Credit, Collections & Insolvency News
A new survey by leading specialist bank Vanquis has revealed that Gen Z shoppers are making nearly double the number of impulse purchases as the average person, fuelled by platforms like TikTok, leaving many with financial regrets. Gen Z spends multiple hours a day on social media, with many relying on it as a source…
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The Insolvency Service has welcomed news in the Budget that the agency will receive an extra £25 million over the next five years to help it tackle rogue directors. The funding announced by the Chancellor today will fund a new Abusive Phoenixism Taskforce which will be staffed by 50 people investigating suspicious company insolvencies. The…
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Ahead of Black Friday, the UK’s busiest retail event, new research shows that AI is making consumers more susceptible to purchase scams. As fraudsters change tactics and turn to SMS/text to directly target victims, Barclays is urging deal-seekers to act with caution to stay protected when shopping in this year’s sales. Three in four UK…
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Retail confidence has dropped sharply, reaching its lowest point since 2008, according to Confederation of British Industry (CBI) analysis. The CBI’s quarterly measure of business sentiment for the next three months fell to -35 from -10 in August. Retailers anticipate subdued demand as they prepare for a challenging December, with sales expected to decline further.…
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With possible income tax and threshold reforms expected in the Budget, new data from Howden Life and Health reveal families are already under pressure, with millions forced to borrow from friends and family, take out loans, and even cancel insurance policies to cover sudden costs. As part of its Health Gap report, Howden Life and Health surveyed 3,000…
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Paying for insurance with credit is continuing to gain popularity with customers valuing the ability to pay insurance bills monthly, according to new research by Premium Credit. Premium Credit’s Insurance Index found 28% of adults say they are more accepting of using credit to pay for insurance cover than they were a year ago confirming…
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One in ten (8%) of people have no emergency savings at all, rising to one in ten women (10%) according to Hargreaves Lansdown (HL) Savings and Resilience Barometer. The research found that 11% of the squeezed middle (35-54), 12% of single people and 17% of renters do not have savings, whilst 11% have £100 or…
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The gap between the UK’s wealthiest and poorest consumers is widening, according to a survey of 20,000 European and 1000 UK consumers by credit management group Intrum. The European Consumer Payment Report is an annual survey across 20 countries found only 48 per cent of the UK’s low-income consumers are confident they can pay all of their…
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New research has revealed that while SME confidence in Government remains fairly lukewarm, this support is fragile in the face of mounting economic pressures and uncertainty – and may well turn sour without urgent action on tax and costs at the Autumn Budget. The survey of 1,000 SME leaders and decision makers, commissioned by FTSE…
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Secure Trust Bank has announced that it has appointed James Appleby as Chief Operating Officer (COO), pending regulatory approval. Appleby brings over two decades of senior leadership experience in the financial services sector, both in the UK and internationally. He has previously held the COO position for Barclaycard between 2005 and 2008, and then for…
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Almost half (46%) of smaller SMEs say they’re not confident that the Government will drive a ‘pro-business’ agenda compared to only 22% of medium sized businesses according to new analysis from Simply Asset Finance. Notably, the research reveals that much of the goodwill that had been granted to the new Government early in its tenure…
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The Government has launched a consultation to cut electricity bills by up to 25 percent for over 7,000 British businesses. Business and Trade Secretary Peter Kyle will set out an offer of enhanced support in a keynote speech to a room of bosses from some of the UK’s top firms at the CBI Conference in…
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Three men from London have been sentenced to a combined 10 years and four months after stealing a combined £568,000 from victims by fraudulently posing as bank customers and gaining access to their accounts. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).…
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