Credit, Collections & Insolvency News
Ofgem has launched an investigation into the consumption information that Ovo Energy gave some of its customers. This includes the estimates the supplier gave customers about how much energy they used during winter 2016-17 and the accuracy of the annual consumption figures that it gave to customers in their annual statements. The investigation will examine…
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Today marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…
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UK Finance has announced the appointment of Santander’s Miguel Sard as the new chair of its Mortgages Product and Service Board. The UK Finance Mortgages Product and Service Board brings together senior industry figures to discuss key issues facing the sector. Miguel replaces Peter Hill, CEO of Leeds Building Society, who led the Council of…
Read moreCustomers who stay loyal to their essential service providers could be paying £987 more per year – equivalent to four months’ worth of food for the average household – new research from Citizens Advice reveals. The report found that charging loyal customers more than new customers for the same service is a common practice across…
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The Financial Conduct Authority (FCA) has published an update on its work in the high-cost credit sector. The update follows a Feedback Statement the FCA published in July 2017 which identified key areas of concern with the sector including overdrafts, rent-to-own, home-collected credit and catalogue credit. Work undertaken since July 2017 has demonstrated an emerging…
Read moreOfgem has chosen Green Star Energy to take on supplying the customers of Future Energy, which went out of business last week. This follows a competitive process run by Ofgem to get the best deal possible for Future Energy’s customers. Green Star Energy is offering Future Energy’s customers the same price as they were paying…
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The Financial Conduct Authority (FCA) has asked lenders to do more to tackle the issue of maturing interest-only mortgages with the FCA finding that many people have still not talked to their lender about their repayment options. Nearly one in five mortgage customers have an interest-only mortgage and the FCA is concerned that shortfalls in…
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Styles & Wood has become a Supplier Member of the Credit Services Association (CSA), the first to join the extended category of membership since it was announced in November last year. Arctick, winner of the Regulatory Technology solution at the 2017 Credit & Collections Technology Awards with its enterprise Governance, Risk and Compliance (GRC) management software…
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Credit card specialist Newday has been fined £230,000 by the Information Commisioners Office (ICO) after they failed to ensure automated emails were sent to individuals who had consented to receive marketing. Newday was fined £230,000 after it was found to have sent over 44 million spam emails. Andy Curry, ICO Enforcement Group Manager, said “Firms…
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Consumer insight specialist, Callcredit Information Group, is predicting the emergence of a dual speed data economy as the phased adoption of Open Banking starts on 13th January 2018. Callcredit anticipates a gap will emerge between those businesses that are willing and able to harness the additional potential insights and enhanced consumer benefits Open Banking brings,…
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The HM Treasury has announced the appointment of Charles Randell CBE as the new Chair of the Financial Conduct Authority (FCA). Randell is currently an external member of the Prudential Regulation Committee of the Bank of England and a non-executive board member of the Department for Business, Energy and Industrial Strategy. Randell will take up…
Read moreThe government has created a new body which will operate within the FCA to further tighten the UK’s defences against money laundering. The Office for Professional Body AML Supervision (OPBAS) will work across the UK’s anti-money laundering supervisory regime, aiming to improve standards and ensure supervisors and law enforcement work together more effectively. It will…
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Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…
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