Credit, collections & insolvency news
The average UK food bill has gone up by around £605 over the last two years, as climate and energy costs continue to hit shoppers in their pocket, according to new research for the Energy and Climate Intelligence Unit (ECIU). The report was carried out by researchers from the universities of Bournemouth, Exeter and Sheffield…
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The Economic Affairs Committee has published a new report which is calling for the operational independence of the Bank of England to be preserved. The report that reforms are vital to improve its performance; strengthen its accountability to Parliament; and ensure it focuses on its key objectives of tackling inflation and maintaining financial stability. The…
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Half of UK C-suites (50%) say that the threat of economic disruption has meant innovation has ceased in their business, according to new research from independent consultancy Magnetic. Just 22% disagree, with 28% undecided. This corroborates the 56% who say they’re prioritising the survival of their business above all else; an especially concerning figure when two-thirds…
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The winners of the 2023 Credit & Collection Technology Awards winners have been announced following a live in-person event yesterday (Thursday 23rd November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the seventh annual event honoured the UK’s technological innovators, celebrating…
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New research from St. James’s Place (SJP) has found that that the nation is lacking in preparation towards their future financial affairs and passing down their digital legacy, as over two fifths (43%) of consumers – 22.9 million people – admit they have not shared all details of their financial accounts with someone they trust. Despite…
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Tthe government has released new figures revealing the amount being spent by local councils on temporary accommodation for homeless households in England was £1.7 billion between April 2022 and March 2023 This is a 9% increase in spending in just one year. It has increased by 62% in the last five years. One third of…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for September 2023 increased by 17% when compared to last year. The number of registered business insolvencies was 1,967, compared to 1,688 in September 2022. Of the registered business insolvencies in September 2023 there were 1,576 CVLs,…
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Complaints in the banking and insurance sectors have increased in the first half of this year, according to the Financial Ombudsman Service (FOS). The rise in banking and credit complaints has driven the increase in grievances taken to the ombudsman. Mortgage and home finance complaints have edged up compared to the previous six months, while…
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Energy regulator, Ofgem has announced the launch of a consultation to assesss options to protect the energy market and consumers from the risk of spiralling debt. Figures obtained by the regulator this summer show that energy debt reached £2.6 billion, its highest ever level, due to a combination of the rise in wholesale energy prices,…
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A new survey by LiveMore has revealed a lack of trust in financial service providers among those aged 50 to 79. LiveMore’s latest findings closely mirror those of a similar survey conducted by the compnay in October 2022, which reported a trust shortfall of 58%. Women were slightly more mistrusting than men, with percentages of…
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More than a quarter (26%) of UK consumers are spending more than they earn each month, according to early findings from the 2023 European Consumer Payment Report, conducted by credit management services provider Intrum. Of those overspending, the average amount was £190 a month – adding up to £2,280 a year. Another 53% said they…
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After months of collating industry responses, Credit Connect Media is pleased to announce the launch of a new Credit & Collections Technology Industry Guide. Credit Connect Media has teamed up with Asset Finance Policy to launch the guide after extensively surveying technology suppliers in order to better understand the landscape of technology and the offering…
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Almost a quarter (23%) of senior finance professionals fear that artificial intelligence (AI) could put them out of a job, despite 24% of finance functions already underway with onboarding the new technology and 51% planning to in the next 12 months. These are among the findings of new research commissioned by AccountsIQ. The research found that…
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