Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported growth in new business volumes of 327% in May 2021 compared with the same month in 2020. In the first five months of 2021, new business volumes were 37% higher than in the same period in 2020.…
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Secure Trust Bank Commercial Finance has appointed Colin Muir as portfolio and structuring director for its Midlands operations, as the business strengthens its commitment to supporting SMEs across the UK. Muir joins the business from NatWest, where during his 32 years, he was responsible for establishing and growing the firm’s Commercial ABL team, which saw…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 293% in May 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 (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 116% in May 2021 compared with the same month in 2020. In the first five 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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Cash management specialist, Loomis and NatWest are rolling out a same day credit solution nationwide following a successful pilot which will allow businesses to deposit cash returns and receive credit to their account without leaving their premises. Driven by technology, same day credit uses Loomis’ connected smart safe, SafePoint, to scan and sort notes at…
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The Financial Conduct Authority (FCA) has revealed its measures on how it will regulate advice on funeral plans, including a ban on commission payments and changes to appointed representative permissions. The rules will commence on 29th July 2022 when funeral plan providers come under regulation from 29th July 2022. The new rules will introduce high…
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A total of 169 corporate insolvencies were recorded in Ireland in the first half of 2021, according to analysis of the latest insolvency statistics published by Deloitte. The figures represent a decrease of 38% from H1 2020 when 273 insolvencies were recorded. On a quarterly basis, a total of 58 corporate insolvency incidents were recorded…
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The Financial Services Compensation Scheme (FSCS) has paid out £584 million in compensation helping 52,623 (1,131 firms) families and businesses in the past year (2020/21). The FSCS has either paid customers compensation or enabled them to transfer to a new financial provider for their investment or insurance policy. The latest figures compare to £527 million…
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Despite Covid-19’s impact on personal finances, over three quarters (77%) of UK homeowners over the age of 40 are confident about their current financial situation, research from Canada Life has revealed. However, when looking further ahead, they are less positive about their retirement prospects. 16% don’t feel they will have enough pension savings to fund their…
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Nearly half of SME businesses (46%) contemplated closure in 2020, whilst now only 1% are considering closing their business this year according to research by Purbeck Personal Guarantee Insurance. The research survey of owners and directors of UK showed that further lockdowns is the number one worry for the SMEs but 53% are cautiously optimistic…
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2.4 million employees still furloughed after May reopening according to latest HMRC JRS statistics. The HMRC data shows that the number of people on furlough fell by over a million during May, from 3.5 million on 30th April to 2.4 million on 31st May. Resolution Foundation analysis suggests that the number of employees on the…
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UK Finance has announced four new appointments to its board. Matt Hammerstein, CEO of Barclays Bank UK; Lucy-Marie Hagues, CEO of Capital One UK; John Hourican, Chief Executive of NewDay Group; and Max Roberts, UK Country Lead for Stripe, have joined the board. Vim Maru, Lloyds Banking Group and Tracey McDermott, Standard Chartered have stepped…
Read moreNew figures from HMRC show that close to one in three employers will be hit by changes to the furlough scheme from today, the same moment at which repayments of deferred VAT start to fall due and business rates exemptions for hardest-hit firms are lost. A wider ONS business survey, also released today, shows that…
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