Credit, Collections & Insolvency News
The Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose to -17 in February 2023, up from -28 the previous month and a near-record low of -64 in November. Confidence in the UK economy is now similar to the time of the Omicron restrictions in…
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The number of profit warnings issued by UK-listed companies in 2022 increased by 50% year-on-year, with record levels of warnings citing rising costs, according to EY-Parthenon’s latest Profit Warnings report. In total, 305 profit warnings were issued in 2022, an increase of 102 from 2021 when 203 warnings were issued. Half (152) of the warnings issued in…
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The board of Directors of Intrum AB has appointed Andrés Rubio President and Chief Executive Officer (CEO) of Intrum. Rubio has a background from several management positions (including Cerberus, Apollo Management International and Altamira Asset Management) and was elected Board member of Intrum in 2019. Magnus Lindquist, Chairman of the Board of Intrum said “I…
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Nova Credit has announced it has received Financial Conduct Authority (FCA) authorisation permissions in order to provide credit references to operate in the UK. US founded Nova Credit, is a consumer-permissioned credit bureau which it says is on a mission to accelerate financial inclusion for immigrants globally. Nova Credit’s technology unlocks access to over 2…
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The World Bank has warned that the global economy is perilously close to falling into recession, pointing to higher inflation and interest rates among the factors that could hit growth. The World Bank expects the world economy to grow by 1.7% this year, this down from the 3% it predicted in June. Growth of 1.7%…
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The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade. It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…
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UK businesses expect to be hit the hardest by inflation, according to new research from Taulia. Nearly half (48%) of UK businesses expect inflation to get worse in the next 12 months, higher than businesses in Germany (42%), Singapore (35%) and the US (21%). The findings come at a time where nearly nine in 10…
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The UK’s Supreme Court has dismissed a claim calling for the law to be changed to force company directors to start taking creditors into account at the first risk of insolvency. The ruling clarifies the current legal position under which directors’ duties to creditors are triggered only when a company is either insolvent or on…
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More than two-thirds (68%) of European small and medium enterprises (SMEs) are planning to adopt real-time payment processing in the next 12 months, according to new research by Vodeno. At present, just 10% of SMEs said they receive payments instantly, and only 11% within an hour. By comparison, 35% said it takes between two and three…
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Bank of Ireland has been fined a record €100.5m by Ireland’s Central Bank for overcharging customers denied mortgages that track base rates. The Central Bank determined the appropriate fine to be €143.6 million,1which was reduced by 30% to €100.5 million in accordance with the settlement discount scheme provided for in the Central Bank’s ASP.2 The…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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The Financial Conduct Authority (FCA) has appointed Ruairi O’Connell, OBE, as the new Director of International. O’Connell will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping…
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Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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