Credit, Collections & Insolvency News
A group of trade bodies representing tens of thousands of businesses across the retail and hospitality sectors are appealing for Parliament to intervene to protect British businesses and consumers from the mounting cost of anti-competitive practices in card payments. The British Retail Consortium (BRC), British Independent Retailers Association (BIRA), Association of Convenience Stores (ACS), Federation…
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Gross lending to SMEs was £5.2 billion in Q2 2021, down from £7.6 billion in Q1 2021, reflecting declining demand for new funding and falling applications according to latest analysis by UK Finance. The research showed that weaker demand led to gross lending continuing to decline across all regions and sectors. Whilst repayments accelerated in…
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New research from Aldermore bank shows small and medium-sized enterprises (SMEs) are more confident in growing their business since lockdown restrictions have eased, as they reveal the amount they plan to invest in their business’ has risen 190% to £283,500, up from £97,719 in February. Two out of five SMEs will spend on new equipment…
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Ofgem has appointed British Gas to take on supplying PfP Energy’s approximately 82,000 domestic customers and 5,600 non-domestic customers, and MoneyPlus Energy’s approximately 9,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. For existing customers of both failed suppliers, energy supplies will continue as normal as they switch over to British Gas. Customers of PfP Energy and MoneyPlus Energy will be contacted over the…
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Specialist lender Assetz Capital has appointed a new Senior Relationship Manager to its bridging team as it continues to grow market share in short term finance. Mehwish Mirza joins from Glenhawk, where she spent nearly two years operating as a Business Development Manager following spells with Together and Gatehouse Bank. Merza began her career with…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…
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Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…
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New figures released by the Finance & Leasing Association (FLA) has shown that the consumer car finance market reported a fall in new business volumes of 20% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business volumes were 20% higher than in the same period…
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New figures released by the Finance & Leasing Association (FLA) has show that total asset finance new business (primarily leasing and hire purchase) grew by 3% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 24% higher than in the same period in 2020.…
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Customer-centric debt management platform Ophelos,, has chosen Open Banking credit reference agency, Credit Kudos, as its Open Banking partner. Ophelos will use Credit Kudos’ Open Banking insights to better understand the current financial position of individuals who have been referred for debt collection by lenders. This will enable the FCA-authorised company to identify repayment solutions…
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New figures released today by the Finance & Leasing Association (FLA) show that the Second charge mortgage new business volumes grew by 149% in July 2021. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association…
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New research suggests that a single late payment doesn’t just affect the business immediately involved, but triggers a domino effect that tumbles down the entire payment flow. A survey of 500 UK business decision makers from GoCardless, found that that 86% agree that one late payment affects everyone in the supply chain. Indeed, out of the…
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The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services companies. The FCA says that Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection…
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