Credit, Collections & Insolvency News
Ofgem has appointed EDFto take on supplying Zog Energy’s combined total of approximately 11,700 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they are in credit. Domestic customers will also be protected by the energy price cap with…
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Nationwide Building Society announces that it has appointed Debbie Crosbie as its next Chief Executive and Executive Director, subject to regulatory approval. The selection process has been led by Kevin Parry, the Society’s Deputy Chairman and Chairman Elect and follows the announcement in September that after nearly six years in the role, the current Chief…
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Specialist finance packager Pink Pig Loans has appointed Kate Pedley as its new Head of Residential Mortgages and Protection. Pedley joins from Mortgage Advice Bureau, where she has worked as a mortgage and protection specialist for five years. She has 12 years’ experience in the industry, starting her career with Nationwide Building Society. In her…
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Almost a fifth (18%) of small business owners have identified late payments as the key barrier to their growth, behind only competition as the biggest barrier, according to new research by Superscript. The research, part of a report titled ‘Supercharging small business growth, highlights the struggles that small businesses face with late payments’ found that…
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Two thirds of people (65%) say the cost of living has risen in the past month according to new ONS figures. 87% say the price of food has risen, 77% that the cost of energy bills is up, and 76% that fuel prices are higher. The older people are, the more likely they are to…
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Credit app, TotallyMoney has announced an API integration partnership with digital consumer lender, Fintern. A combination of open banking and artificial intelligence (AI) will allow for faster eligibility checking for customers. Qin Su, TotallyMoney Commercial Director said “TotallyMoney wants customers’ data to work for them and not against them. Fintern is able to harness the…
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The Payment Systems Regulator (PSR) has outlined its plans for the Confirmation of Payee (CoP) system. The plans will allow more banks and building societies to work together to ensure even greater number of customers are protected by the name-checking service. Confirmation of Payee (CoP) is designed to help stop fraud and accidently misdirected payments…
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The Financial Conduct Authority has proposed stronger requirements on oversight of appointed representatives. The consultation is aimed at improving the appointed representatives regime measures and tackling harm from this model. An appointed representative (AR) is a firm or person who carries on a regulated activity on behalf, and under the responsibility of, a firm authorised…
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New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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New research from Experian, which analyses 2.2 million UK businesses, has revealed that, on average, businesses’ credit scores are recovering well from the impact of the pandemic. Business credit score levels were back up to the pre-pandemic average of 44 by September 2021, compared to a score of 40 throughout most of lockdown. A business…
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New research has revealed that over half (55%) of consumers are feeling positive about their personal financial future. The research by Encore Capital Group asked 2,600 people in Encore’s largest markets, the United States (US) and UK their feelings about personal finances and the economy, and explored the impact of the COVID-19 pandemic. With Encore’s…
Read moreA new report by Atradius for Eastern Europe indicates a promising future for businesses that have maintained the status-quo, despite the challenges faced during the second year of the pandemic. Key metrics, including the percentage of write-offs and total volume of overdue Business to Business (B2B) invoices, show little year-on-year change. Write-offs averaged 5% of…
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A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…
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