Credit, Collections & Insolvency News
New Google trends have indicated 400% rise in people searching for ‘interest rate’ according to research by Loan Corp. The company says that the rise in the search term comes after the Bank of England put it up in August to 1.75% to stop prices rising so fast and to bring down the rate of…
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US bank, Citi, has forecast that CPI will hit 18.6% in January, the highest rate in nearly 50 years. as it expects the energy price cap to rise to £3,717 in October, then to £4,567 in January and £5,816 in April. The banks says higher prices for the essentials will hit those on lower incomes harder – because they…
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A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving according to new research by Propertymark The research found that 73 per cent of agents say they have seen an increase in the number of tenants…
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More than 80 per cent of regulated firms in the legal, property and finance and banking sectors are considering a switch to electronic verification of their customers new research from SmartSearch has found. The ‘big switch’ to technology comes as firms feel the growing weight of compliance around anti-money laundering (AML) and sanctions regulations –…
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Key has agreed to work collaboratively with MorganAsh on a pilot scheme to use its new adviser tool to support later life lending advisers in identifying, assessing and managing client vulnerability. MorganAsh launched its MorganAsh Resilience System (MARS) in April,but had been working with Key since last year to test and refine the interaction with…
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Nine out of 14 UK sectors reported falling output in July – the highest number since January 2021according to the latest Lloyds Bank UK Sector Tracker. Transportation and the tourism and recreation sectors recorded the fastest falls in activity as consumers reined in discretionary spending. 13 out of 14 sectors reported lower input cost inflation…
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Directors of Scunthorpe headstone company have been disqualified as directors by the Insolvency Service. The husband and wife directors were disqualified after taking customers’ payments while knowing the business was insolvent. Paul Hubbard and Susan Hubbard have been disqualified as directors for eight and six years respectively, after taking deposits in excess of £30,000 from…
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The rising cost of living is driving a significant increase in credit card reliance according to new research by Money.co.uk. The research examined the spending habits consumers are using to cope with the increased cost of living. The research found that 1 in 4 (24.60%) Brits said that the cost of living is the main…
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Interpath Advisory has announced the appointment of a new Director to its growing Transaction Services team. Leonard Cripps joins Interpath with over nine years of experience specialising in buy-side and sell-side financial due diligence for private equity and corporate clients in the UK and the USA. He joins Interpath from Swedish investment firm Storskogen, where…
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A company director has been banned after each of his four companies wrongly claimed Bounce Back Loans and overstated turnover of his construction contractor companies to secure £200,000 Covid 19 financial support to which he was not entitled. Stephen Burke, has been disqualified as a director for 11 years. Burke was director of four companies…
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The latest quarterly Federation of Small Business (FSB) Small Business Index (SBI) has found that majority of small firms expect no or negative growth in the next year with cost pressures and labour shortages are stymying investment plans and hampering economic development. The combined proportion of small firms who predict that they will stay the…
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Quarterly fraud analysis from global information and insights provider TransUnion found that the rate of suspected digital fraud attempts coming from the UK increased by 32% when comparing Q2 2021 and Q2 2022, with financial services and insurance having seen the biggest increases. In financial services, the rate of suspected digital fraud attempts has more…
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The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…
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