Credit, Collections & Insolvency News
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Yoker Credit Union Limited, which has stopped trading. The credit union is now in default. This means it cannot re-pay deposits to its 1200 members. FSCS will compensate the vast majority of members within seven days without them having to lift a…
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Stephen Jones has been appointed Chief Executive Officer of UK Finance. UK Finance is the new financial services trade association due to launch this summer. UK Finance will merge six trade associations: The Asset Based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Financial Fraud Action, Payments UK and the UK Cards Association. Jones has…
Read moreJos Timmer (also known as James Thompson) and Elizabeth Sarah Rowe have been disqualified as directors for the nefarious trading activities of an internet loan brokerage they ran. Timmer has been disqualified for 12 years, while Rowe will be subject to a six-year ban. Both were directors of More Financial Limited, which was wound up in…
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Three Directors of a former Bournemouth-based credit union which went into administration owing more than £7million have received lengthy bans. Richard Charles Nichols, Phillip Raymond Neale and Gillian Birkett were directors of Enterprise The Business Credit Union Ltd T/A DotcomUnity Credit Union (EBCU) which went into administration on 14 May 2015 with estimated total creditor claims…
Read moreThe Financial Conduct Authority (FCA) has announced it will looking at lending practices in the motor finance market. The move was announced in its business plan for 2017/2018. The FCA said “it was concerned that there may be some irresponsible lending in the sector. We are concerned that there may be a lack of transparency, potential…
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The Financial Conduct Authority (FCA) has published its Business Plan and Mission. The Mission gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets. For the first time, the FCA has also published its Sector Views, which highlight the issues and developments the FCA sees in the sectors it regulates.…
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Payday firm CFO Lending has entered administration. Last year the company entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers following findings that…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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The Information Commissioner’s Office (ICO) has announced two senior appointments to help strengthen its strategic work in regulating the use of data. Paul Arnold has been appointed to the role of Deputy Chief Executive Officer, while James Dipple-Johnstone joins the Information Commissioner’s Office (ICO) as Deputy Commissioner – Operations. Arnold joined the ICO in 1998…
Read moreThe Consumer Council for Water (CCWater) has announced that it has appointed Dr Mike Keil as its new Head of Policy and Research. Dr Keil, who is currently Business Leader for Asset Strategy at Severn Trent Water, will join the water watchdog on 8 May, replacing Deryck Hall who is retiring. In 2007 he joined water…
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In response to the FCA credit card market study consultation paper issued by the Financial Conduct Authority (FCA) Richard Koch, Head of Policy at The UK Cards Association, said: “We welcome the FCA’s considered proposals and support their view that the overall package is robust, and that the combined effect will address the concerns it…
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New proposals by Ofgem to put a 12-month time limit on energy back bills will help protect consumers, says Citizens Advice. The national charity has been calling on Ofgem to make this a mandatory requirement in suppliers’ licences after the evidence showed suppliers weren’t always acting under the voluntary guidelines. Citizens Advice provided evidence from…
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Suppliers will not be allowed to back-bill customers for energy used more than 12 months ago under new proposals from Ofgem. Back-bills mainly result from suppliers using estimated bills until they take an actual meter reading which may show that the customer’s consumption is higher than expected. Suppliers then send a ‘catch-up’ bill to recover the…
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