Debt Recovery Specialists December 2007
Our best wishes for Christmas and the New Year
Late Payment interest rate unchanged!
2-4-6 days to clear a cheque
New Money Laundering Rules (SI 2157 of 2007)
More Employment in legislation in 2008
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www.sra.org.uk
 
Registered Office:
Bramely House
The Guildway
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Vat No: 602 4544 74

Registered Number: 2996700

Phone:  Fax: 01483 457700

Website: www.lovetts.co.uk

Email: marketing@lovetts.co.uk

A list of Directors can be inspected at the Registered Office

 
 

Our best wishes for Christmas and the New Year

There seems to be more talk of ‘doom and gloom’ this year than for very many years past, even the ‘R’ word from the 1990’s is being mentioned. The US credit crunch in the summer is perniciously seeping across the pond and into the minds and hearts of the City – and we have a new Prime Minister who looks badly depressed. Hasn’t he heard that good news is what we see in the future and determine to make happen ourselves in the present? For some it is spiritual, for others it is material, but there is benefit to all if we look upwards and outside our pressing circumstances.

I hope you will join with me in extending goodwill around and about, in your office, home, community, club and church. I wish you all a very happy Christmas and hope in the New Year.
 
 

Late Payment interest rate unchanged!

Don’t forget that the LPI rate is reviewed on 31st December 2007. Although base rate did increase by 0.25% after 30th June, it has now just been reduced to 5.5% again, so the Late Payment reference rate will still be 13.5% on 31st December. Worth having!

2-4-6 days to clear a cheque

From 30th November 2007, you should now be more certain of when your bank will credit your company’s account with cheque receipts. The new Banking Code specifies that interest should be paid by your bank 2 (working) days after receipt of a cheque; you can draw against it after 4 days; and it is cleared after 6 days.

The clearance date of 6 days is significant and will assist you to close an outstanding receivable in your books. It remains to be seen whether this will delay the ‘posted cheque’ to you (or Lovetts), or whether you will genuinely see your money sooner! Keep it under review.

For more information on banking payments, go to www.apacs.org.uk

 

New Money Laundering Rules (SI 2157 of 2007)

They are called “The Money Laundering Regulations 2007” and came into force a few days ago (15 December 2007). They sharpen up still further the procedural and practical obligations imposed on credit and financial institutions, and a whole raft of professional advisers such as lawyers, auditors, accountants, insolvency practitioners, etc.

Customer due diligence now has to be undertaken at the outset of a business relationship, and for some professionals on an on-going basis during the relationship. Risk-sensitivity is recognised so the implementation of the guidance does depend upon the nature of the transactions involved.

Why is this needed? It is all in the interests of preventing the flow of terrorist finance, and dirty money generally, but that doesn’t make it any more fun!

For those wanting an excuse to avoid mother-in-law at Christmas, why not nip online and peruse the Statutory Instrument?
 

More Employment legislation in 2008....

Ever-busy in creating a deeper web of rules and regs, our Government claims that this Bill will

1) “Improve the effectiveness of employment law”

2) be “lightening the load for law-abiding business”

3) and “help to ensure level playing field for law-abiding business”.

This is not mainstream for the credit manager, but do note that it covers Workplace dispute resolution / National minimum wage / Employment agency enforcement regime / Trade union rules following the ECHR Aslef v UK decision. For more information on the Bill, go to the BERR website.
 
 
 
Happy Christmas from all at Lovetts!
Our offices are closed on 24th, 25th and 26 December and 1st January 2008.