Credit, Collections & Insolvency News
The Government says that more than one million households struggling with debt will get to keep an average £420 more of their benefits each year, under a change to Universal Credit which starts today (Wednesday 30th April 2025). The Fair Repayment Rate places a limit on how much people in debt can have taken off…
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Tom Russell, Licensed Insolvency Practitioner and Director at James Cowper Kreston, has been appointed President of R3, the insolvency and restructuring trade body. As President, Russell will work with R3’s CEO, senior management team and Council to help shape and deliver R3’s strategy for the next 12 months and support its day-to-day operations. He takes…
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A new report by the Treasury Committee has found that the Government’s failure to act to tackle declining cash acceptance could lead to a two-tier society, with the most vulnerable bearing the cost. The Committee heard directly from vulnerable groups, including people with learning disabilities, domestic abuse victims and the elderly, that buying essential goods…
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Latetst Financial Conduct Authority (FCA), complaints to financial services firms decreased by 4.3% in the second half of 2024, coming in at 1.78 million. The decline may reflect the positive effects of the FCA’s Consumer Duty, which mandates that firms prioritise customer needs in their operations. The total redress paid also fell by 3% to…
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The Financial Conduct Authority (FCA) has announced that it is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consumers and markets. The live testing service would be a new component of the FCA’s AI Lab, which has been supporting…
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Fraud prevention service, Cifas is urging residents to consider consequences of Council Tax fraud when battling rising costs, as new research highlights an alarming trend in individuals dishonestly claiming the Single Person Discount (SPD). The SPD is a 25% reduction on Council Tax bills for households with only one adult. However, a recent Cifas survey of…
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The Chancellor of the Exchequer Rachel Reeves has announced that Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). The Chancellor has also confirmed a one-year extension of Richard Lloyd’s second term as a Non-Executive Director on the FCA Board.…
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Risk decisioning software specialist, Provenir has announced Atom Bank has selected the Provenir AI Decisioning Platform to streamline and modernise credit risk decisioning and data orchestration. Chris Storey, Atom Bank’s Chief Commercial Officer. said “Atom bank provides simple, well-designed mortgages and savings products that deliver ease, speed and value right to your device. As our…
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