Credit, Collections & Insolvency News
Research by TSB has found that among the 31 per cent of people who have acted on financial advice on social media platforms, over half (55%) lost money as a result. The data found that over two-fifths (42%) of 16-24-year-olds reported having used social media to access financial advice in the past 12 months, followed by…
Read more
The percentage of UK small businesses predicting growth has fallen for the fourth consecutive quarter, plummeting to the low levels seen during the lockdown era of 2020, according to new research from Novuna Business Finance. A year on from the Labour Government taking office, the immediate ‘Election Bounce’ in small business confidence (35%) has fallen…
Read more
Ofgem has ordered Octopus Energy to pay £1.5 million in refunds and compensation, after an investigation found thousands of errors on prepayment meter bills. An investigation by the energy regulator, has found that ver 34,000 prepayment meter customer accounts with Octopus between 2016 and October 2023 did not receive final bills within six weeks, as…
Read more
The overuse of personal guarantees in borrowing is hindering UK business growth, according to a survey by the Federation of Small Businesses (FSB). Research by the business group shows that six in ten (60%) limited company directors would borrow to grow their business, if they did not have to put hard-earned assets like savings or…
Read more
A large proportion of younger people are deferring retirement saving in the hope that an inheritance will plug the gap, according to research from Standard Life’s Retirement Voice report. A quarter (24%) of Generation Z (those born between 1997-2012) say they’re not currently focused on retirement because they expect to receive money or property in…
Read more
A new Dun & Bradstreet report has highlighted the lowest level of business optimism for the upcoming quarter since late 2023. Following a 12.9% drop in optimism for Q1 and a modest 1.3% drop for Q2, the Global Business Optimism Index declined another 6.5% amid continued macroeconomic uncertainty and mounting supply chain concerns around the world. The…
Read more
Asset-based lending solution, Independent Growth Finance (IGF) has announced the appointment of Graham Leaney as ABL Director for the South West of England and South Wales. Leaney has extensive experience in the ABL and working capital financing industry, having worked in roles of increasing responsibility over the past 20+ years at HSBC, Close Brothers Invoice…
Read more
Digital credit marketplace, LoanTube has announced the launch of its SME brokerage platform, bringing the speed, intelligence and transparency of its consumer lending platform to small and medium-sized businesses. Emerging from two years of stealth development, LoanTube’s SME brokerage matches applicants to a diverse panel of more than 50 finance providers including major high street…
Read more
The Financial Conduct Authority (FCA) has fined Monzo Bank £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. Monzo’s customer base has grown rapidly, increasing almost tenfold from around…
Read more
New research by Capital on Tap has found that 46% of business owners don’t have a business credit card, with 54% of consumers actively avoiding them The data also showed that 36% of business owners have never owned a business credit card, and 54% of consumers said they actively avoid using credit cards. For business…
Read more
Latest data from Purbeck Insurance Services has found SME loans for working capital fell 24% in Quarter 1 (Q1) 2025. The number of SMEs needing finance to keep their business on an even keel has not been this low since Q3 2024, based on Purbeck’s data. In contrast, refinancing deals grew dramatically year on year…
Read more
Deloitte’s latest survey of Chief Financial Officers (CFOs) reveals that finance leaders view the UK as the most attractive destination for investment, alongside India, with 13% describing it as very or somewhat attractive. Richard Houston, Senior Partner and Chief Executive of Deloitte UK, said “These results reveal a shift in sentiment with the UK now…
Read more
In June, the following administration notices were issued and advertised in the London Gazette for the following companies: 79TH COMMERCIAL ONE LTD 79TH LUXURY LIVING FOUR LIMITED A B DEVELOPMENTS (YORKSHIRE) LIMITED AGFORM LIMITED AIDRIVERS LTD ALEGATUM LIMITED ALFRED CHARLES HOMES (BRACEY’S FIELD) LTD ALUFOLD DIRECT LIMITED ANDREW PLASTICS LTD APPLIANCE HOUSE LTD ARMADILLO MANAGED…
Read more