The Financial Services Compensation Scheme (FSCS) has paid out £584 million in compensation helping 52,623 (1,131 firms) families and businesses in the past year (2020/21). The FSCS has either paid customers compensation or enabled them to transfer to a new financial provider for their investment or insurance policy. The latest figures compare to £527 million…

Customers of gas and electricity suppliers are being plagued by inaccurate bills research from Citizens Advice has indicated. The charity ranks energy companies based on a series of criteria including customer service which displayed was a clear divide between the best and worst-performing energy suppliers during the first three months of the year. The report…

The Competition and Markets Authority (CMA) has issued a formal warning to Monzo, NatWest, Virgin Money and Bank of Ireland for failing to send bank statements to 150,000 former customers. Competition rules require lenders to send customers a history of their current account banking activity within 40 days of closing their accounts. As a result…

The High Court Enforcement Officers Association (HCEOA) has released new guidance on VAT. The HCEOA has written to all members with an updated recommendation regarding the treatment of VAT on High Court enforcement fees, ahead of expected new guidance from the UK Government. The HCEOA has recommended to all members that their treatment of VAT…

The Lending Standards Board (LSB) says banks must urgently improve the way they apply a code that reimburses bank transfer scam victims. The LSB warned of systemic failings and said firms must work without delay to ensure the best outcomes for customers. It has written to the Chief Executives of banks which have signed up…

The Financial Conduct Authority (FCA) has announced that it has appointed Non-Executive Chair of the London Stock Exchange (LSE) Michael Findlay, as the Chair of its independent Markets Practitioner Panel. Findlay will take up the post from 1st July 2021, succeeding Interim Chair Tim Waddell, Vice Chairman, Global Corporate & Investment Banking for EMEA, BofA…

The Payment Systems Regulator (PSR), the specialist economic regulator of UK payment systems, has published its proposed five-year strategy. The strategy sets out an approach that aims to make sure payments and payment systems work well for everybody and that there is fair competition and access to payments for all. The PSR’s approach will protect and embrace what’s working well, change what…

Sub-prime lender, Amigo has warned that it faces potential collapse after confirming that it will not appeal against a High Court decision that blocked a scheme to cap customer compensation. The firm said it would ‘consider all options’ noting that it is looking at an alternative scheme to manage the costs of customer compensation claims.…