Credit, Collections & Insolvency News
Company directors could be fined up to £500,000 if their business is behind nuisance phone calls, under government moves to clamp down on the problem. The law is to be changed in Spring 2017 to make directors personally liable for breaches of regulations. At the moment only firms can be fined for ignoring rules on cold calling,…
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Nearly a third of Scotland’s professional services firms are considered to be at higher than normal risk of insolvency, according to research by insolvency and restructuring trade body R3. The research shows that 30.7% of businesses in the sector are considered to be at higher than normal risk of entering insolvency in the next year,…
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The Financial Conduct Authority (FCA) has issued a warning over an unauthorised lender which is using the details of an authorised firm. Brits Finance claims to offer personal loans that can be used for house repairs, but the FCA has confirmed it does not authorise this firm. Instead, the FCA has warned that Brits Finance…
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Wage Day Advance has revealed that the cost of becoming regulated has resulted in a post-tax loss of £7.7million for the year ending 31st December 2015. In recently published accounts, the lender revealed it had made a loss in 2015 after making a post-tax profit of £3.4million for the year before. Wage Day Advance put…
Read moreONS latest crime figures show banking and credit fraud is up 13% in the year ending June 2016. Commenting on the latest figures John Marsden, Head of ID and Fraud at Equifax said “Companies have stepped up their fraud protection with multiple layered fraud defenses, but this often moves criminal activity to channels that are…
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The Financial Conduct Authority (FCA) has published findings from its thematic review of packaged bank accounts. In 2013, the FCA introduced new rules on packaged bank accounts. These were designed to help customers understand whether the product was right for them. Firms are now required to establish and record whether customers are eligible to claim…
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Only 4% of decrees and judgments relating to debt in Scotland were marked as satisfied in the third quarter of 2016, compared with 15% in England and Wales, according to figures from Registry Trust. Registry Trust is the non-profit organisation which collects judgment information from jurisdictions across the UK, including small claims and summary causes…
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More than 550,000 small businesses in the UK have been forced to halt trading due to a disruption in the last two years, according to new research by small business insurer Direct Line for Business. Destroyed stock and delivery vehicles breaking down are just a couple of incidents that have been known to cause a halt…
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According to a new survey commissioned by Gocompare.com Energy, 5% of homeowners are in arrears with their gas or electricity bills, owing suppliers on average £121.20. The survey also found that only 13% of those struggling to pay their energy bills had contacted their supplier to discuss their situation and ask for help. The report surveyed over 1,280…
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The London Institute of Banking & Finance has launched launched a CeMAP® Diploma. The new CeMAP® Diploma builds upon the success of The London Institute of Banking & Finance’s industry-leading level 3 qualification CeMAP®. To gain the advanced qualification, advisers will need to complete a new level 4 Advanced Mortgage Advice unit, building on CeMAP’s…
Read moreThe Financial Conduct Authority (FCA) has today announced that it will consult on new guidance on the treatment of customers with mortgage payment shortfalls (commonly referred to as arrears). This guidance covers remediation for mortgage customers who may have been affected by the way firms calculate these customers’ monthly mortgage payments. The FCA has identified…
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KSA Group, has appointed Stephen Jones as Regional Manager. Jones qualified in 1986 and has extensive experience in SME and owner-run businesses, including the turnaround of loss-making companies. Managing Director of KSA Group, Keith Steven, said “Stephen joining ‘plugs a gap’. We now have very experienced regional managers in every main business area delivering innovative turnaround…
Read moreNew figures from the Insolvency Service Ireland show that almost 900 people applied to put a formal insolvency arrangement in place with their lenders. The figures were for the three months to the end of September. This was up 102% on the same three months last year. But the number of heavily-indebted people who secured a…
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