Credit, Collections & Insolvency News
The FCA is consulting on proposed changes to the fees financial services firms pay to cover the cost of regulation. The minimum fee, which has remained largely unchanged over the last decade, would increase from £1,151 to £2,200. The FCA is also proposing changes to the calculation of consumer credit firm fees to bring them…
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New SME lender Recognise Bank has appointed Ian Workman as its Managing Director (MD) of Commercial Banking. Workman joins from Barclays Bank where he spent the bulk of his 30-year career in financial services, the last five years of which he was Head of SME Banking Relationships in the UK. He will oversee Recognise Bank’s…
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Research from PwC suggests the economy will be hit by a triple whammy of a climbing cost of living, higher interest rates and the end of pandemic-related support from the government, with weaker household spending likely to slow the recovery. The analysis says more affluent households will be able to shake off the impact of…
Read moreZog Energy has ceased trading, the company claimed that it was unable to secure the gas hedges it previously agreed with its gas shipper CNG. The energy company has served around 11,700 domestic gas customers, is the 27th energy retailer to exit via the Supplier of Last Resort process so far this year. Under Ofgem’s…
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Demand for consumer credit has yet to match the pre-Covid peak seen in January 2020, but the latest Market Pulse from Equifax suggests that rapidly rising applications for credit, more than doubling between November 2020 and August 2021, point to returning financial confidence, especially among the young. Younger borrowers, in particular those aged 18 to…
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Evolution Funding, the motor finance broker and technology provider, has appointed Katie Hayes to the board as its Chief Operating Officer. Bringing over 22 years’ experience in the sector, Hayes joins Evolution from Lloyds Banking Group, where she was a member of the senior leadership team within the motor finance division. Positions held include Head…
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Hodge has appointed Hema Patel as the new Business Development Manager for the North of England and Scotland. Before joining Hodge, Patel worked in various roles at Key Group, including as a Business Development Manager for More2Life and Key Partnerships, for more than 13 years. Patel will support brokers in the north of England and…
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East Midlands based venture, Connected Data, has announced that Anthony Sumner and Antony Dear will be joining the team as Director of Data and Analytics and Director of Platform and Delivery. Sumner joins the Connected Data team from Experian, the global information services company, where he held the role of Managing Director of Analytics. He…
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Ofcom has fined telecoms operator, O2, £150,000 for failing to provide complete and accurate information to us during our investigation into the company’s billing issues. In a statement, Ofcom said “We regularly make statutory requests for information from companies as part of our work to protect consumers. This evidence is vital to our decision-making, and…
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Despite lingering anxieties about the pandemic and a variety of economic and commercial issues, the majority of SMEs believe it is now imperative to begin building back from the crisis. They are ready to step up their business investment, with ambitious plans for recruitment, renewal of equipment and machinery, and both domestic and international expansion…
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New analysis from Lloyds Bank has indicated that business confidence dipped by three points to 40% in November, although it remains above the annual average. Nine out of the 12 UK regions and nations saw confidence decline, with Wales, the South East and East of England the only places to register an increase in confidence. The…
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New research by MoneySuperMarket finds Gen Z are some of Britain’s savviest credit card users, confidently using them as a tool to manage spending and reach long-term personal finance goals. Despite being a form of payment thought to be declining in popularity among young adults, well over half (59%) of 18–24-year-olds own one. Moneysupermarket said ,…
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Ofgem has appointed Scottish Power to take on supplying Entice Energy and Orbit Energy’s combined total of approximately 70,400 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,…
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