Credit, Collections & Insolvency News
Finalised guidance on the fair treatment of mortgage customers in payment shortfall (also known as arrears) and the impact of automatic capitalisation (FG17/4) has been published by the Financial Conduct Authority (FCA). The guidance will help set out a remediation framework for customers who have suffered harm because of automatic capitalisation of payment shortfall, as…
Read moreOver 11 million British households (42%) could reclaim almost £1.3 billion from suppliers for the energy they paid for but didn’t use this winter, according to new research from uSwitch.com. The data reveals that the average household in credit with their energy supplier could stand to reclaim £117, while 7% could reclaim more than £200.…
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The Central Bank of Ireland has fined Allied Irish Banks,(‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. All six breaches have been admitted by AIB. The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti‐money…
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Almost four in five (77%) British consumers have concerns about using new payment methods according to data from global law firm Paul Hastings. A survey of over 2,000 consumers highlights how security fears are preventing many consumers from embracing new payment technologies, yet providers of new methods are often leading the way in creatively addressing…
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The Board of the Financial Conduct Authority (FCA) has appointed an additional six members to the FCA’s Regulatory Decisions Committee (RDC). The newest members appointed to the RDC are Karen Johnston and Nick Lord. They join Stuart McIntosh, Philip Marsden, Robin Mason and Malcolm Nicholson who were appointed last year. The RDC is responsible for…
Read moreLoan guarantor provider TrustTwo has announced a deal with Callcredit Information Group, to access its credit risk, affordability and ID verification solutions. TrustTwo offers consumers who find it difficult to obtain credit on their own, a competitively priced alternative to meet their financial needs. Access to Callcredit’s Callvalidate, CallReport and Affordability Report services helps to…
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The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Yoker Credit Union Limited, which has stopped trading. The credit union is now in default. This means it cannot re-pay deposits to its 1200 members. FSCS will compensate the vast majority of members within seven days without them having to lift a…
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Energy UK has commented on proposed intervention in retail energy market. Lawrence Slade, chief executive of Energy UK said “Only last year, the Government’s own competition regulator decided against introducing a wider price cap, instead opting for a cap for prepayment customers which came into force this month. “Intervening further would undermine so many of the…
Read moreNew research by the Financial Services Compensation Scheme (FSCS) shows that almost two-thirds of respondents feel reassured knowing that FSCS protects their money if their bank, building society or credit union fails. On 30 January 2017, the FSCS protection limit increased from £75,000 to £85,000 following a consultation from the Prudential Regulation Authority. The research by…
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The Money Advice Trust has today announced details of the three projects that have been successful in applying to its Innovation Grants programme and will be supported by the organisation over 2017/18. The programme funds innovative advice projects to improve the quality and range of money and debt advice across the UK. The successful projects…
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Stephen Jones has been appointed Chief Executive Officer of UK Finance. UK Finance is the new financial services trade association due to launch this summer. UK Finance will merge six trade associations: The Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action, Payments UK and the UK Cards Association. Jones has…
Read moreIs the motor finance market in 2017 heading in the same direction as the US Sub-prime mortgage market in 2007? The size of the markets are very different, but there are certainly a number of similarities, which should prompt firms to review the adequacy of their risk controls, and assess their exposure. In particular: The…
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Northern Ireland led the way for the highest regional mortgage sales growth in March with a 21.0% increase on February, according to Equifax Touchstone analysis of the intermediary marketplace. Wales and London followed closely behind with sales increasing by 18.8% and 17.2% respectively, while the North West experienced the lowest growth of 12.0%. Overall, mortgage…
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