Credit, Collections & Insolvency News
Business energy supplier. CNG Energy has announced they are ceasing to trade after almost three decades supplying power to non-domestic customers. The company, which served around 41,000 businesses, is the sixth supplier to exit the market so far this week and the 22nd to enter the supplier of last resort process this year. Under Ofgem’s…
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Consumers using credit to buy their insurance cover are increasing the amount they borrow in response to rising premiums and a growing squeeze on household finances, new research from Premium Credit has shown. The study found that over the past year, nearly seven out of 10 (69%) people used some form of credit to pay…
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The Payment Systems Regulator (PSR) has published its final report into its card-acquiring market review. The document sets out the regulator’s conclusion that the supply of card-acquiring services does not work well for small and medium-sized merchants and large merchants with annual card turnover up to £50 million. Merchants with annual card turnover between £15,000…
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While consumer spending has continued to bounce back post-pandemic, research by Nationwide shows that growth has started to slow. Between July and September growth in consumer spending hit 3%, marking a slowdown following the 14% increase recorded in Q2. The study, which looked at more than 620 million transactions by Nationwide consumers, also revealed that…
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First Locate has announced the appointment of Neil Burrows as its new Head of Sales. Burrows will look to broaden the company’s existing portfolio of premium clients by expanding our reach into other key sectors across the Banking, Financial Services and Utility offerings with a focus on key services and White Label solutions. Darren Guest…
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The Financial Ombudsman Service (FOS) is to review offers made by firms to their clients in early settlement cases. FOS that in light of concerns that taking a more neutral stance could jeopardise fairness and consistent outcomes it had proposed to present proactive offers from businesses ‘neutrally’ to customers, essentially making clear that in putting…
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Digital bank Zopa has announced that it has appointed Graham Robinson as its new Chief Risk Officer. Robinson joins Zopa as it completes its first year as a digital bank and sets its sights on further growth. With over 20 years experience of leadership across credit risk, operations and digital, Robinson brings a wealth of…
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Omni Energy, MA Energy, Zebra Power and Ampoweruk have announced they are the latest energy companies ceasing to trade. Omni Energy supplies around 6,000 domestic pre-payment customers, MA Energy supplies around 300 non-domestic customers, Zebra Power supplies around 14,800 domestic customers, Ampoweruk supplies around 600 domestic customers, and around 2000 non-domestic customers. Under Ofgem’s safety…
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New research by Canada Life has found a change in the use of equity release. Based on the company’s customer data for the first nine months of the year, it shows customers continue to use equity release to clear existing mortgages while many have also used the additional funds to purchase new property. Using equity…
Read moreOver a third of businesses (32%) spend up to 75% of their time chasing overdue debts when that time would be better spent in advising their sales teams on who to do business with or not in the first place. An online survey conducted by Debt Register, a digital payment platform, found that almost a…
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New research from Mazars has shown that prosecutions of company directors for fraud tripled over the past year amid a crackdown on coronavirus loan scams, with 122 company directors convicted of crimes during the year to the end of September — a rise from 40 during the previous 12 months. The total points to a…
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Consumers most in need of help could be missing out on essential extra support from their water company, despite record demand sparked by the Covid-19 pandemic according to the latest assessment by CCW, which ranks water companies according to their performance on a range of important measures, including customer satisfaction, service failures and complaints handling.…
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A review of the methodology for setting the energy price cap has been announced by Ofgem following the unprecedented rise in wholesale costs in recent months. In a letter to the industry, the regulator’s chief executive Jonathan Brearley also revealed plans to facilitate faster payments to suppliers of last resort and pause all new applications…
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