Credit, Collections & Insolvency News
The number of consumers returning to the high street continued to fall in May, according to data from the British Retail Consortium (BRC) (This is Money). Data showed a 2.6 per cent decline in footfall in May compared to the same time last year, although this is better than the year-on-year drop of 10.7 per…
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Ovo Energy has agreed to pay more than £10 million to customers after energy regulator Ofgem found a lack of monitoring of vulnerable customers with prepayment meters (PPMs). The regulator’s investigation concluded that OVO’s inadequate monitoring of PPM customers, including those on the Priority Services Register (PSR), led to breaches of Ofgem’s rules designed to…
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ICAEW has announced that Caroline Smale has become its President for 2026/27. Smale succeeds Derek Blair and will remain President until June 2027. As President, Smale will support the implementation of the ICAEW strategy, Direction 2030, which focuses on equipping members with the skills for the future; upholding public trust and professional integrity; and building…
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Hampshire Trust Bank (HTB) has announced it has appointed Nick Clayton as Lending Director within its development finance division as the bank continues to expand its London and South East origination team. Clayton joins from Close Brothers Property Finance, where he spent more than a decade across a range of roles spanning origination, portfolio management…
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Small businesses and the self-employed struggling with their finances to receive a helping hand through new £4 million funding boost to business debt advice services through the Money and Pensions Service. The funding will go towards expanding access to expert support to help them get back on track, giving a leg up to an additional…
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The Enforcement Conduct Board (ECB) has published its Review into fee-charging practices across the enforcement sector. It found inconsistencies in the way firms are applying fees, with some people paying more in fees, or earlier in the enforcement process. In 2025, the ECB identified a serious breach of the Taking Control of Goods (Fees) Regulations 2014 at…
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Time Finance has announced it has appointed Claudia Ritchie as its new Compliance Manager. Ritchie brings over 8 years of experience in regulatory compliance, risk management, and governance within the financial services sector. In her new role, she will be responsible for overseeing the company’s compliance framework, ensuring adherence to regulatory requirements, and strengthening internal…
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The Financial Conduct Authority (FCA) has opened an enforcement investigation into Consultation Claims Limited (CCL) following concerns about its conduct in the period April 2025 to December 2025 in relation to motor finance claims. The FCA is investigating concerns that consumers may have been signed up between April 2025 and December 2025 without their consent,…
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British consumers are among the most pessimistic in Europe about their finances in the year ahead, as instability and conflict in the Middle East tops the list of the biggest financial concerns across the continent according to new Europe-wide research from CRIF. The data reveals that half of all European consumers (50%) cite Middle East instability…
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Britain’s construction sector is heading for a cash flow crisis, with firms battling late payments and rising costs on contracts that are now being delivered at a loss, according to new research from UK accountancy and advisory firm Menzies. The firm’s latest report finds that 86% of construction and property firms are already in or…
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A new report from Pensions UK has warned that most workers are not saving enough for even a ‘moderate’ lifestyle during retirement. The Retirement Living Standards report argues that rising bills have pushed a moderate retirement, priced at £32,700 a year for one person or £45,400 for a couple, further out of reach, with only…
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Latest Bank of England data has shown that mortgage approvals reached a 15-month high of 65,900 in April, a 3% increase from March. Net borrowing of mortgage debt by individuals fell to £4.4 billion in April, from £6.8 billion in March, below the previous 6-month average of £5.1 billion. Approvals for remortgaging were broadly unchanged…
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Spark Finance Group has announced the appointment of Simon Carter as Chief Commercial Officer. Carter will lead the group’s commercial function across its FCA-regulated brokerage, Spark Finance, and its technology business, Clover Technology. He joins from Investec, where he was co-head of Investec Capital Solutions, with co-head responsibility for the bank’s working capital book. He…
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