The Government has revealed proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals, and government to tackle ‘loyalty penalty’. Business and Energy Secretary Kwasi Kwarteng published proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals. Research has shown that while around 5.8 million…

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published an updated assessment of the UK’s access to cash infrastructure, taking into account the impact of coronavirus (Covid-19), alongside new research on consumers who rely on cash. The findings show that most people have reasonable access to cash through a combination of bank, building…

Credit Connect’s hosted the latest edition of the Connected News series last week which saw a discussion focused on the delivery of responsible vulnerable communications strategies and the future of the sector discussed by four leading collections professionals. Banks, credit card providers, building societies, loan providers, collections specialists, utility firms and fintechs were amongst the…

A coalition of consumer groups, charities and financial services industry bodies, including Which? UK Finance, Martin Lewis and MoneySavingExpert, the Personal Investment Management and Financial Advice Association (PIMFA), the Investment Association, the Association of British Insurers and the Money and Mental Health Policy Institute, among many others have renewed its call for the Government to…

The Financial Conduct Authority (FCA) has announced it has taken action against five ‘debt packager firms’ – otherwise known as IVA (Individual Voluntary Arrangement) lead generators – stopping them from providing regulated debt advice. This comes following concerns over firms failing to properly manage conflicts of interest, manipulating income and expenditure figures, trying to promote…

The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…

The Financial Conduct Authority (FCA) has made a commitment to be a more, innovative, adaptive and assertive regulator. The commitment reflects the FCA’s Business Plan for 2021/22, the first annual plan since Nikhil Rathi joined the FCA as Chief Executive in October 2020. Rathi said “The FCA must continue to become a forward-looking, proactive regulator.…

The Financial Conduct Authority (FCA) has fined Lloyds Bank’s insurance arm £90,688,400  (£90 million) for sending insurance renewal letters to customers suggesting they were getting a ‘competitive price’ without backing up the claim. The FCA says that Lloyds failed to ensure that language contained within millions of home insurance renewals communications was clear, fair and…

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (the regulators) are seeking views on regulatory plans to improve diversity and inclusion in financial services. In a discussion paper, the regulators have revealed policy options including, among others, the use of targets for representation, measures to make senior leaders directly accountable for…

The Financial Conduct Authority (FCA) has revealed its measures on how it will regulate advice on funeral plans, including a ban on commission payments and changes to appointed representative permissions. The rules will commence on 29th July 2022 when funeral plan providers come under regulation from 29th July 2022. The new rules will introduce high…