Credit, Collections & Insolvency News
Energy UK has warned that urgent action is needed to bring down energy bills in line with Government targets. The Government has set an ambition of reducing energy bills by ‘up to £300’ by 2030. A new report has highlights that reducing reliance on international gas prices is the only long-term solution. Being at the mercy…
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The Financial Conduct Authority (FCA) has identified significant gaps in how firms support vulnerable customers. It was found that 44% of vulnerable customers reported negative experiences, compared to 33% of non-vulnerable customers. Three-quarters (74%) of vulnerable customers who told their firm about their circumstances said that staff asked the right questions to understand their situation,…
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The Money and Mental Health Policy Institute, the charity founded and chaired by Martin Lewis (MoneySavingExpert) has been recommended for ‘super-complainant’ status by the Department for Business and Trade — which will grant it special powers to ensure action on specific consumer harms from regulators. Money and Mental Health will be given the power to…
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The Resolution Foundation is calling on the Government to change its child poverty strategy. In a new report, the Foundation has warned that the roll-out of £3 billion of previously announced benefit cuts will contribute to an increase in child poverty rates from a projected 31 per cent at the start of the Parliament (2024-25),…
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National Energy Action research has found that nearly half of adults (49%) expect to ration energy in coming months as average bills set to rise by over £100. The data follows on from Ofgem’s announcement that the energy cap will rise by 6.4% in April with the average energy bill rising to £1,849 a year…
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Energy regulator Ofgem has announced a 6.4% increase of the energy price cap for the period covering April to June 2025. The energy regulatror says that a recent spike in wholesale prices is the main driver of today’s price rise, accounting for around 78% of the total increase. A small increase in policy costs and…
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Every energy supplier will be required to offer energy tariffs with low or no standing charges so customers can choose to pay these costs as part of the unit rate, under plans published by Ofgem. The regulator has launched a consultation on how proposals to introduce an option under the price cap that will cover…
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PRA Group and StepChange Debt Charity hosted a roundtable debate at the UK House of Lords. The debate focused on financial inclusion and consumer resilience. The event was chaired by Credit Services Association (CSA) CEO Chris Leslie, and also brought together stakeholders from banks, credit monitoring agencies, non-profits, and regulatory bodies. The discussion centered on…
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Energy bills are forecasted to rise by 5% from April, adding £85 a year according a latest forecast by consultancy Cornwall Insight. For a typical dual fuel household it is predicted that the April price cap to be £1,823 per annum. This is a rise of £85 and 5% from the current price cap which…
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CCW says millions of households now face an anxious wait to see whether they could face even steeper water bill rises after six companies choose to contest Ofwat’s price caps for the next five years. Northumbrian Water, Anglian Water, Wessex Water, Southern Water, Thames Water and South East Water have all asked for their final determinations…
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The Consumer Council for Water says customers of Thames Water will be incensed by the company’s decision to pursue even higher bill rises through an appeal to the Competition and Markets Authority (CMA). Thames Water was given the green light in Ofwat’s final determination before Christmas to increase customers’ bills by an average of 35%…
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In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and…
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Financial Ombudsman Service (FOS) has announced that professional representatives will be charged £250 to refer a case to the service, FOS says professional representatives can bring ten cases to the service for free each financial year. After that, every subsequent case they refer will be chargeable. They will receive £175 back in credit if the…
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