A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of  ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…

High-cost short term lender Amigo Loans will press ahead with a rescue plan to cap compensation payments for nearly 1 million customers after the high court rejected concerns the proposed scheme would unfairly harm them. Amigo Loans has been made aware that the Financial Conduct Authority did not support the Scheme and has set their…

Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…

Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…

Almost one year on from the UK’s first national lockdown, UK Finance has outlined key statistics on the impact of the banking and finance industry’s support for businesses and customers across the country over the last twelve months. 2.75 million mortgage payment holidays were granted up until the end of 2020, with 1.8 million in…

The Financial Conduct Authority (FCA) has expanded its probe into how Amigo Loans handled mis-selling complaints from customers. The regulator has been looking into how the lender assessed its clients’ creditworthiness since May 2020 and has now announced that it is extending the scope of the investigation to include the company’s complaints handling process. The…

The Insolvency Service has published its latest figures which indicates personal insolvencies in England & Wales fell by 18% to 6,816 in February 2021 compared to January’s figure of 8,321, and were 21% lower than February 2020’s figure of 8,574. The number of bankruptcies in February 2021 was 898, while the number of Debt Relief…

Latest figures from Accountant in Bankruptcy (AiB) have shown that Scottish personal insolvencies fell by 41.3% that in the previous 12 months. The figures showed that were 7,967 personal insolvencies in the 12 months to February 2021 (inclusive), 5,608  fewer than in the previous 12 months. Bankruptcies decreased by 48.5% in the 12 months to…

Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…

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