Credit, Collections & Insolvency News
SME business lender, Recognise Bank has announced the appointment of Gavin Keyte as Head of Credit. Keyte joins from Allica Bank, where he was Head of Credit, and brings with him experience gained from 28 years in the industry, which includes major credit and risk roles at lenders such as Lloyds Banking Group and Allied…
Read more
A Federation of Small Businesses (FSB) assessment of the potential impacts of a 1.25% increase in national insurance contributions (NICs) for employers, sole traders and employees indicates that the move could cause 50,000 more people to be left out of work. The estimate is based on bringing together the Institute for Fiscal Studies (IFS)’s estimates…
Read more
A new study by analytics software firm FICO has indicated that consumers are 31 per cent more likely to open an account digitally than a year ago. However, the surprising outliers in the rush to digital-first account opening are Generation Z (Gen Z). Financial education is key as it appears that digital savviness is not…
Read more
Job creation looks set to continue at a strong rate after the furlough scheme ends, but a fresh rise in unemployment is still likely according to analysis by the Resolution Foundation. The Foundation has warned that about 900,000 people are still expected to be on the scheme when it finishes on 30th September. As a…
Read more
Hairdressers, shelf stackers and carers will be among those working families facing the biggest overall drop in their benefits income since 2010 when the cut to Universal Credit goes ahead next month, according to new research¹ by leading UK children’s charity Action for Children. The charity commissioned research from the Child Poverty Action Group which…
Read more
Research by Mazars has revealed that banks have written off £99 million in loans to restaurants and hotels in the past year, up from £60 million a year earlier. The research indicates that Banks are increasingly writing unpaid loan repayments off as bad debts with a 65 per cent increase in write-offs of loans to…
Read more
Analysis by Innovate Finance has found that the pandemic had reversed years of growth among alternative lenders and resulted in large banks significantly increasing their market share. The fintech industry body said the emergency Bounce Back Loan Scheme saw £47.3 billion worth of state-backed credit channelled to more than 1.5 million companies. However, because non-bank…
Read more
Non-bank lender, Enra Specialist Finance has launched a new underwriting and case management system for its bridging finance product. The new platform has been built by Enra’s in-house team for its West One bridging business. The aim is to enhance the origination journey with improved data capture, automated document production and underwriting control. The new…
Read more
Hitachi Capital Business Finance has appointed Philippe Bazin as the new Head of Sustainable Energy. Bazin brings fifteen years’ experience in commercial roles in the waste and renewable energy sector to this new role. Before joining Hitachi Capital Business Finance, Bazin spent the last eight years heading up the team responsible for lending project finance…
Read more
Over 8,700 chain stores disappeared from retail locations in the first six months of 2021. In total, 3,488 shops opened, compared to 8,739 closures, creating a net decline of 5,251, according to PwC research compiled by the Local Data Company (LDC). Tthere was some reprieve for both retailers and leisure operators, with the number of…
Read more
Travel company Tui, drinks conglomerate Diageo and engine maker Rolls-Royce are among the slowest FTSE 350 listed groups to pay their suppliers, according to new research. A report by Good Business Pays campaign has named and shamed the top 10 slowest payers in the FTSE 100 and FTSE 250 indices, using the latest information submitted…
Read more
New research by Canada Life has found that almost a fifth of consumers (17%) who have received financial advice are prioritising making sure they can spend every penny of it in retirement without fear of running out. More than one in ten (13%) will also consider how much of their children’s inheritance they can spend…
Read more
Latest Barclaycard data has suggested that the August bank holiday was the busiest for consumer activity since Christmas 2019, with transactions 14.4% up on the same long weekend in 2020 and 9.4% higher than in 2019. The analysis shows Saturday and Sunday saw more transactions than on any day since Christmas Eve 2019, with activity…
Read more