The Financial Services Compensation Scheme (FSCS) paid out £527 million and helped a total of 258,119 customers during the year, 79 per cent of whom were satisfied with the job performed by the regulator. As part of its annual report, the FSCS summarised that it continued to assess claims fairly and efficiently, driving outstanding customer experience.…

Invoice finance business Optimum Finance has announced its latest technological innovation as part of its mission to use technology and automation to revolutionise the sector and benefit its SME customers. The company partnered with artificial intelligence (AI) and machine learning experts Critical Future to develop a first-in-sector machine learning capability which can identify companies that…

Households could see their energy bills cut by £20 a year under proposals from the energy regulator Ofgem. Ofgem has unveiled proposals for a five-year investment programme of around £25 billion to transform Britain’s energy networks to deliver emissions-free green energy for the UK.  Investment in the networks that transport energy around the UK is likely…

The Competitions and Marketing Authority (CMA) has taken action against Cardif Pinnacle, and written to Nationwide and Lloyds, after they failed to provide accurate annual PPI reminders. The CMA issued Cardif Pinnacle with legally binding directions ordering it to appoint an independent body to audit its payment protection insurance (PPI) processes. It must also put…

The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for June 2020 which indicated that there were 492 personal insolvencies (bankruptcies and protected trust deeds (PTDs))  592 (54.6%) less than in June 2019. Bankruptcies decreased by 57.9% in June 2020 when compared with June 2019. PTDs decreased…

Guarantor loans specialist, Amigo Loans has announced that Glen Crawford will be re-joining the Company as Chief Executive Officer (CEO) and as a member of the board. Crawford was originally appointed Chief Executive Officer of the company in February 2016 and Amigo Management in October 2015, but stepped down as Chief Executive Officer during April…

One in ten small firms making redundancies as lockdown takes its toll with the Federation of Small Businesses (FSB) calling for a ‘jobs first’ approach from the government as a new study shows a substantial share of smaller firms forced to let employees go The research found that two thirds (67%) of UK small firms…

Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and employment also saw sharp declines in the three months to June, due to COVID-19 disruption. The quarterly survey of 111 firms, conducted between 1st-18th June, showed that optimism about the overall…

High-cost short term lender Shelby Finance has written off loans and apologised to customers after not providing them with important information following an investigation from The Competition and Markets Authority (CMA). The CMA has found that Shelby Finance did not provide a summary of borrowing statements to more than 15,000 customers between August 2018 and…

1 2 3 425