Credit, Collections & Insolvency News
Business outsourcing provider Sigma Connected has announced the appointment of a new Managing Director (MD) to lead the company’s newly-formed credit services business. Jaco Snyman has been appointed to spearhead the company’s new Birmingham-headquartered debt collection agency, McLaren Credit Services. Reporting to Group CEO Gary Gilburd, Snyman will take responsibility for the growth and strategic…
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Deloitte has announced the appointment of Bhaskar Acharya as an Advisory Corporate Finance Partner in the Corporate Turnaround practice. Acharya joined Deloitte in January as a partner in the firm’s Corporate Turnaround practice. He is working alongside Chris Skinner in the firm’s Performance Improvement services offering in the UK, with a focus on originating special situations.…
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Paylink Solutions has partnered with online banking provider, Ecospend in a new partnership that will allow customers who’ve fallen behind with repayment plans to make instant payments and get back on track with their arrangements. Customers will be sent a link for them to make the previously failed payments, either over the phone with an…
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Pepper European Servicing, a UK-headquartered loan servicing company has announced a major business transformation and investment programme through which it will become a global credit intelligence provider under a new brand: Pepper Advantage. The business transformation programme will result in the integration of its European and Asian servicing businesses as it further expands into a…
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The Competition and Markets Authority (CMA) has criticised Lloyds and Barclays for mistakes made when giving information to price comparison websites, potentially misleading customers and breaking open banking rules. The CMA outlined a number of instances where the two banks breached the 2017 Retail Banking Market Investigation Order in relation to open APIs. The CMA said both…
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Consumer spending grew by close to a fifth (19%) in February compared to the same month in 2021, despite the rising cost of living starting to show signs of impacting behaviour, according to Nationwide’s latest Spending Report. The Spending Report is a full monthly breakdown of around 190 million debit and credit card and direct…
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Leaders in the hospitality sector say Government plans to increase VAT from 12.5% to 20% in April will see some businesses ‘become unviable overnight.’ An inquiry by a group of influential MPs has recommended that VAT for the hospitality and tourism sectors stays at 12.5% beyond March. The All Party Parliamentary Group (APPG) for Hospitality…
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New analysis by the Federation of Small Businesses (FSB) has shown a £10,000 increase in small business utility bills ahead of Spring Statement. The analysis shows that electricity and gas bills will increase from £4,724.73 to £11,589.89 (+145%) and from £1,345.07 to £4,815.36 (+258%) respectively for a small business in London with commercial premises between…
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A new report from Demos, produced in partnership with Lowell has identified a number of areas subject to the ‘double whammy’ of high financial vulnerability and limited access to affordable credit. As UK households are hit by rising prices, the latest update to the UK Financial Vulnerability Index (FVI), a joint project of Lowell and…
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The Financial Conduct Authority (FCA) has confirmed that the Financial Ombudsman Services (FOS) compensation limit will increase from £350,000 to £375,000 from 1st April. The limit will change to £375,000 for complaints referred after this date about acts or omissions by firms on or after 1st April 2019. For complaints before 1st April 2019, the…
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New analysis from the independent Joseph Rowntree Foundation (JRF) highlights the stark impact of a scheduled real-terms cut to benefits next month, as rising energy costs threaten to devastate the living standards of families on the lowest incomes. The analysis shows the impact of rising energy costs on household budgets. It finds that once housing…
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The outbreak of war in Ukraine has had a significant impact on UK small business owner confidence. Nationally, 78% of small business owners say there are worries that keep them awake at night – and the feared implications of the Ukraine conflict have cast aside small business concerns over Covid, Brexit and red tape –…
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One in seven (an estimated 7.9 million) UK adults is behind on at least one household bill and one in eight (an estimated 6.2 million) have gone without heating, water or electricity in the last three months as a result of rising costs, according to new research from the Money Advice Trust. The charity, which…
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