Credit, Collections & Insolvency News
Latest quarterly figures have shown that complaints to the Financial Ombudsman Service (FOS) fell to their lowest in more than a year in the April to June. Figures show that the FOS received 68,000 new cases in the period, with this down from 74,600 complaints seen a year ago. Complaints about motor finance were the…
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The Financial Conduct Authority (FCA) has announced that stricter regulations for electronic payment firms will come into force in May 2026. The new rules say companies must separate customer funds from their own, ensuring refunds in case of firm failures. The City watchdog says firms will face annual audits by qualified auditors, monthly reporting, and daily…
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The Bank of England has cut interest rates to 4%, with the cut from 4.25% marking the fifth reduction since August 2024. The Bank of England’s Monetary Policy Committee (MPC) voted 5:4 for a cut. One voted for a 0.5% cut and four voted for rates to be held. Responding to the news, Federation of…
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The Bank of England’s Monetary Policy Committee (MPC) has voted to reduce the base rate from 4.25% to 4%. The MPC voted 5 to 4 in favour of the move, with the dissenting members preferring to leave rates unchanged at 4.25%. Commenting on the change, Ryan McGrath, Director of Second Charge Mortgages at Pepper Money, said “Interest rates…
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The Civil Enforcement Association (CIVEA), the principal trade body for civil enforcement agencies in England and Wales, has joined forces with the National Support Network (NSN) to help vulnerable individuals access vital services, from debt advice to mental health and housing support. Civil enforcement agents work to collect unpaid payments, like council tax, parking fines…
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Social lender, Fair for You has announced that it has appointed Mark Trenavin-Body as a Non-Executive Director. Trenavin-Body is a senior finance leader with extensive experience across sectors including financial services and not-for-profit. He is currently Chief Financial Officer at St Edmundsbury and Ipswich Diocesan Multi Academy Trust, which includes 21 schools and employs nearly…
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Restructuring practice FTS Recovery has announced that it has appointed Rachel Ennis as its new Associate Director. Her role will see her heading up a new centralised team of insolvency and recovery advisers across the Midlands region of the UK. Ennis has previously worked for FTS Recovery and their affiliated company FA Simms & Partners,…
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A pioneering new service has launched with the ambition to reshape the commercial debt recovery and enforcement landscape across England & Wales. Remote Court Users (RCU) introduces a streamlined, scalable model that places creditors, legal professionals, enforcement agencies, and the court system in closer alignment, delivering efficiency, transparency, and societal benefit. RCU positions itself as…
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