Credit, Collections & Insolvency News
Half of consumers have cut back spending to cope with the cost of living crisis, although financial resilience appears robust, according to figures revealed in TransUnion’s latest Consumer Pulse study. Over 50% of consumers surveyed indicated they’d reduced their expenditure in the last three months and intend to decrease it further as the year progresses. Whilst all spend…
Read more
The Building Societies Association (BSA) has launched a new report shining a spotlight on the work of individual building societies and credit unions in providing financial education within schools and their wider communities. Based on feedback from members, it includes a number of case studies about members outreach programmes and calls for improvement in the following…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have shown that overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Quarter 1 2022-2023 rose by 8.1% The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q1 rose by 7.4% when compared with the previous quarter (January-March 2022). Commenting on the figures…
Read more
A rogue company director from Essex has been banned for 7 years after she was unable to explain what she did with £45,000 government loan. Rupinder Thaker, from Chadwell Heath, Essex, was appointed director of TKML Limited in April 2016 at the same time the company was incorporated. Five years later TKML Limited entered into…
Read more
The Financial Counduct Authority (FCA) has issued a Decision Notice to One Life Funeral Planning Ltd (One Life) refusing the firm’s application for authorisation. One Life could not demonstrate that it was able to meet or comply with the FCA’s regulatory standards. The concerns included the firm having poor sales practices. One Life has until 31 October…
Read moreThe Financial Ombudsman (FOS) has announced the appointments of James Dipple-Johnstone to the role of Deputy Chief Ombudsman and Karl Khan as Chief Operating Officer. Dipple-Johnstone, brings significant leadership in regulatory oversight and ombudsman functions delivering high quality investigations and service improvements. He currently works as the Deputy Commissioner for the Information Commissioner’s Office (ICO)…
Read more
More than 300,000 people in the UK are now registered with GAMSTOP, the free, independent national self-exclusion scheme for online gambling, with a monthly average of more than 7,000 new sign ups this year. GAMSTOP has released its data for the first six months of 2022 against the backdrop of the Government’s delayed White Paper…
Read more
The UK’s three largest debt charities have called on the energy regulator Ofgem to urgently increase protections for people with energy arrears, as rising costs continue to impact households. Citizens Advice, the Money Advice Trust and StepChange Debt Charity are warning that with a further substantial rise in the energy price cap coming in October,…
Read more
The Insolvency Service has used its new powers to investigate and sanction directors who dissolved their companies to avoid repaying bounceback loans. The Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government-backed loans. The crackdown has seen…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 49.1% in Quarter 1 (Q1) compared with Q1 2021-2022. The number of corporate insolvencies (liquidations and receiverships) in Scotland for Q1 2022 rose by 1.3% compared with the previous quarter (January-March 2022). Richard Bathgate, Chair…
Read more
Fintech challenger business specialist Allica Bank has announced that it has appointed Ian Flaxman to the newly created role of Head of Growth Finance. Flaxman has over 30 years’ financial services expertise and joins Allica Bank having held a number of leadership roles within working capital, credit, commercial and invoice finance sectors. He says his…
Read more
Virgin Money has announced plans to enter the new buy now, pay later (BNPL) market later this year with a credit card product called Slyce. Virgin Money says that the product gives customers the flexibility to buy now, pay better, as customers can use Slyce for all their buy now, pay later spending (consolidating it all…
Read more
Research by the Institute for Fiscal Studies (IFS) has indicated that Long Covid is costing UK workers a total of £1.5 billion a month in lost earnings, adding up to £1.5 billion in aggregate across the economy. The research says that as the UK exits the most acute phase of the Covid-19 pandemic, attention has…
Read more