A total cost cap on rent-to-own items like washing machines, fridge freezers and televisions could save consumers £276 (28%) per product, new analysis from Citizens Advice has found. The national charity has modelled the impact its proposed total cost cap in the rent-to-own sector would have. The FCA has indicated it will implement a cap…

Europe’s largest peer-to-peer property platform Lendy announced it has received full authorisation from the UK regulator, the Financial Conduct Authority (FCA). Lendy’s secured lending model was authorised by the FCA following a detailed end to end assessment of its business and operating model. Lendy, which launched in 2012 and has to date facilitated over £400m in…

The Financial Conduct Authority (FCA) has called for considerate use of big data, artificial intelligence and machine learning algorithms in financial services. The FCA is urging firms to use the technologies in a way that is not detrimental to customers’ trust. Speaking at a Reuters event earlier in the week, Charles Randell, FCA payment systems…

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures. The paper follows the payments chaos which followed a hardware failure at Visa that hit millions of transactions across Europe in June,…

The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.…

Ofwat has said that high levels of payments to bosses and investors by water companies have damaged customer trust. In a number of changes to Ofwat’s 2019 price review (PR19), a range of measures have been included that would see customers share the financial gains made by water companies which have high levels of debt.…

The New Payment System Operator (NSPO) has taken over the oversight for running and managing the cheque paper and cheque image clearing systems with the Cheque and Credit Clearing becoming a subsidiary of the NPSO. All payments will continue to be processed as usual through the paper clearing system for cheques and the recently launched Image…

The HM Treasury (HMT) set out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act (EUWA). The act is intended to ensure that there is a complete and robust legal framework for financial regulation in the UK, whatever the outcome of negotiations between the EU and the UK, when the UK…

The Financial Conduct Authority (FCA) has published an update on its Strategic Review of Retail Banking Business Models. The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current…

Ofgem has confirmed the provisional order that prevents Iresa from taking on new customers, one-off payments and increasing direct debits for the foreseeable future after the supplier failed to resolve all its customer service failings. n March, Ofgem imposed a provisional order banning Iresa from these activities for three months. As part of the provisional…

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