Credit, Collections & Insolvency News
UK Finance’s latest Business Finance Review has indicated a gradual return to normal lending trends across SMEs during the first quarter of 2022. The research found a modest uptick in demand for cashflow finance through overdrafts and invoice finance and asset-based lending – as a consequence of both the end of Covid-19 restrictions and the significant…
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Millions more people have been targeted by scammers as the cost-of-living crisis takes hold, new research by Citizens Advice has found. More than three quarters of UK adults said they have been targeted by a scammer this year – a 14% increase compared to this time last year. The most common types of scams reported…
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New research from the Building Societies Association (BSA) has found that showed more than six in ten (61%) people in work are finding their bills and credit commitments a burden, with close to one in five employees not being able to cover their living expenses for one month if they lost their main source of…
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More than half of UK households (52%) cutting back on gas and electricity use according to the latest Office for National Statistics (ONS) figures. Average energy bills for families on a standard variable tariff went up by 54% in April after a change in the government price cap. The research found that more than 40%…
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New research by Credit Karma has shown that it takes women more than two years to bounce back financially after having a baby, leaving many fearful about their own financial security and nearly a quarter (23%) convinced they’ll never return to the financial position they were in prior to giving birth. The study of new…
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Guarantor loan provider, TFS Loans (in administration) has been fined £811,900 by the Financial Conduct Authority (FCA) in relation to deficient affordability checks on 3,150 guarantors in its consumer credit business. The FCA has also imposed a requirement on TFS to redress the guarantors that were harmed by the firm not conducting appropriate checks. TFS…
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CIVEA gave evidence this week to the House of Commons Levelling Up, Housing and Communities (LUHC) Select Committee inquiry into Council Tax collection. The primary trade association for civil enforcement agencies in England & Wales, representing more than 95% of the industry, highlighted recent advances in technology and directed MPs to Cabinet Office work on…
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The Institute of Chartered Accountants in England and Wales (ICEAW) has announced it has appointed Julie Penny as its new President for 2022/23 Penny will succeed William Brooks as ICAEW president and will serve a one-year term until 2023 when she will hand over to Mark Rhys. Julia was first elected to ICAEW Council in…
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The Financial Ombudsman Service (FOS) has announced that they have appointed Abby Thomas to the role of Chief Executive and Chief Ombudsman. ThOmas brings significant experience in leading change and driving operational excellence in large, complex organisations. She currently works for Virgin Media O2, which has 42.7 million mobile connections and 5.8 million fixed line…
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Over the next five years rents are expected to grow faster than house prices (5% for rents and 4% for prices) according to research from the Royal Institution of Chartered Surveyors (RICS). The research showed that demand from prospective house buyers fell in May 2022, a potential side effect of the rising cost of living…
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Research by London rental platform, Rentd, has indicated that rental cost increases have contributed to a strain on household finances for 86% of UK tenants, with many facing further cutbacks should their household costs continue to increase. The survey of over 2,000 UK tenants commissioned by Rentd found that, since the start of the year,…
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Tenants in privately rented properties risk ‘falling through the crack’ when it comes to the recently announced energy bill support, Citizens Advice has warned. The charity has conducted research which found more than one in eight private renters – equivalent to half a million (585,000) people – may miss out on vital support to cope…
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The British Business Bank has appointed Louis Taylor as its new Chief Executive Officer. Taylor is currently CEO of UK Export Finance, the UK government’s export credit agency. Taylor joined UK Export Finance in 2015, enjoying a stellar career which saw the department provide its highest level of support for UK exporters in 30 years…
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