Credit, Collections & Insolvency News
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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The Central Bank of Ireland has announced the appointment of Bernard Sheridan, as Acting Deputy Governor (Financial Regulation) with effect from 8 April 2017. This interim appointment follows the resignation of Deputy Governor (Financial Regulation) Cyril Roux, who gave notice of his resignation on 28 February last. During this interim period, Bernard Sheridan will take…
Read moreThe Competition and Markets Authority’s (CMA) price cap on pre-payment meters has come into force to the benefit of around 4 million households. Last June, following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) decided to put in place a temporary price cap to protect some of the most vulnerable households in…
Read moreThe Financial Conduct Authority (FCA) has proposed new rules to help customers who are in persistent credit card debt. This follows the FCA’s study of the UK credit card market, which found significant concerns about the scale extent and nature of problem credit card debt. Under the FCA’s definition, credit card customers are in persistent…
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The number of home repossession cases going through the Scottish courts has fallen by more than 40% in a year, according to new figures published today. There were 1,874 repossession court cases initiated in 2015-16, down 43% on the previous year and 82% fewer than in 2008-09. The Civil Justice Statistics show 77,721 civil law…
Read more118 118 Money has received full authorisation from the Financial Conduct Authority (FCA). Since launching in Cardiff, Wales in 2013, the lender has issued more than £150million in unsecured personal loans ranging from £1,000-£5,000, to customers who are unable to receive credit from their banks. Mark Burgess, COO and Interim CEO of 118 118 Money…
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