Complaints about consumer credit including payday loans and hire purchase showed a rise in the second quarter according to latest statistics released by the Financial Ombudsman Service (FOS). Consumer credit complaints totalled 7,281 in the three months to June 30, up from 5,846 in the same period last year. Payday loans, which provide short-term credit at…

The Information Commissioner’s Office (ICO) has fined TalkTalk Telecom Group PLC £100,000 after it failed to look after its customers’ data and risked it falling into the hands of scammers and fraudsters. An ICO investigation found TalkTalk breached the Data Protection Act because it allowed staff to have access to large quantities of customers’ data. Its…

Ofgem has today updated the level of the prepayment price cap, or safeguard tariff, which will cut bills for around 3 million households by up to £19 a year based on typical consumption. The change, which takes effect on 1 October, will reduce the level from about £1,067 to £1,048 for a dual fuel prepayment…

Credit risk analytics specialist Jaywing has announced a new agreement with Everyday Loans, which will use Jaywing’s Horizon software to develop IFRS 9 models and enable the delivery of all regulatory outputs. Gaining rapid compliance with the IFRS 9 regulations is a key focus for Everyday Loans, which recognises the need to comply without wanting…

The Financial Conduct Authority (FCA) has today published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. The review provides clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial benefits to consumers. The review found that…

The Bank of England has appointed Joanna Place as its Chief Operating Officer (COO), effective as of today. Place has been acting as COO since 1 May, and previously was the Executive Director of Human Resources. Mark Carney, Governor of the Bank of England, said: “I am very pleased that Jo will be the Bank’s…

Griffins has selected Encompass verify to software support them in their Know Your Customer (KYC) compliance. Griffins, specialises in providing insolvency, litigation and forensic services return to creditors through asset recovery.  Encompass supports compliance with international Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations by empowering their front line staff to meet the evolving regulatory requirements of…

Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…

The Financial Conduct Authority (FCA) has today announced the appointment of Maggie Craig as the Head of Department, Scotland. Head of Department Scotland is a new role created to take forward the FCA’s presence in Scotland. Maggie will be focused on developing this approach and contributing to Scottish aspects of FCA policies. Craig joined the…

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