The Financial Conduct Authority (FCA) has announced the appointment of Wanda Goldwag as the new Chair of the independent Financial Services Consumer Panel. The appointment, effective from 1 March 2019 for an initial three-year term, has been confirmed by HM Treasury. Wanda will be the public face of the panel, leading and giving strategic direction…

Bailiffs are still not being held to account and will continue to inflict stress, anxiety and further financial hardship until the Ministry of Justice (MOJ) introduces independent regulation according to research by debt charities. The 11 debt and mental health organisations that make up the ‘Taking Control’ campaign on bailiff reform are calling on the…

Ofgem has announced that the energy price cap for customers on default (including standard variable) tariffs, introduced on 1 January 2019, will increase by £117 to £1,254 per year, from 1 April for the six-month “summer” price cap period. The price cap for pre-payment meter customers will increase by £106 to £1,242 per year for…

The Financial Ombudsman Service (FOS) has released its latest report which shows that it has dealt with around 3,300 inquiries about debt collection and took on over 1,000 new complaints for investigation in 2018. The complaints cover credit and consumer loans, such as mortgages, credit cards and personal or business loans. They don’t include household debts…

The Financial Conduct Authority (FCA) has today set out how it would use the temporary transitional power in the event the UK leaves the EU without a withdrawal agreement. The Treasury has put forward draft legislation that would make transitional provisions if the UK leaves the EU without a withdrawal agreement. This is intended to minimise the disruption for…

The Insolvency Service has published a review of the monitoring and regulation of Insolvency Practitioners (IPs). Following the introduction of “Regulatory Objectives” for Recognised Professional Bodies (RPBs) in October 2015, the Insolvency Service has undertaken a number of reviews to assess the effectiveness of the regulatory regime. As part of that,  the Insolvency Services has visited…

The Financial Conduct Authority’s new rules on authorised push payment (APP) fraud have launched today (Thursday 31st January). Under the new rules, victims of Authorised Push Payment (APP) fraud can now complain to the payment services provider (PSP) receiving their payment. In the case of APP fraud, the PSP is often a bank which holds the…

Debt charities, StepChange and the Money Advice Trust have responded to the HM Treasury’s consultation on debt “breathing space” and a new defined statutory debt repayment plan (SDRP). The scheme will enable, people who enter into arrangements to pay back their debts in full whilst getting a level of statutory protection that has previously only been…

Our Power, an energy supplier with about 38,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Our Power’s customers will continue and pre payment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take…

The Payment Systems Regulator (PSR) has published its final terms of reference for a market review into the supply of card-acquiring services. Card payments are an increasingly important payment method, with debit cards becoming the most frequently used payment method in 2017. For businesses to accept card payments, they need to buy card-acquiring4 services. The cost of…

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