Credit, Collections & Insolvency News
Coface’s 2022 Asia Corporate Payment Survey has highlighted the credit risks in the Asia-Pacific region. The report found that improved economic conditions in 2021 contributed to a notable fall in the duration of payment delays across Asia-Pacific, dropping from 68 days on average in 2020 to 54 days in 2021, the lowest level in 5…
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The Payment Systems Regulator (PSR) has published its provisional decision on remedies for the card-acquiring market review, following its initial consultation earlier this year. Card-acquiring services are crucial to the UK economy because they enable merchants, like newsagents and supermarkets, to accept card payments. This means, every day, people can pay for goods they need, including…
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The government has published breathing spaces data which shows breathing spaces rates were highest for people aged 25-44 (one in 445 of those aged 25-34 and one in 440 of those aged 35-44), and lowest for those aged 65 and over. In the first year of the support, there were 63,864 breathing spaces registered. One…
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The Financial Ombudsman Service (FOS) received nearly 25,000 complaints about current accounts in the year to March, more than any other product. FOS says a big chunk of these were from victims of authorised fraud, such as customers being tricked into transferring money into other accounts often by scammers posing as their bank. Complaints to…
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New analysis by Thomson Reuters has found that over 200 of the UK’s biggest companies have underpaid VAT by an average of £13.4 million each, leaving HMRC £2.7 billion short. Thomson Reuters says that the £13.4 million figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has…
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Debt collections specialist, Ophelos has announced it has raised £5 million in a funding seed round. The funding round was led by AlbionVC, which has previously invested in fintechs such as Credit Kudos. Contributions were also made by Vast Ventures, an early investor in Coinbase and Tala, regulatory and public policy experts Form Ventures, as…
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Up to 70 per cent of property firms surveyed for an anti-money laundering campaign have not changed their approach to onboarding new customers since sanctions were imposed on Russia after its invasion of Ukraine according to new research by SmartSearch SmartSearch says that the survey shows the worrying size of the challenge when it comes…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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An unfurling backlog of weddings and other milestone social occasions following the pandemic is adding pressure to people’s already stretched finances, as one in four people (24 per cent) can’t afford to accept all of their wedding invitations, according to new research launched today by Experian. Three in ten (31 per cent) said they have…
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The collections & recovery platform, Receeve, has announced a new partnership with Paylink Solutions to provide a simple, efficient way to carry out affordability assessments for its customers across Europe. Through Paylink’s technology, Receeve clients will benefit from a quicker and more accurate service, which will maximise agent output. On average, clients will see a 75% improvement…
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The UK’s biggest mobile and broadband companies have agreed on a plan to help customers struggling to pay bills amid the cost of living crisis. The Telecoms industry agreed to the new plan following a government summit led by Digital Secretary Nadine Dorries. The new measures such as allowing customers struggling with bills to move…
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Extended warranties from some of the biggest online tech stores are not worth the extra cost, according to consumer support specialist Which? Which? surveyed 2,000 UK consumers and found one in five bought a retailer’s extended warranty for a tech or appliance product in the past two years. However, half of those who made a…
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KPMG’s latest UK Economic Outlook report predicts GDP growth will more than halve to 3.2% this year, from 7.4% in 2021, and fall to 0.7% in 2023. KPMG warned that the invasion of Ukraine and renewed lockdowns in China put upward pressure on commodity prices and keep supply chains under strain, UK GDP growth is…
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