Has Bacs contacted you about your unpaid reason code 3 yet?
Bacs is embarking on a campaign backed by the Office of Fair Trading to eradicate the poor compliance. An important note for corporates to consider is that if a Direct Debit is collected from the wrong bank, the OFT expects that the customer will not be treated as having defaulted on the payment and will not face charges from either the organisation making the collection or their old bank, nor will they suffer a negative report being made to a credit agency as a result of this action.
30% of UK SMEs have missed growth opportunities because they weren’t able to access finance - Federation of Small Businesses
There has been much coverage in the press this week about the failure of the UK banks to reach the lending targets agreed under “Project Merlin” back in February 2011. As part of the deal, the four main banks (Barclays, LBG, RBS and HSBC) agreed to lend about £190bn to businesses during 2011 - including £76bn to small businesses.
The Euro Banking Association (EBA) has recently held the first meeting of Supply Chain Working Group (SCWG). The aim of this group is to build on the excellent work done by the E-Invoicing Working Group and take the concepts further to study the physical and financial supply chain models with a view of detailing how Supply Chain Finance (SCF) can be supported on these models.