Credit, Collections & Insolvency News
Ofgem has today outlined its commitment to cap the energy bills of millions of households on poor value default deals by the end of 2018 if legislation is passed this summer. The price cap, outlined in government legislation unveiled last week, will protect these people from being overcharged for their energy. Around 12 million households…
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70% of UK households would be better off if energy policy costs were removed from gas and electricity bills and applied according to household income. That is according to research published today by the UK Energy Research Centre. In ‘Funding a Low Carbon Energy System: a fairer approach?’, researchers from the University of Leeds propose alternative…
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Despite the launch of Open Banking in 2018, new research suggests consumers need more education on the subject, with nearly 58% of people not knowing what Open Banking is. Whilst the new regime went live in January, new research by YouGov, surveying 4,458 British adults on behalf of the challenger bank, CYBG, provides a stark…
Read moreOfgem has announced that is going to formally back-billing. Energy firms will be banned from charging catch-up bills for energy used more than 12 months earlier. Customers who pay via direct debit often receive bills based on estimated meter readings. When an actual reading is taken, the supplier “back-bills” the customer for any shortfall. A…
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Mann Island Finance has announced that Head of Sales John Hughes has been appointed as Managing Director of the business. Hughes replaces Jo Jenner who has now moved to a new role at parent Investec. Hughes has been part of the team that sold the business to Investec in 2014,and will be taking the lead…
Read morePeter Wallwork, Chief Executive of the Credit Services Association (CSA) has again called for the adoption of a Code of Practice as the de facto best practice ‘standard’ across all sectors and organisations collecting consumer debts. Whereas agencies collecting financial services debts are regulated by the Financial Conduct Authority (FCA) and adhere to the CSA Code,…
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The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. Commenting on the latest figures Money Advice Trust Joanna Elson OBE, Chief Executive said “Whilst the…
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Credit reference agencies are using traditional credit scoring methods that are out of sync with modern financial life and that fail to accurately capture the creditworthiness of many people according to research released by trade body Responsible Finance. As a result, consumers are either completely financially excluded or pay a premium for credit. Responsible Finance…
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A new app that can help users save hundreds of pounds every year by managing their recurring payments has become the first of its kind to be regulated in the UK. Bean (usebean.com) connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities…
Read moreA new research project has launched looking at how the debt advice sector supports people in vulnerable situations. Conducted by University of Bristol’s Personal Finance Research Centre (PFRC) in partnership with the Money Advice Trust and the Money and Mental Health Policy Institute and grant funded by the Money Advice Service, the research involves a…
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Home collected credit provider Morses Club has announced its trading update for the 52-week period to 24 February 2018. Trading performance for the period has been strong and is in line with the Board’s expectations. Total credit issued was up 21% to £174.3m compared to the prior year (FY 2017: £144.1m) with a strong increase in the Company’s gross…
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Citizens Advice has called on the Government to act on high-cost credit. Matthew Upton, Head of Consumer Policy at Citizens Advice, will give evidence to the Government’s Treasury Committee as part of its inquiry into household finances today (Thursday 1st March). The national charity says households are facing growing insecurity due to more unpredictable incomes…
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The Payment Systems Regulator has announced the outcome of its consultation on introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. An industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection. The consultation, which ran from November 2017 to January 2018,…
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