Scottish consumers owed £14.3 million in registered debt in Q1 (January-March) 2020, according to figures released today by Registry Trust. The figures were a rise of 20 percent when compared to Q1 2019. The number of decrees saw a small increase of three percent compared to Q1 2019. The large rise in the value over…

The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…

Metro Bank has committed to repay more than £10.5 million to its customer after it breached a legal order by failing to send texts warning people about unarranged overdraft charges. The bank was found to have breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017. This requires banks…

The Insolvency Service has announced changes to the IVA Protocol guidance. In a joint statement by creditor representative members of the committee it said “As members of the Individual Voluntary Arrangement (IVA) Standing Committee we have recognised that the COVID-19 pandemic will impact a number of consumers who currently have or will soon be proposing…

Figures from the Financial Conduct Authority show complaints to financial services firm jumped from 4.29m in the first six months of 2019 to 6.02m in the second half of the year. This was driven by a surge in claims for mis-sold PPI ahead of an industry-wide deadline last August. The data show that complaints related…

he Finance & Leasing Association (FLA) has highlighted the need for changes to the Consumer Credit Act (CCA) following 526,000 Covid-related requests for forbearance to its members by mid-April. Giving evidence yesterday to the Treasury Select Committee on the economic impact of Coronavirus, Stephen Haddrill, Director General of the Finance & Leasing Association, highlighted the…

The regulator of UK’s gambling industry says the credit card ban which has now come into force (14th April) will add another vital layer of protection for consumers. In January, the Gambling Commission and the Department for Culture, Media and Sport (DCMS) announced the widely-publicised ban – meaning that from today any consumer gambling will…

Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…

The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…

The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…