Credit, collections & insolvency news
Energy regulator Ofgem, has proposed that the energy price cap on bills should be reviewed every three months instead of twice a year to help households. Ofgem says that at a time when consumers are being squeezed financially from all sides, it is looking at how it can use its powers to make the market…
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A rogue volume IVA provider has been wound-up by the Insolvency Service. Vanguard Insolvency Practitioners (along with three connected companies: MDN Consultancy Limited, Newtco Limited and KIS Financial Consultancy Limited) were wound-up in the public interest at the High Court in Manchester before His Honour Judge Hodge. Petitions were submitted to the court by the…
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As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…
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A Financial Services and Markets Bill aimed at cutting red tape was among the flagship measures announced in the Queen’s Speech. The new bill revokes retained EU law on financial services and updates the objectives of the Financial Conduct Authority and the Prudential Regulation Authority to bring about a greater focus on growth and international…
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Charities have warned the Secretary of State for the Department of Work and Pensions (DWP), Thérèse Coffey, that plans to restart ‘managed migration’ must immediately be halted. In an open letter, the coalition of charities have urged the DWP to stop the process due to the risk of cutting off people’s incomes. ‘Managed migration’ is…
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Western Power Distribution (WPD), the largest electricity distribution network operator in the UK, has agreed to make a voluntary redress payment of £14.9 million after accepting it failed to meet its obligations to provide information to some of its most vulnerable customers. Network companies are required to provide additional services to households in vulnerable circumstances who are…
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The Financial Conduct Authority (FCA) has announced that it has recruited three experienced individuals to its senior leadership team. Mel Gunewardena will take up a Senior Advisor role at the FCA. Gunewardena is currently Chief Market Intelligence Officer at the Commodities and Futures Trading Commission based in Washington DC and a former Managing Director at…
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The cost of living crisis is being made worse for poorer households by waning competition in British markets according to new a report by Competition and Markets Authority (CMA) The CMA states that effective competition helps make sure shoppers and households get a fair deal when buying goods and services. This is especially important at…
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The Financial Conduct Authority (FCA) has launched a new strategy to improve outcomes for consumers and in markets throughout the UK. The FCA says as its remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself…
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With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…
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The Chancellor’s failure to support families through the cost of living crisis will mean that absolute poverty is expected to rise by 1.3 million people next year according to the Resolution Foundation’s analysis of Spring Statement 2022. Inflation Nation shows that faced with an unprecedented squeeze on family’s household finances and a significant boost to…
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Energy providers could receive up to £2.4 billion for taking on the customers of firms that have collapsed since 2021 according to written evidence given to the Business, Energy and Industrial Strategy Committee by industry regulator Ofgem. The Committee published the figures as part of its inquiry into energy pricing and the future of the…
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People suffering financial hardship should receive better support from phone and broadband providers under proposals published by Ofcom. Ofcom’s recent research, around 1.1 million households (5%) are struggling to afford their broadband. That rises to around one in ten among the lowest-income households. With affordability problems only likely to worsen this year because of the…
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