Credit, Collections & Insolvency News
A report from the House of Commons Treasury select committee has criticised the Payment Systems Regulator (PSR) for planning to hand off responsibility for recompensing individuals targeted by scams to payments operator Pay.UK. The select committees says fraud is the most common crime in England and Wales, and one of the most reported in Scotland.…
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Consumer credit is forecasted to grow by 4.8% this year, increasing to 5.3% in 2024 according to EY Item Club predictions. Falling real incomes may to some extent weaken demand for big ticket items often funded by borrowing, a prospective recovery in the economy in the second half of this year is likely to boost…
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Business and Energy Secretary Grant Shapps has given energy bosses a deadline of Tuesday (7th February) to report back to him on what remedial action – such as providing compensation – they plan to take should they have wrongfully installed prepayment meters in the homes of vulnerable customers. The Business Secretary has today told Ofgem…
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As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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New figures out this week from the Bank of England show that loans made to members of the UK’s 388 member-owned, not for profit credit unions stood at a record high of £1.92 billion in the third quarter of 2022. This was £51 million higher than the previous quarter and up £255 million compared with…
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