Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year. From next April, all CMCs set up or serving customers in England, Scotland and Wales will…
Read more
Shieldpay has announced that it has agreed a partnership with Visa to deliver secure card payments across peer to peer marketplaces and classified ad sites. The partnership will open up the use of debit and credit cards to the £120bn classified industry.1 Shieldpay’s instant digital escrow solution mitigates the risk of fraud by verifying the…
Read more
Energy firms SSE and Npower have cancelled their merger plan. The move has been blamed on “very challenging market conditions”. The deal would have created the UK’s second-biggest energy supplier. The government’s new price cap means is due to start in the new year and has been a key factor in the cancellation. In a company…
Read more
The latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
Read more
More than one in four young parents expect to get into debt this Christmas, as the cost of festivities and austerity take their toll, according to Young Women’s Trust, a charity that supports young women on low or no pay. The charity surveyed 4,000 young people between the ages of 18 and 30 and found that, of…
Read more
With research showing families with children under the age of 18 will spend anything from £1,000 to more than £2,700 in total at Christmas, with gifts making up the vast majority of the spend, consumer debt specilaist WB Debtcare is advising Santa to plan ahead for the true cost of a family Christmas. And with…
Read moreThe Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) Boards have appointed new members to its three decision-making committees: the FCA’s Competition Decisions Committee (CDC) and the PSR’s Competition Decisions Committee and Enforcement Decisions Committee (EDC). These three committees are responsible for taking certain competition law and regulatory decisions when a settlement cannot be…
Read moreThe Financial Conduct Authority (FCA) has published new rules allowing victims of Authorised Push Payment (APP) fraud to complain to the payment services provider (PSP) receiving their payment. In the case of APP fraud, the PSP is often a bank which holds the accounts of either the victim or fraudster. Currently, the sending PSP, but…
Read more
A coalition of consumer organisations has come together to outline how Ofgem can deliver on its commitment to improve protections for consumers in vulnerable circumstances in the RIIO-2 price controls. The proposals are outlined in a collection of essays by authors from Citizens Advice, Citizens Advice Scotland, Sustainability First, Centre for Sustainable Energy and National…
Read moreIntrum has announced it has reached an agreement with Spanish bank Banco Sabadell to acquire their wholly owned subsidiary Solvia Servicios Inmobiliaros (Solvia) for an enterprise value of approximately €300 million. The agreement reinforces Intrum’s position in the Spanish real estate market and strengthens the collaboration with Banco Sabadell, one of the largest banks in Spain.…
Read more
Ofgem has appointed Together Energy to take on supplying OneSelect’s 36,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of OneSelect, which ceased trading on Monday 10 December. Together Energy is offering OneSelect’s customers a competitive tariff and will honour all outstanding credit balances, including…
Read more
Equifax has announced that it will launch anintegrated portfolio of data, analytics and visualisation tools. The product named ‘Equifax Ignite’ enables companies to understand and take advantage of data to innovate and inform their business decisions and strategy. John Power, Chief Data & Analytics Officer for Europe at Equifax, said “Equifax Ignite will redefine businesses’…
Read more
The Government must fix key elements of the Universal Credit application process or millions will fall into hardship in 2019, a new report from Christians Against Poverty. The report cites the experience of low-income debt clients migrating to the new six-in-one benefit that has caused them threats of eviction, escalating mental health issues and extreme vulnerability.…
Read more