Ofgem has announced that Rutherford Energy Supply (trading as Uttily Energy), an energy supplier with around 280 business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Rutherford Energy’s customers will continue. Ofgem will choose a new supplier to take on all of Rutherford Energy’s customers. This supplier will contact these…

The Financial Conduct Authority (FCA) has announced that it plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay.  The broker can set that rate and the FCA…

To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…

The Financial Conduct Authority (FCA) has published its interim report of its market study into the pricing of home and motor insurance. The FCA found that competition is not working well for all consumers in these markets. It sets out concerns about how pricing in these markets leads to consumers who do not switch or…

A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…

Ofgem has appointed Jonathan Brearley, its current executive Director for systems and networks, as its new Chief Executive. Ofgem’s Chairman Martin Cave said“Jonathan will take up his new role at a time of unparalleled change in the energy industry in order to meet the pressing need to decarbonise. Ofgem’s role is to ensure that consumers,…

Ireland’ regulator the Central Bank has published a Prohibition Notice prohibiting Home Credit Ireland Executive Director Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Home Credit Ireland is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended). Kearns failed to properly…

Debt Arrangement Scheme (DAS) reforms have been approved by Scottish Parliament. The amendment regulations will come into force on 4th November 2019. The regulations were developed following considerable work and engagement with stakeholders with the aim of increasing the accessibility, flexibility and sustainability of Debt Arrangement Scheme (DAS) payment programmes. These Regulations amend the Debt…

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