Shell Energy Retail is to refund and compensate around 12,000 customer accounts it overcharged on its default tariffs when the price cap was introduced. In addition, the supplier will pay £200,000 to Ofgem’s consumer redress fund, equating to a total payment of £390,000. The price cap for 11 million customers on poor value default tariffs…

The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force…

The Co-chair of the All-Party Parliamentary Group on Fair Business Banking (APPG) has called on regulators to protect consumers and small businesses by banning the sale of debt to unregulated and inactive lenders. Charlie Elphicke MP and Martin Whitfield MP co-sponsored a main chamber debate entitled ‘Mortgage Prisoners and Vulture Funds’ which acknowledged that the…

The Money and Pensions Service (MaPS) has announced that Chief Executive Officer John Govett has resigned from his role due to an impending family relocation. Govett has led the team to transform MaPS, successfully integrating three services into one, focused on delivering our vision of everyone making the most of their money and pensions. His…

The Financial Conduct Authority’s decision to introduce reforms to the overdraft market should help thousands of people from getting trapped in a debt spiral according to Citizens Advice which says it has helped almost 30,000 people with overdrafts last year Citizens Advice statistics show that overdraft issues overwhelmingly affect socially-disadvantaged people: 2 in 5 had…

The Financial Conduct Authority (FCA) has confirmed it is introducing reforms to fix a dysfunctional overdraft market. These changes will make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. The changes represent the biggest overhaul to the overdraft market for a generation.…

The Ofcom Board has announced that Sharon White is to step down as Chief Executive. White is leaving to become Chair of The John Lewis Partnership. She is expected to leave Ofcom around the turn of the year. White joined Ofcom in March 2015 from HM Treasury where she was Second Permanent Secretary. Lord Burns,…

Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury. Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Baroness Manzoor…

Private renters will no longer have to pay letting agent fees as the Tenant Fees Act which began yesterday (3rd June 2019). Citizens Advice has called for a ban on fees for a decade and worked with Parliamentarians across the political spectrum to make sure the Bill was as watertight as possible. This included closing…

The UK’s biggest broadband, phone and pay TV companies have committed to put fairness at the heart of their business, after signing up to Ofcom’s new Fairness for Customers commitments. Ofcom has developed commitments to strengthen how companies treat their customers. They aim to help ensure people are always treated fairly by their provider –…

1 2 3 55