New research by Fuel Bank Foundation has revealed the extreme measures people with prepayment meters are taking to avoid being disconnected from their energy supply. A survey by the charity, which provides fuel vouchers to people who can’t afford to top up their prepayment meter, found that in the 12 months prior to receiving help…
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Business and Energy Secretary Grant Shapps has given energy bosses a deadline of Tuesday (7th February) to report back to him on what remedial action – such as providing compensation – they plan to take should they have wrongfully installed prepayment meters in the homes of vulnerable customers. The Business Secretary has today told Ofgem…
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As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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Around 2.3 million households missed an essential payment in January, an increase of 400,000 on the month before, but similar to previous years according to new research by Which. The research found that 2.3 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2023. This marks…
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The Financial Conduct Authority (FCA) has announced that is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest…
Read moreThe largest rise in the average household water and sewerage bill for almost 20 years could prove a tipping point for the one in five customers already struggling to pay. The Consumer Council for Water (CCW), the independent voice of water consumers, has issued the warning in response to Water UK confirming the average household…
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Here is an overview of The Money Charity’s latest statistics for January 2023 Personal debt in the UK People in the UK owed £1,831.9 billion at the end of November 2022. The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings. Net mortgage lending rose by…
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Information from Ofwat and CCW has shown that water companies are increasing financial support for their customers, with record numbers benefiting from discounted water bills. However, both organisations are calling on companies to do even more to help in the face of immediate and urgent cost of living pressures. In October 2022, Ofwat and CCW…
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StepChange Debt Charity Scotland client data for the fourth quarter of 2022 shows the cost of living increase was the leading cause of debt for almost a quarter (23%) of its new clients. This is more than double the figure in the first quarter of 2022 (10%), reflecting the upward pressures people have been facing…
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Fico’s November 2022 report of UK card trends has found that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. However, the report also highlighted a concern for lenders, with a trend of consumers missing two or three payments. The research found…
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Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
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One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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