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The Ministry of Collections Brian Holden, Global Director of Financial Services at SAS UK & Ireland When I think about the next couple of years for the UK banking industry, this nightmare scenario comes to mind. A milkman is going door-to-door collecting empty bottles. As he peers ahead through the grey morning light, a horrible realisation dawns. He sees that the street is endless and there are thousands upon thousands of empties to collect. Why is this relevant? Just like the milkman who was about to be hit with an endless wave of bottles, the UK lending sector is facing a tsunami due to coronavirus. Many people are highly leveraged, and a reckoning is now due. Banks will have to start collecting debts from potentially millions of customers who seemed like a low credit risk at the start of the year. However, those same customers are now struggling to pay bills. And that’s going to be a Herculean task for today’s collections teams.

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