11th January 2024 - Credit Connect

FCA to review possible motor finance misconduct

11th January 2024 Consumer Lending | #motor finance

The Financial Conduct Authority has announced that it begin a a study of the motor finance industry, amid rising tensions between consumers and lenders on discretionary commission arrangements. In 2021, the FCA banned discretionary commission arrangements. This removed the incentive for brokers to increase the interest rate that a customer pays for their motor finance. The FCA…

MaPS opens debt advice strategy consultation

11th January 2024 Consumer Collections | #debt advice

The Money and Pensions Service (MaPS) has announced it is now consulting on proposals for the delivery of its debt advice strategy, seeking feedback on the proposals laid out and wants to hear alternative proposals or ideas that it could take forward. Organisations and individuals involved in delivering debt advice, organisations that support debt advice,…

South West Water buys SES Water in £380m deal

11th January 2024 Business Utilities |

Pennon Group the owner of South West Water, Bristol Water and Bournemouth Water, has announced the purchase of Sumisho Osaka Gas Water UK the holding company of Sutton and East Surrey Water (SES Water) for £380 million. The deal will see Pennon add SES Water’s customer base of more than 750,000 and expand its scale…

Together appoints CEO for Personal Finance division

11th January 2024 Appointments |

Specialist lender Together has appointed financial services expert David Broadbent as the new Chief Executive Officer to lead its personal finance division. Broadbent, who has more than 25 years’ experience in financial services, will head up all aspects of personal finance lending for Together – a group which has a total loan book of £6.6billion…

Charity forced to double energy bill financial support

11th January 2024 Arrears and Recoveries | #energy bills

Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…

One in four small business owners mental health has deteriorated

11th January 2024 Commercial Credit Management | #mental health

One in four small business owners (24%) has felt that their mental health has deteriorated under the strain of managing their business finances with Purbeck Personal Guarantee Insurance. Purbeck says whilst one in four is far from positive, it is a significant improvement from 49% in the same survey last year and underlines the tenacity…

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