Sector Focus
Finance
Sponsored by: Mahay Financial Services Sector Focus
The launch of a new department
Mahay Financial Services are pleased to announce the launch of their Commercial & Development Finance department. This recognises the firm’s ambitions in the commercial sector. With the addition of key people, with expertise in finance, construction and engineering industries, it demonstrates the ability to provide effective bespoke solutions for its clients. The company has a proven
track record of negotiating and delivering solutions bringing about real growth and development in the local economy. Diversification of its existing networks has enabled it to bring about future development both in the West Midlands and wider regions of the United Kingdom.We are committed in the aim of facilitating growth in the Northern Power House and the Midlands Engine by bringing together investors, developers and local authorities. We have pleasure in announcing the roll out of its automated electronic CRM system. The firm is committed to this automation and confirms that the transition is effective in providing efficient services to our clients. The firm looks forward to the increased business possibilities created as a result of this. The company’s director, Mrs
B Chand, extends an open invitation to all intermediaries to work with the firm and to deliver enhanced benefits to your clients.
T: 0121 551 7676 F: 0121 551 6274 M: 07900 545726 E:
bally@mahaysolutions.com W:
www.mahaysolutions.com
The latest news from the sectors that matter to business
Barclays sign football star to help tackle cyber-crime
Barclays have launched a nationwide campaign to help small businesses tackle cyber-crime and fraud, with new research suggesting that online fraud has resulted in the loss of more than 50,000 British jobs to date as small to medium businesses (SMEs) were forced to make redundancies to offset losses. The findings were unveiled at a cyber-skills
masterclass for Barclays Business Banking clients hosted by football legend and business owner Sol Campbell. Research conducted by Barclays, as part of their
nationwide campaign to help small businesses tackle cybercrime and fraud, has found that half (50 per cent) of SMEs surveyed in the West Midlands have been targeted by fraud. The amount targeted in the West Midlands came in above the national average of 44 per cent. Surprisingly, it was also revealed that more than one
in three (38 per cent) of businesses surveyed in the West Midlands had spent nothing on fraud prevention training for their staff in the past year. Nationally, the average cost of a fraud to a business
was almost £35,000. If these figures were applied to the nation’s more than five million SMEs, the total cost would equate to £40bn to date. In two-thirds of cases, the businesses had to cover
these costs themselves – money that could otherwise have been invested in jobs, training or new equipment. Barclays has seen a rise in sophisticated fraud with
criminals targeting SMEs. This includes using “social engineering”, with emails or phone calls impersonating suppliers, staff members or even the CEO and tricking victims into giving out information or making payments. The research also reveals that only half of small
business victims (54 per cent) reported the crime to the police, and over a quarter (28 per cent) do not even tell staff when a breach has happened. Barclays has stepped up its mission to educate
customers, including SMEs, about the risks of fraud and cybercrime, investing over £18m in the past 24 months on its national Digisafe campaign. The bank has also prevented more than £857m of
potential fraud and scams (more than £35 per customer) in the last year.
Case for defence: Sol Campbell
‘In business as in football, you have to be strong, versatile and flexible’
In 2017, Barclays also hosted webinars attended by
almost 7,000 SMEs to help keep them safe, and aims to raise that figure to 30,000 this year. It also hosts workshop events across the country. Sol Campbell said: “With a rise in online crime, it’s
more important than ever that businesses keep an eye on the ball when it comes to cyber security. “In business as in football, you have to be strong,
versatile and flexible – and as a defender, you need to trust your natural instincts. If an email or call sounds fake, check it. “Playing as a team and training are vital in business
as well as sport. Managers should invest time letting staff know about the dangers of scams. “As an owner of a small business that has fallen foul
of cyber criminals, I’m particularly keen to raise awareness and show fraudsters the red card.”
Unity breaks through £1bn barrier
MEMBER OF THE NATIONAL ASSOCIATION OF COMMERCIAL FINANCE BROKERS
Mahay Financial Services is a trading style of Mahay Solutions Limited. Mahay Solutions Limited is authorised and regulated by the Financial Conduct Authority. FCA number 673400.
54 CHAMBERLINK June 2018
Birmingham-based Unity Trust Bank has sailed through the £1bn mark in customer funds. Since becoming independent in
2015, the bank has grown significantly while maintaining its ‘double bottom line’ strategy of only working with organisations that share its values and philosophy of creating social, economic, and environmental change.
All the bank’s deposits come
from customer accounts, and on 1 May 2018, the bank recorded £1bn in total assets – a five per cent increase year-on-year. Margaret Willis, CEO of Unity
Trust Bank, said: “Record deposits have enabled us to deliver record number of loan approvals. “We do not rely on wholesale
funding – our customers entrust their money to us and we use
that to help organisations to prosper and deliver positive social impact. “Growth in customer deposits
helps fund the increasing number of loan approvals – £65m of new loans to existing and new customers were approved in the first three months of the year and at the end of March 18 the bank’s loan portfolio exceeded £300m for the first time in its 34 year history.”
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