The Irish Central Bank has published its April update on the Tracker Mortgage Examination, showing that, at end-March, banks and smaller lenders had paid out €459 million to customers affected by their failings. This is an increase of €162 million since the December update on the Examination. The update also showed that an additional 3,400…

The first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. TransferWise, a Financial Conduct Authority (FCA)-regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system. A key component of this work involved the Bank extending settlement account access…

The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…

Two bosses have been disqualified for a combined total of 23 years after transferring more than half a million pounds from their own debt management companies. Andrew Brooke (45) and Gary Gregson (38) have been disqualified for 13 and 10 years respectively and are now prevented from acting, directly or indirectly, as directors of companies. Gary…

The number of fines handed out for money laundering and terrorist financing rule breaches has fallen 20 percent in the last year as tougher enforcement delivers a wake-up call, anti-money laundering and Big Data specialist Fortytwo Data reveals today. It follows record enforcement in 2015/16 when 1,170 professionals – including lawyers, accountants and those in…

As part of the launch of the Financial Conduct Authority’s (FCA) business plan, the FCA has announced that it has increased its spending on Brexit to £30 million and will need to raid other budgets to cover the cost as the clock ticks down towards EU withdrawal. This year the FCA has taken £14 million from its…

The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…

Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…

The Government is to launch a call for evidence following concerns that a minority of bailiffs are still acting aggressively when collecting money from debtors –, particularly from vulnerable people. The call for evidence, which will be launched shortly, will look to those directly involved to share their experiences to help stop this in its…

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