Credit, Collections & Insolvency News
New research by MoneySuperMarket shows that raising a child in the UK costs anywhere between £143,412 and £500,982, depending on the childcare and schooling choices families make. By combining the latest Office for National Statistics (ONS) data with a new survey of UK parents, MoneySuperMarket’s analysis shows how underestimated the financial commitment of parenthood really is. Even when families can opt out of pre-school nursery…
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UK small and medium-sized enterprises (SMEs) are facing a wave of mounting pressures, with recession fears hitting a two-year high and concerns over energy costs and supply chain disruption rising sharply, according to iwoca’s latest SME Expert Index. The survey found that 70% say their SME clients are worried about the conflict’s impact on energy…
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The Financial Conduct Authority (FCA) is preparing for potential legal challenges regarding the motor finance scheme. It has received four legal challenges from lenders, including Volkswagen Financial Services and Mercedes-Benz Financial Services. The FCA says that its priorities remain to secure fair compensation for consumers as quickly as possible and ensure a healthy motor finance…
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UK Finance has published Plan for Growth: From Strategy to Delivery, a new report outlining a practical roadmap for how the financial services sector can help deliver the government’s economic growth ambitions. The Government’s strategies to grow the economy – spanning industrial renewal, infrastructure, housing, SMEs, trade and financial inclusion – all depend on a…
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A convicted money launderer has been sentenced to an additional 499 days in prison for failing to fully pay the money owed under a Confiscation Order. In 2021, Richard Faithfull was sentenced to 5 years and 10 months in prison for laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA). He…
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Neil Cutting has been elected as the next ICAEW Vice President, to serve from June 2026 to June 2027. Cutting has been a member of the ICAEW council since 2023, representing the West of England. He is a transformation director for cloud and AI provider, Oracle. Previously, Cutting held global finance leadership roles with Hewlett Packard…
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The new president of the principal trade association for civil enforcement agencies in England and Wales has pledged to drive reform, strengthen standards and improve public understanding of the profession. Amy Collins, Managing Director of Leicestershire-based enforcement agency Rundles, has taken on the role of Chair of the Civil Enforcement Association (CIVEA) at a pivotal…
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SME lender, GC Business Finance (GCBF) has appointed Aaron Malins as Director of Business Finance. Malins brings over two decades of experience across finance, lending and advisory. He previously served as CFO of a Manchester-based regulated consumer finance firm, as well as Managing Director of its lending division. In these roles, Aaron worked closely with…
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A director of two companies which supported a scheme allowing business owners to keep their assets while dropping their debts has been disqualified. Suzanne Harley-Davies failed to exercise control of the affairs of Namare GRP Ltd and TPG GRP Limited during 2023 and 2024. She also failed to ensure that the companies operated for legitimate corporate…
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More than half (58%) of adults who are single or live alone say they could not cope with an unexpected bill of £850 according to new research by Aviva According to the research, people who live alone spend on average a little over £630 a month on essential costs, such as food/ groceries, transport, council…
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The number of SMEs using some form of credit to pay for one or more insurance policies has significantly increased, according to new research from Premium Credit. The data, which monitors insurance buying and how it is financed, shows 90% of SMEs use some form of credit when they buy insurance, compared with 54% recorded…
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The British Retail Consortium (BRC) is calling on the government to act on soaring domestic policy costs, as new polling shows four in five people (80%) fear the Middle East conflict will push up food prices. Retailers are already absorbing significant additional costs from the conflict. Rising gas and electricity prices are pushing up production,…
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Homebuyers are experiencing the highest mortgage affordability pressures in nearly 20 years, with repayments consuming 21.3% of gross income, according to UK Finance. The data showed that 723,000 house purchase mortgages advanced in 2025, up 17 per cent year-on-year with average borrower spends 21.3 per cent of gross income on repayments. The analysis shows significant…
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