Following on from my blog in May regarding Consumer Duty, today we will explore what this entails for businesses, highlight key preparation steps, and provide insightful questions to consider as they adapt to this transformative regulatory framework.
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The recent move by the Bank of England (BoE) to implement its 14th consecutive interest rate increase, raising rates to 5.25%, has set in motion a series of changes that extend beyond the surface-level market dynamics. As a Debt Recovery Specialist, I want to show how this decision can significantly influence businesses and their strategic financial planning. Let’s delve into the profound implications this rate adjustment holds for various aspects of our economic landscape. Borrowing Costs: The BoE’s decision to raise interest rates directly impacts borrowing costs, creating a ripple effect throughout the business world. This development is significant for
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Small business owners often overlook the importance of terms and conditions, considering them unnecessary or only relevant to large corporations. However, the reality is quite the opposite. Terms and conditions are critical for every business, regardless of size, as they are a protective shield and a legal framework that fosters smooth transactions and customer satisfaction
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The UK government's Director Information Hub is a valuable resource for company directors. It simplifies the management of directorial obligations, providing a centralised platform for information and tools.
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The Buy Now, Pay Later (BNPL) sector has experienced rapid growth and popularity, revolutionising how consumers purchase. However, recent news from Sky News suggests that the UK Treasury might shelve plans for regulatory measures on the BNPL market. This decision has ignited discussions on the potential impact of regulation and its significance for the future of the BNPL sector in the UK.
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How often have you been on journey where you’re sitting either on a bus or a train and its pouring outside? And you think to yourself “Wow I’m lucky to be in the dry”. … But are we really? When we go through our day to day lives – we come across things which fall outside of our general zone of comfort, which tests our ability to either be strong or crumble. As a business owner, we are currently being pushed to the corners of our comfort zone to take the risks to see what works, what I’ve learnt is
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Having been committed to various roles in ‘Recoveries’ for the last decade or so … The sceptic in me always does a rigorous check to see if all angles have been covered before legal action is even considered. Now, you might be thinking – “Yes, I’ve covered everything All my letters/calls have been ignored.” Are you absolutely, 100% sure? As a Recoveries Consultant, dealing with the plethora of cases, I can tell you that around 9 out of 10 cases eventually cause or lead to problems. Out of those 9, usually 3 of those reverberate around a complaint of some sort
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Wow Air, Primera Air, Flybe, XL….. What do the above have in common? Well, they’re budget airline carriers who operate in a no-frills capacity. It’s estimated that around 30% of airlines who start to operate go bust within the first two to three years of trading. But why? Simply because of high operating costs, broken down primarily with large fuel costs and high end operating leases, wage bills leaving many of these airlines scraping the barrel of their overdraft. This article from the Independent showcases that if we, as consumers, aren’t careful, we too could get stuck in the middle
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I previously worked for two companies that had gone through major restructures or name changes. This meant: a complete change in internal processes a drive towards different elements changes to internal bureaucracy This lead to a more streamlined approach, getting things done quicker, and was sometimes necessarily brutally for survival. … but it can come at the expense of upsetting their Customers. During this process you may feel as though your Suppliers have been ignoring you. If your supplier is a large one, you may feel that you have not been successful in getting your point across. There are a
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While breaking up with your partner this close to Valentine's Day is a little cruel, it's never the wrong time to question if your supplier is still 'the one'.
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