Credit, Collections & Insolvency News
New research by Hargreaves Lansdown has found that one in two (47%) people know how their pension investments are performing. Men are significantly more likely to know than women (36% compared with 58%). Whilst. one in two of those aged 18-34, and those over 55 know how their pension is doing. Meanwhile 43% of those…
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Chetwood Bank has announced Mark Foulsham will join its Board as Non-Executive Director. Foulsham brings more than 30 years of experience in information technology (IT), operations and third-party procurement to the role. Foulsham originally qualified as a civil engineer and retained a practical, analytical mindset while subsequently progressing into senior executive roles, overseeing digital and…
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Motor finance customers are likely to receive less than £950 in compensation after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. Many motor finance firms were not complying with rules or the law by not providing customers with relevant information about the commission paid by lenders to the…
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The percentage of small businesses working on new initiatives to power future growth has fallen to a four-year low (65%) and is significantly down on the start to the year (71% for Q1 2025), according to research from Novuna Business Finance. The tracking study of a representative sample of 1,000 small business owners also revealed…
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The Government has announced new plans to tackle late payments, which it says is part of the most significant legislative reform in 25 years. Late payment is an issue that costs the UK economy £11 billion a year and shuts down 38 businesses every day Late payments are one of the biggest barriers to small…
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The Prudential Regulation Authority (PRA) has unveiled a series of possible measures to make it easier for mid-sized firms to scale-up and compete in the residential mortgage market, and is now opening a wide discussion with industry on how best to do so. The PRA has now published a discussion paper to explore different options…
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Five companies which submitted false accounts showing hundreds of millions of pounds of profits have been shut down following investigations by the Insolvency Service and Companies House. Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd claimed to trade as everything from supermarkets to car dealerships but no…
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Moore Kingston Smith has announced that it has acquired CBW Recovery (CBWR), a London-based partnership of insolvency practitioners. The acquisition of CBWR’s team of two licensed insolvency practitioners and eleven professionals, led by Joe Colley, expands and strengthens Moore Kingston Smith’s existing Restructuring & Insolvency team. Mirroring the full spectrum of insolvency appointments and advisory…
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Iwoca’s latest SME Expert Index reveals that the Government has hurt small and medium-sized enterprises (SMEs) during its first year in power. The research showed that almost three-quarters (70%) of SME finance brokers say that conditions for small businesses have deteriorated during the Labour Government’s first year in office. The Government has made little progress…
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The Institute of Directors’ Economic Confidence Index, which measures business leaders’ optimism in prospects for the UK economy, fell to -72 in July 2025 from -53 in June.This exceeds the previous record low of -69 in April 2020 and marks the lowest reading of the Index since its introduction in July 2016. Business leaders’ confidence…
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Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes so that consumers can make informed decisions about their finances. The FCA’s review is part of its strategic focus…
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Flexible payments provider, Klarna has announced that it has been authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). The authorisation was granted to Klarna Financial Services UK Limited (KFSUK), Klarna’s dedicated UK entity, and builds on the company’s existing UK regulatory permissions. Abby Vickers, Head of Klarna Financial Services UK…
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In July, the following administration notices were issued and advertised in the London Gazette for the following companies: 100LEMONS COMPANY LIMITED A WILLIAMS CONTRACT SERVICES LIMITED AAP METAL FABRICATION SERVICES LTD ABILJO EXCAVATOR SERVICES LIMITED ADVANCED COMPOSITES & ENGINEERING TECHNOLOGY LIMITED AGDEN CONSULTING LIMITED AHMEYS LIMITED AIRSHIP INTERACTIVE LTD AJT DIMSUM LIMITED ALL GREEN CABS…
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