27May

FCA proposes ban on CMC phoenixing

The Financial Conduct Authority has announced plans to ban what it calls claims management company phoenixing. Usually, phoenixing refers to the situation where the assets of an insolvent firm are bought from administration or liquidation by the firm’s directors, and where the business re-commences trading as a new entity.

20May

Bank of England money and credit report for March shows mortgage borrowing at record levels

The Bank of England’s Money and Credit Report for March 2021 shows net mortgage borrowing at £11.8 billion – the highest level on record, beating the £10.4 million mark set back in 2006. Gross lending also rose to record levels, at £35.6 billion. These new records are thought to be due to the fact that the stamp duty holiday was initially expected to end in March, although this has since been extended to the end of June 2021.

11May

Changes Announced to Debt Relief Orders

Changes Announced to Debt Relief Orders (DROs)

The Insolvency Service has released an update following the consultation changes to Debt Relief Orders (DROs). The changes to DROs are now agreed, finalised, and will come into effect at the end of June 2021. Due to the changes, It is expected that over 13,000 more individuals may use DROs within the next 12 months and when compared to 2019 statistics. This represents a 50% increase.

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