The Competition and Markets Authority (CMA) has announced a package of reforms to tackle the substantial loyalty penalty impacting millions of people. The CMA has investigated concerns raised by Citizens Advice in a ‘super-complaint’, that companies penalise existing customers by charging them higher prices than new customers. The CMA has looked at the 5 markets…

The Financial Conduct Authority (FCA) has fined Santander £32,817,800 for failing to effectively process the accounts and investments of deceased customers. The FCA found thatSantander did not transfer funds totalling over £183m to beneficiaries when it should have done. 40,428 customers were directly affected. Santander also failed to disclose information relating to the issues with…

The Financial Conduct Authority’s (FCA) decision to ban unarranged overdraft fees could help thousands of people from staying stuck in debt, Citizens Advice says. The national charity also says the proposed crackdown on the way interest is charged on “buy now pay later deals” will help the thousands of consumers who are rocked by these…

UK Finance has announced the appointment of Charlotte Crosswell, CEO, Innovate Finance, and Mark Parsons, Chief Executive Officer and Executive Director, Coventry Building Society, to its Board. Charlotte Crosswell is CEO of Innovate Finance, the industry body representing the UK FinTech sector. She has spent most of her financial services career in market infrastructure roles. She has…

The Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…

The Financial Conduct Authority (FCA) has published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year. From next April, all CMCs set up or serving customers in England, Scotland and Wales will…

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) Boards have appointed new members to its three decision-making committees: the FCA’s Competition Decisions Committee (CDC) and the PSR’s Competition Decisions Committee and Enforcement Decisions Committee (EDC). These three committees are responsible for taking certain competition law and regulatory decisions when a settlement cannot be…

The Financial Conduct Authority (FCA) has published new rules allowing victims of Authorised Push Payment (APP) fraud to 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 accounts of either the victim or fraudster. Currently, the sending PSP, but…

Ofgem has appointed Together Energy to take on supplying OneSelect’s 36,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of OneSelect, which ceased trading on Monday 10 December.  Together Energy is offering OneSelect’s customers a competitive tariff and will honour all outstanding credit balances, including…

P PayPlan has been recognised by the Advice Service Alliance for its excellent practice and determined approach to provide clients with the best possible advice and debt solution, during its recent Advice Quality Standard (AQSv2) assessment. The Advice Service Alliance commended the free debt advice provider for recognising the shift in client needs and offering a multiple…