“The number of sole practitioner law firms has suffered its steepest fall since the credit crunch as the drought of bank lending continues.” So says independent finance provider, Syscap, whose research reveals that sole practitioner law firms across the UK numbered only 3,692 at the end of March, compared to 4,056 a year earlier. Apparently, [...]
Banks have reduced their lending to leasing companies by 16% in the last year, according Syscap, a leading UK independent finance provider for IT solutions. The cut has taken outstanding loans down to £23.8 billion (as at 31st March 2011) compared to £28.4 billion a year earlier. Syscap argues that the leasing market is central [...]
The UK’s five-largest High Street banks have launched a mentoring scheme for small and medium-sized enterprises. Set up by Barclays, HSBC, RBS, Lloyds and Santander, the scheme will offer support on a range of issues, from finance to marketing and HR. Firms will receive support from networks of mentors, including current and retired bank staff. [...]
The Confederation of British Industry (CBI) has warned that government plans to ring-fence banks’ retail operations to protect them from losses from investment banking activities may pose problems for businesses. Apparently, CBI members see “real value” in the universal banking model, in terms of integrated services as well as being able to spread financial and [...]
Fifty per cent of corporate fraud in the UK is committed by senior management and those with Board roles, with 57% of fraudsters having worked for the business they defraud for over 10 years. According to new research from KPMG, company bosses including chief executives and managing directors are increasingly committing fraud, with the acceptance [...]
Britain’s 4.7 million small business are grappling with red tape which costs them millions every year, according to Clydesdale and Yorkshire Banks. Research commissioned by Clydesdale and Yorkshire Banks Small Business found that 15% of small business owners struggled to comprehend new regulations and legislation. The survey also discovered that 9% made late VAT payments [...]
Deputy Prime Minister, Nick Clegg, has announced that the proposed Green Investment Bank (GIB) will begin funding low-carbon energy projects from April 2012, with possible early priorities offshore wind, waste, and non-domestic energy efficiency. Speaking at an event yesterday backed by investment manager, Climate Change Capital, Mr Clegg also hinted that the Government may use [...]
A recent real estate seminar organised by the City Property Association and sponsored by insurance broker, JLT, has concluded that “profound” changes resulting from the financial crisis and the Internet will lead to the demise of the UK High Street in its current form. Paradigm shifts noted by the speakers include: Banks may soon have [...]
IBM today announced it has signed a contract with HSBC Insurance UK to prepare the company for the upcoming European Solvency II legislation, which aims to strengthen protection for all insurance policyholders. IBM will assist HSBC in developing and implementing a business analytics solution that will provide advanced insight and analysis of the company’s risk [...]
Unisys Corporation’s UK subsidiary has signed a contract to expand the Unisys Financial Services System (UFSS) mortgage and savings processing platform across the subsidiary businesses of UK Asset Resolution (UKAR). UKAR will use the Unisys solution to more efficiently manage approximately 400,000 mortgage accounts held by Northern Rock Asset Management (NRAM). UKAR is the holding [...]
The British Bankers’ Association (BBA) has launched a new website designed to support growing businesses. The site has been developed in conjunction with the UK’s largest High Street banks and provides a range of tools to help firms access the finance they need. Betterbusinessfinance.co.uk takes the form of a one-stop-shop where firms can find impartial [...]
John Lewis Partnership (JLP) is issuing a retail bond which is being made available to customers holding its partnership cards and account cards. The five-year bond has a fixed annual return of 4.5% in cash with a further 2% paid in JLP gift vouchers. Investments of between £1,000 and £10,000 (in multiples of £1,000) can [...]
The Co-operative Group has published its ethical operating plan for the next three years in which it pledges to extend lending in the area of energy efficiency and renewables from £400 million to £1 billion, in the hope of kick-starting a “revolution” in community-owned renewable energy generation. The move is being backed with £1 million [...]
A report in The Times states that commercial property owners and developers are in breach of their covenants on four out of every five loans. According to figures from the Bank of England Property Forum, seen by the newspaper, around £194 billion is at risk amid the £243 billion outstanding in loans to commercial property [...]
