take advantage of the city’s burgeoning fintech scene and grow its software engineering, customer support, risk and compliance, and finance teams. Modulr recently completed its latest funding round, led by the UK’s leading digital venture builder, Blenheim Chalcot which…
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Alternative business lender, Spotcap has announced Sophie Peacock as the winner of the Fintech Fellowship for 2018. Running for its second consecutive year, the Fellowship awards one UK-based masters or MBA student with a £8k scholarship. By supporting aspiring talent, the initiative aims to plug the fintech skills gap by raising awareness of career opportunities in…
Read moreA total of £503.4 million was stolen by criminals through authorised and unauthorised fraud in the first six months of 2018, new data from UK Finance shows. During the same period, the finance industry prevented £705.7 million of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the…
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Ofgem has ordered npower to co-operate in its next trial of a simplified collective switch which could help thousands of the supplier’s customers save hundreds of pounds by switching to a better deal. Suppliers are required to allow their customers to take part in Ofgem’s programme of trials which are testing the best ways to…
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Initial details of a new procurement process for the clearing and settlement layer that will form the backbone of the New Payments Architecture (NPA) have been announced by the New Payment System Operator (NPSO). The NPA is a new conceptual model for payments in the UK, which will take over the processing of more than…
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The FSCS (Financial Services Compensation Scheme) has named six firms that defaulted in August. The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms. The six firms are: Cain Lambert Limited formerly known PAR Capital Mortgages Limited, 44 St. Edmunds Road, London, N9 7PT MML Administration Limited, 9 Portland Square, Bristol,…
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The Labour Party has published its response to a review into problem gambling and its treatment that has been undertaken over the last year. Tom Watson MP and Jonathan Ashworth MP have spent a year consulting with gambling addiction specialists, charities, industry bodies and those suffering from gambling problems, to look at whether existing gambling regulation…
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A new report commissioned by ACCA (the Association of Chartered Certified Accountants), CA ANZ (Chartered Accountants Australia and New Zealand) and KPMG has explored the significant opportunities automation presents for the finance function after results found many CFOs are still uncertain how implementing robotics solutions can be applied to benefit their finance functions. Robotic Process Automation…
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