Credit, Collections & Insolvency News
The Competition and Markets Authority (CMA) has said six banks have broken rules about keeping customers informed about changes to interest rates for overdrafts. Lloyds, NatWest, HSBC, Barclays, Metro Bank and Bank of Ireland all breached regulations, the regulator said. The high street banks broke the rules imposed by the CMA under the Retail Banking Market Investigation Order 2017. As a result…
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As the cost of living squeeze continues to be a growing concern, research from Canada Life has revealed the impact this will have on family members’ ability to financially support their relatives, both now and in the future. Among those who already financially support their relatives, or could do so, nearly half (48%) say the next…
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8.2 million households, one in three in the UK, are expected to be in fuel poverty following October’s price cap increase, National Energy Action has warned. Today fuel poverty charity National Energy Action (NEA) releases worrying new figures amid the cost-of-living crisis. Energy experts Cornwall Insight has predicted that when the price cap rises in…
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As the government prepares to launch a new £3bn a year loan scheme for small and medium-sized businesses this week, a new survey of MPs commissioned by Association of Accounting Technicians (AAT) shows that almost two-thirds (65%) of those surveyed want more support for SMEs to cope with the ongoing cost of living crisis. Additionally,…
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Digital motor retailing and finance specialist, iVendi has made two new appointments. Dale Reed has been named VP Product Management. He has been working in IT for 30 years, starting as a software engineer and specialising in data aggregation and business intelligence before migrating into product management. For the last decade, he was employed by…
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Time Finance has announced the appointment of Paul Seddon as Head of Credit. In this newly created role, Seddon will help to strengthen and shape the firm’s asset finance proposition as they continue to increase their lending to UK SMEs looking to invest in business-critical equipment. Seddon brings over 40 years’ experience to the role having…
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New research from open banking platform, Tink, reveals that over a quarter (28%) of the UK’s self-employed struggle to access the financial services they require, leading many to believe the current system works against them due to their employment status. According to the survey of consumers, a stark 27% of self-employed people feel they have…
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The Bank of England (the Bank), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (collectively the supervisory authorities) have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to the UK financial sector. CTPs provide certain services to regulated financial services firms and financial market…
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Clients taking advantage of Breathing Space in its first year have experienced markedly improved outcomes compared to those who did not, according to a new survey of by debt charity StepChange. The charity found that clients who took Breathing Space were over three times more likely to go through full debt advice and enter into…
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More than 620 businesses filed for administration in the first six months of the year – a 60% increase compared to 2021, according to analysis by full-service law firm Shakespeare Martineau. Construction, manufacturing and retail were the sectors worst hit, accounting for 40% of administrations. Greater London led the way with 22% of the filings,…
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Two in five adults over the age of 50 are so stressed about money that they can’t sleep at night, according to new research by SunLife. The research revealed that over a third (37%) of people aged 50 and above revealed they feel sleep deprived. Money worries are the number one cause of sleep loss…
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A new Chair of the Court of the Bank of England has been appointed by Her Majesty the Queen. David Roberts is expected to take up his role at the Bank in Autumn 2022 and will succeed Sir Bradley Fried who served as Chair from June 2018 to June 2022. The Bank’s Court acts as…
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Legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK has been introduced to Parliament The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to enable a coherent, agile and internationally respected regime that works in the interests of the British people. The…
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