Factoring company of the year silly season is here again

Whilst I’ve been away sunning myself over Easter my inbox has been filling up with emails from various factoring companies telling me about the awards that they had won (or were nominated for)

First off was an email from Skipton Business Finance by way of an introduction to the writer in which he stated that “There has been a lot of positive changes to personnel within SBF over the last 12 months which has lead us to achieve the ‘UK Factoring & Invoice Discounting Provider of the year award 2009’ at the ACQ Global Awards 2009” I wasn’t quite sure how to take the bit about the fact that it was the positive changes to personnel that lead to the award as I’m not sure if it meant that they had got rid of the people that stopped them getting the award in the past or had employed a factoring superhero or two.

The second email was from Venture Finance to tell me that they had been voted winners yet again of a prestigious award but I’m afraid that I can’t remember which as I accidentally deleted the email.

The third was a slightly unusual press release as it was from Oriel Collections who were jumping the gun a bit as they hadn’t actually won anything but had been short listed for “Commercial Credit Team of the Year” in the Credit Today awards.

Interestingly enough one of the three companies mentioned above has a terrible reputation in the industry for service and Factoring Solutions has received quite a few enquiries from it’s disgruntled clients in the past but there again I don’t suppose that winning an award actually has much to do with service anyway.

The shortlist for “Factor & Discounter of the Year” for the Credit Today awards comprises the following luminaries – Ashley Commercial Finance, Bibby Financial Services, Cattles Invoice Finance,  HSBC Bank and Venture Finance. It makes me wonder how a company manages to get itself shortlisted for such an award. The staff and clients of Cattles haven’t known whether or not they were coming or going in the past few months whilst HSBC have been keeping selected brokers in champagne by offloading clients that they decided no longer fit their new criteria.

I will make the same comment that I made last time I wrote about silly season that the two factoring companies I use most of all have service levels far higher than most coupled with competitive pricing and unlike at least one of the factoring companies mentioned above are still actively looking for business yet neither of them has ever won diddly squat.

It’s a strange world

HSBC increase their factoring charges due to Basel 11 ?

I heard last week that the factoring division of HSBC had increased the interest charge to one of their recruitment company clients from 1.5% over Base to 3.5% over Base and had also increased the factoring service charge. They stated that the reason for this was down to Basel 11

In the same week I read an article in The Times that said “History, of a sort, was made this week when HSBC declared that, from next month, it will be offering its “lowest mortgage rate ever” – a super-cheap 2.99 per cent deal”

Something doesn’t quite add up here