Credit, Collections & Insolvency News
Two thirds of people (65%) say the cost of living has risen in the past month according to new ONS figures. 87% say the price of food has risen, 77% that the cost of energy bills is up, and 76% that fuel prices are higher. The older people are, the more likely they are to…
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The Financial Conduct Authority has proposed stronger requirements on oversight of appointed representatives. The consultation is aimed at improving the appointed representatives regime measures and tackling harm from this model. An appointed representative (AR) is a firm or person who carries on a regulated activity on behalf, and under the responsibility of, a firm authorised…
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New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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New research has revealed that over half (55%) of consumers are feeling positive about their personal financial future. The research by Encore Capital Group asked 2,600 people in Encore’s largest markets, the United States (US) and UK their feelings about personal finances and the economy, and explored the impact of the COVID-19 pandemic. With Encore’s…
Read moreThe FCA is consulting on proposed changes to the fees financial services firms pay to cover the cost of regulation. The minimum fee, which has remained largely unchanged over the last decade, would increase from £1,151 to £2,200. The FCA is also proposing changes to the calculation of consumer credit firm fees to bring them…
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Research from PwC suggests the economy will be hit by a triple whammy of a climbing cost of living, higher interest rates and the end of pandemic-related support from the government, with weaker household spending likely to slow the recovery. The analysis says more affluent households will be able to shake off the impact of…
Read moreZog Energy has ceased trading, the company claimed that it was unable to secure the gas hedges it previously agreed with its gas shipper CNG. The energy company has served around 11,700 domestic gas customers, is the 27th energy retailer to exit via the Supplier of Last Resort process so far this year. Under Ofgem’s…
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East Midlands based venture, Connected Data, has announced that Anthony Sumner and Antony Dear will be joining the team as Director of Data and Analytics and Director of Platform and Delivery. Sumner joins the Connected Data team from Experian, the global information services company, where he held the role of Managing Director of Analytics. He…
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Ofcom has fined telecoms operator, O2, £150,000 for failing to provide complete and accurate information to us during our investigation into the company’s billing issues. In a statement, Ofcom said “We regularly make statutory requests for information from companies as part of our work to protect consumers. This evidence is vital to our decision-making, and…
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Ofgem has appointed Scottish Power to take on supplying Entice Energy and Orbit Energy’s combined total of approximately 70,400 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected,…
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The Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…
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The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…
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The Vulnerability Registration Service (VRS), has announced that it partnered with the Illegal Money Lending Team (IMLT), an organisation that investigates and prosecutes illegal money lenders, commonly known as loan sharks, while supporting those who have been affected by the crime. An estimated 310,000 people are in debt to illegal money lenders in the UK.…
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