Credit, Collections & Insolvency News
ABCUL (Association of British Credit Unions) is looking to raise awareness loan shark activity in the UK. The news of this credit union activity comes as a review by the Financial Conduct Authority has been published aiming to shed light on loan shark activities. While it concludes that there is no evidence that the FCA’s…
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Five banks have announced that they will fail to be able to fully comply with ‘Open Banking’ rules by the CMA’s deadline of 13 January 2018. The five banks are HSBC, Barclays, RBS, Bank of Ireland and Santander’s private banking unit Carter Allen. Under the changes, firms such as challenger or online banks will be granted…
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With only six months to go to the General Data Protection Regulation (GDPR), a worrying 76% of organisations have yet to review products to ensure they are GDPR compliant, finds new research launched today by Callcredit Information Group. Yet marketers’ confidence isn’t wavered by this with a large majority (84%) thinking that those who must…
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The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
Read moreThe Financial Conduct Authority (FCA) has published a package of proposals on how firms and individuals will move to the Senior Managers and Certification Regime. The aim of the new regime is to make individuals more accountable for their conduct and competence. Earlier this year, the FCA consulted on extending the new regime to almost…
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Water Services Regulation Authority, Ofwat has appointed Rachel Fletcher as its new Chief Executive. Fletcher succeeds Cathryn Ross, who is leaving for an executive position at BT. Fletcher will join Ofwat in January, she currently sits on the Ofgem Board and is the Senior Partner for Consumers and Competition. Fletcher has also been Partner for…
Read moreThe total value of fines handed out by the FCA has dropped by over a third (36%) this year, according to research carried out by global law firm Clyde & Co. The FCA imposed fines amounting to a total of £898m in 2015/16 compared with a record £1.41bn in 2014/15, a 36% decrease. Although, this…
Read moreEconomy Energy has finished bottom of the Citizens Advice’s league table of energy suppliers for the second consecutive quarter. The company received a score of 1.8 out of 5 for its customer service for the period from June to September 2017. Spark Energy dropped 11 places in the rankings to join Economy Energy at the…
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The UK Government has announced that it has completed its first sale of the English student loan book. The sale raised £1.7 billion with a face value of £3.54 billion The sale included loans issued by English Local Authorities under the previous (pre-2012) system, specifically those that entered repayment between 2002 and 2006. The loan…
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The winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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Latest figures released by The Public Accounts Committee show that online fraud most is now the most prevalent crime in England and Wales. The Public Accounts Committee report said the Home Office cannot solve the issue, which has an estimated cost of £10bn, on its own. It is thought that only 20% of online fraud is…
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Moneybarn (owned by Provident Financial) has been informed that the Financial Conduct Authority (FCA) has commenced an investigation in relation to the processes applied to customer affordability assessments for vehicle finance and the treatment of customers in financial difficulties. It is thought that Moneybarn has around 50,000 customers. In a statement, Provident Financial Group said “it…
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Credit reference agencies (CRAs), Callcredit, Equifax and Experian are launching an industry-wide Credit Reference Agency Information Notice (CRAIN) in readiness for the implementation of the new General Data Protection Regulation (GDPR) on 25 May 2018. The notice will ensure that the financial industry delivers standardised, clear and consistent information to consumers to explain how credit…
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