Latest news with #assetfinance
Yahoo
2 days ago
- Business
- Yahoo
From Arena to Lumia: Is the UK asset finance industry turning the tide on fraud?
The collapse of Arena Television in late 2021 remains one of the most sobering episodes in recent UK asset finance history. Arena Television's absconded directors and lessors' missing millions What appeared to be a thriving broadcast business was, in reality, a meticulously orchestrated fraud. Dozens of lenders, more than 50, by some counts, were exposed to a web of falsified documents, phantom equipment, and duplicated finance agreements. The aftermath was devastating and made painfully clear that the industry lacked a way to see the full picture. In the wake of Arena, the industry faced a reckoning. How had so many institutions, with supposedly strong risk mitigation frameworks, failed to detect what was ultimately a shared vulnerability? The answer: a systemic lack of visibility. Traditional tools, credit reference agencies, internal fraud checks, Companies House data, couldn't provide a cross-lender view of live agreements. The result was a perfect storm for coordinated fraud. Had the asset finance industry's long-standing reluctance to share information been exploited by Arena's absconded directors? It certainly seemed that way. Fraud prevention after Arena Television: will anything change? Out of that crisis came Acquis Lumia, launched in 2022 by Acquis Data Services, a division of Acquis Insurance Management Ltd. Lumia offered the industry what it never had before: a collaborative platform where asset finance providers share key data points from active agreements, anonymised and aggregated into a central register. It's a simple but powerful concept, compare new applications against a wider market dataset to spot red flags in real time. Under the Acquis Lumia platform, each participating lender submits a monthly file containing seven key data fields for every active asset finance agreement. The data includes the agreement number, a unique identifier for each finance deal, and the lessor ID, which indicates the submitting lender. It also captures the start and expiry dates of the agreement, providing insight into the duration and overlap of borrowing arrangements. To identify the borrower, the company registration number is submitted, along with the lessee company name, which is anonymised before being stored in the central register. Finally, the net book value of the asset, its current value on the lender's books is recorded, giving a financial reference point for the agreement. And now, with Grenke announced as Lumia's 40th member, the platform's growth is difficult to ignore. It includes major banks like Lombard, BNP Paribas, and HSBC Equipment Finance, as well as independents like Liberty Leasing. The pace of adoption points to a sector that no longer sees collaboration as a compromise, but as a necessity. There are signs it may be working. According to GBG data, cited in the Cifas Fraudscape 2025 report, identity fraud in the asset finance sector has dropped more than 80% in the past year alone, from 7,837 cases in 2023 to just 1,560 in 2024. It's the sharpest decline of any sector. The report cites 'targeted anti-fraud measures' as a key factor. Could Lumia be among them? It's a compelling possibility. To be clear, Lumia isn't a silver bullet. The fraud landscape continues to evolve, with increasingly sophisticated threats targeting even the most robust lenders. Also, Acquis is not alone in seeking an industry-wide solution in the UK. But Lumia does represent a fundamental shift, from isolated risk management to shared intelligence. With Grenke now on board and the platform reaching its 40-member milestone, this moment feels like a turning point. Is it confirmation that the fraudsters are losing ground? More likely, it is that it is too soon to tell. But for the first time in years, the asset finance sector has a tool built not just to react to fraud, but to anticipate it. And that might just make all the difference. "From Arena to Lumia: Is the UK asset finance industry turning the tide on fraud?" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
6 days ago
- Business
- Yahoo
Grenke becomes 40th member of Acquis Lumia platform
Grenke has become the 40th organisation to join Acquis Lumia, an industry-wide register of asset finance borrowing created to fight fraud, according to a company press release by Acquis Data Services. Grenke, which offers IT leasing and financing and supports businesses across the UK by providing 'innovative and adaptive leasing solutions' to make essential equipment more accessible add its name to the platform. With over 40 years of experience and operations in more than 30 countries, the company provides financing for a wide range of assets including hardware, software, and machinery. Launched in 2022, Acquis Lumia offers lenders a 'comprehensive, up-to-date view' of a business's asset finance commitments. Its growing adoption is credited to the real-time visibility it provides, helping lenders better understand and manage their portfolios. James Rudolf, Director at Acquis Data Services, described Grenke's addition as a 'fantastic endorsement of the value Lumia is delivering,' noting that Lumia's mission to provide greater insight to the leasing industry is 'resonating across the sector.' David Horton, Managing Director at Grenke, said the platform brings 'vital transparency' to asset finance and supports 'smarter, more responsible lending decisions.' He added that the company is 'proud to be the 40th organisation to join Lumia and contribute to a more connected and informed industry.' "Grenke becomes 40th member of Acquis Lumia platform" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Time Finance appoints new head of operations in asset finance team
