More than 10,000 people a month are expected to declare themselves insolvent this year as a culture of unsustainable debt grows among the "buy now, pay never" generation, says the Times .
Accountancy experts are forecasting a record number of personal insolvencies in the first three months, after a year in which bankruptcies and similar arrangements soared above the 100,000 mark for the first time.
Financial advisers say the figures point to the emergence of a generation who take debt for granted and for whom bankruptcy has lost its stigma, reports the paper.
Grant Thornton, the financial adviser, forecast 30,000 personal insolvencies would be filed in the first three months of the year, of which a third would be as a result of excessive Christmas spending.
BUSINESS FRAUD reached record levels in the UK last year, with reported crimes soaring past the £1bn mark for the first time, says the Scotsman.
The level of reported business fraud increased by 40% from just under £1bn in 2005 to £1.37bn in 2006, according to the annual FraudTrack report from accountancy firm BDO Stoy Hayward.
The number of reported frauds worth more than £50,000 rose by a third to 295.
The research found only 15% of firms which discovered frauds against them reported the matter to the police and the FraudTrack report estimates, as a result, the actual direct cost to UK businesses of fraud was at least £5bn last year.
CITY VETERAN Simon Robertson has been appointed HSBC's top independent director in what appears to be a move to appease shareholders following strident criticism from one leading investor, reports the Daily Telegraph.
Robertson, a well-respected former Goldman Sachs investment banker who now chairs Rolls-Royce, will become senior independent non-executive director following the HSBC's annual general meeting.
The appointment comes after Michael Taylor, the head of equities at fund manager Threadneedle Investments, said last month HSBC chairman Stephen Green was "asleep on the job".
Threadneedle, which owns 0.79% of HSBC stock, later apologised for the comments.
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Penalty payments and enforcement policy
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