Credit, Collections & Insolvency News
A detailed analysis of how the UK’s small businesses were impacted by Covid-19 and other economic challenges in 2020 has been published in a joint study by leading payments authority, Pay.UK, and Europe’s largest credit management membership body, the Chartered Institute of Credit Management (CICM). The research, which set out to track how many organisations…
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New research by Demos has predicted that credit services are predicted that credit scores are predicted to improve by 2% this year. The research in the form of the third annual Good Credit Index shows an average increase in access to credit in the UK, mostly due to effective government intervention to prevent a financial crisis. The…
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A KPMG poll of 1,325 business leaders in the world’s largest economies, has found increasing confidence in the global economy is set to spark an acquisition spree. The survey saw 87% of respondents say they were looking to do deals to help boost and transform their businesses within the next three years, with mergers and…
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The Financial Reporting Council (FRC) has issued a formal complaint against KPMG, a former partner and some current and former employees over alleged misconduct. The formal complaint alleges Misconduct against KPMG and several individuals regarding the provision of allegedly false and misleading information and/or documents to the FRC by KPMG in connection with the FRC’s…
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Enforcement market integrator Just has begun the application process to become a certified B Corporation. Certified B Corporations are a new kind of business that balance purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. It’s a community of leaders, driving…
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Lenders could see the time they spend processing the average loan reduce by more than 85% with the adoption of Open Banking technology, according to research from Yolt Technology Services. The company says at present, lenders process an average of 6,258 loans a year, with each single loan taking 3.5 hours for the business to…
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More than two-thirds (67%) of consumers in the UK said they would find it easier to view all of their financial information in one place highlighting the demand for open finance, according to a new survey by data aggregation and analytics platform Envestnet Yodlee. The 2,000-person survey explored the attitudes of consumers in the UK…
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Outside of mortgage borrowing, consumers borrowed no additional consumer credit in July, according to Bank of England (BOE) figures, with the sum households paid back roughly equivalent to what they were loaned. The figures compare with an average of £1.2 billion of consumer credit borrowed per month in the two years to February 2020. Economists…
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The Bank of England’s (BOE) latest Monthly Money and Credit data for July showed that individuals paid back £1.4 billion more of mortgage debt than they borrowed in the month. The net repayment followed record borrowing of £17.7 billion in June. The data showed that this was only the second such net repayment in a…
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British business confidence reached its highest level in more than four years in August, according to a poll by Lloyds Bank. Lloyds’ monthly business barometer rose by 6 percentage points to +36%, the highest since April 2017, while optimism in the economy rose by six percentage points following a dip in July. More than a…
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John van Kuffeler has announced that he is stepping down as Chief Executive Officer (CEO) of Non-Standard Finance (NSF) with immediate effect. Chief Finance Director (CFO) Jono Gillespie will succeed him. with a process is already underway to appoint a replacement Gillespie has almost 25 years’ experience in the non-standard consumer finance sector and has…
Read moreThe Melton Building Society has agreed on a partnership with TriLine GRC to embed an automated solution to improve corporate governance efficiency as well as provide concise and real-time reporting. The Society has historically used manual processes and spreadsheets to capture, manage and report on compliance, risk management and regulatory change across the business. The…
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Scottish law firm, Alston Law has announced that it has appointed Joseph Bowie as Head of Lender Services. Alston Law’s 40-strong team is best known for its lender services, in particular remortgages and debt and asset recovery. It provides legal services almost exclusively to FCA-regulated companies in the financial sector where its specialisms include litigation…
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