UK-based specialist lender Time Finance has appointed Bethan Holliday as the new head of operations for its asset finance team. The move aligns with the independent lender's goal to expand its reach to more small and medium-sized enterprises (SMEs) with business finance and increase its lending book to £300m ($401.7m). Holliday brings more than 20 years of experience in financial services, having previously held a senior role at Ultimate Finance. In her new position, she will oversee the operations of the asset finance team, focusing on reviewing systems and optimising processes to enhance the efficiency of business finance for SMEs. Time Finance said that her role is key in ensuring top-tier service to brokers, a core component of the lender's growth strategy and its £300m lending target. Time Finance's asset finance managing director Steve Nichols said: 'I am thrilled Bethan has decided to join Time Finance. Her arrival is at a key time for the business as we embark on our new three-year strategic plan whilst continuing to deliver sustainable growth. 'Bethan will play a key role in making the business more efficient, helping to develop our automation capabilities with the rest of the leadership team, as we strive to offer consistently great service to our brokers, customers, and suppliers.' Speaking on her appointment, Holliday added: 'I am excited to join Time Finance as the business accelerates its growth journey. Having long regarded Time Finance as a challenger and innovator in this industry, to join the team was an opportunity I could not turn down.' Time Finance reported a record gross lending book of £217m for the financial year ending 31 May 2025, marking its 16th consecutive quarter of growth. The company attributed its success to a focus on secured, own-book lending to UK businesses, which led to an 8% increase in lending volumes. Invoice finance and asset finance accounted for more than 90% of new lending volume and now make up 83% of the total lending book. For the FY24/25, Time Finance's revenue increased by 11% to £37m while profit before tax rose by 34% to £7.9m. The profit before tax margin also improved by 300 basis points to 21%, with net tangible assets growing by 14% to £44.1m. Holliday's appointment also follows recent additions to Time Finance's team, including Terry Wolfendale as head of sales and Paul Rice as business development manager, to bolster its invoice finance offering. "Time Finance appoints new head of operations in asset finance team" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
14-07-2025
- Automotive
- Yahoo
Ian Isaac joins IAA-Advisory as director
IAA-Advisory has announced the appointment of Ian Isaac, one of the UK's most prominent asset finance leaders, as Director. Isaac, who recently retired as Managing Director of Lombard, joins the advisory firm with what Founder Derek Soper describes as 'unparalleled insight' and a career defined by 'leadership experience and dedication to advancing the asset finance industry.' During his time at Lombard, the UK's largest asset finance provider and part of the NatWest Group, Isaac spearheaded a number of customer-focused strategies and led innovation within the group. As MD he supported businesses across the spectrum, from SMEs to large corporates, in accessing vital funding. As a senior leader regulated under the FCA's SMF3 designation, Isaac played a central role in raising awareness of accessible finance solutions across the UK. Following his retirement, Isaac was appointed Chairman of JCB Finance Ltd, a UK equipment finance provider and joint venture between NatWest and JCB Excavators, specialising in asset finance for businesses across the construction, agricultural, and industrial sectors. 'I've long admired IAA-Advisory's depth of expertise,' Isaac said, adding that he is 'looking forward to contributing' to the firm's continued impact on the asset finance sector. At IAA-Advisory, Isaac brings a wealth of knowledge in areas such as credit, regulatory risk, product and in-life management, and distribution. He has led teams of more than 1,000 and is widely regarded as a trusted advisor with 'deep knowledge of the UK corporate finance landscape.' IAA-Advisory, which serves banks, captives, independents, and financial institutions, positions itself as a strategic partner for organisations navigating both day-to-day and long-term challenges in leasing and asset finance. His contributions to the leasing industry was formally recognised when he received a Lifetime Achievement Award at the Leasing Life Awards in Milan in 2024. "Ian Isaac joins IAA-Advisory as director" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
10-07-2025
- Business
- Yahoo
Asset finance fraud plummets 80% amid sector crackdown: Cifas
Asset finance has emerged as a rare success story in the battle against identity fraud, with cases in the sector dropping by 80% in the past year, according to newly released data from fraud intelligence specialists GBG. The analysis, based on the 2025 Fraudscape report by Cifas, highlights identity fraud trends across UK industries between 2023 and 2024. While overall identity fraud rose by 4.94%, reaching 249,417 cases in 2024, asset finance bucked the trend, recording just 1,560 cases compared to 7,837 the previous year. Experts say the sharp decline suggests that targeted anti-fraud efforts in the asset finance sector have been highly effective. 'Many sectors have seen successful reductions in fraud, particularly asset finance and online retail,' said Gus Tomlinson, Managing Director at GBG. 'This suggests that targeted prevention measures can be effective when properly implemented.' While asset finance recorded the most dramatic improvement, other sectors weren't as fortunate. Plastic card fraud continues to dominate, making up nearly 38% of all identity theft cases in 2024. Meanwhile, communications fraud soared by over 72%, making it the fastest-growing identity scam by volume. This embedded content is not available in your region. While fraud targeting the asset finance sector now accounts for less than 1% of identity theft cases, experts stress that continued vigilance is essential across all industries. 'Identity fraud continues to evolve,' warned Tomlinson. 'The continued rise in overall fraud figures serves as a reminder that businesses must remain vigilant. Strong identity verification processes, regular security updates, and cross-sector intelligence sharing remain crucial tools in combating these evolving threats.' "Asset finance fraud plummets 80% amid sector crackdown: Cifas" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
