Credit, Collections & Insolvency News
Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…
Read more
The Financial Conduct Authority (FCA) has today announced the appointment of Maggie Craig as the Head of Department, Scotland. Head of Department Scotland is a new role created to take forward the FCA’s presence in Scotland. Maggie will be focused on developing this approach and contributing to Scottish aspects of FCA policies. Craig joined the…
Read moreThe Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, has appointed Andrea Coscelli as the new Chief Executive Officer (CEO) of the Competition and Markets Authority (CMA). Dr Coscelli has held the position of Acting CEO since July 2016, taking on the role from the previous incumbent, Alex Chisholm. The CMA is the UK’s independent competition…
Read more
The Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
Read more
The Irish Central Bank has announced two senior appointments. The Central Bank appointed Ed Sibley as Deputy Governor, Prudential Regulation and Derville Rowland as Director General, Financial Conduct. As Deputy Governor, Prudential Regulation, Sibley will be responsible for the supervision of credit institutions, insurance firms and the asset management industry. Prior to this appointment, Sibley was…
Read more
The naming of a new financial guidance body has been delayed by the Government because of the threat posed by online fraudsters. Ministers said there was “every good reason to suspect” that setting out the title of the organisation in legislation would lead to problems with scammers “mimicking” it on “spurious” websites. As a result,…
Read more
It has been announced that Peter Wyman CBE is to lead an independent review of the funding of debt advice across the UK. The review will seek views from a wide range of interested parties including the debt advice sector itself and recommend an appropriate funding framework for the future. The review has been established…
Read more
The government has announced that card charges will be consigned to history, after Ministers act to end these unfair fees for millions of people across the country.rules that will mean card-charging in Britain – where people can be charged 20% extra for purchases like a flight just for paying with a credit card – will come to…
Read more
Consumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
Read more
Ofwat has announced that Chief Executive, Cathryn Ross, will be leaving the regulator at the end of the year to take up a senior position in the private sector unconnected with the water industry. Ross, who was appointed as Ofwat Chief Executive in October 2013, has successfully led the regulator through a significant period of…
Read more
Credit company Provident, responsible for sending nearly one million nuisance texts in six months has been fined £80,000 by the Information Commissioner’s Office (ICO). Provident Personal Credit is based in Bradford, employed third party affiliate companies to send 999,057 unsolicited text messages on its behalf to promote personal loans for its brand Satsuma Loans. This…
Read more
Citizens Advice has welcomed the announcement by the energy regulator Ofgem that it will set tougher limits on the money that energy networks can make from 2021. Ofgem has said that when it sets the next price control for these companies, they should expect lower returns. The national charity has also called on the energy…
Read more
British financial firms need to respect the spirit, and not just the letter, of rules designed to prevent another financial crisis, one of the Bank Of England’s (BoE) deputy governors said on Monday. Sam Woods, who is in charge of the BoE’s day-to-day regulation of banks and insurers, said “fixed rules could never keep up…
Read more