Credit, Collections & Insolvency News
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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The FCA has published a webpage on debt permissions for consumer credit firms, which states that a full permission firm with the permission of debt adjusting or debt counselling with a “no debt management limitation” must review its limitations to ensure they are appropriate. To find out more detail click here.
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The Financial Conduct Authority (FCA) Chairman, John Griffith-Jones, has today announced the appointment of a new Chair for the FCA’s independent Smaller Business Practitioner Panel.Craig Errington, Group Chief Executive of specialist financial mutual Wesleyan, becomes Chair of the FCA Smaller Business Practitioner Panel from 1 April 2017. He has been a member of the Panel…
Read morePlusnet, a BT owned company, has today been fined £880,000 by Ofcom for continuing to bill more than a thousand ex-customers. The penalty is the result of an investigation, which found that the telecoms company broke a fundamental billing rule by continuing to charge a group of customers for landline or broadband, after they had…
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The European Central Bank (ECB) has urged Banks to implement realistic and ambitious strategies to address Non Performing Loans (NPL) reductions. European banking reforms should include a range of policy options such as non-performing loan workout, servicing and portfolio sales, the ECB said in a report statement. In its final guidance on non-performing loans, the…
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Agility and therefore change is beneficial to all organisations; being able to change products, services and internal processes allows a firm to stay ahead of competitors. But with change comes risk. Risk which must be managed correctly in order to maximise the benefit of the change by minimising the risks associated with it. Technology undoubtedly…
Read moreThe Financial Conduct Authority (FCA) today confirmed the appointment of Nick Stace as a Non-Executive Director to its board. The appointment, made by HM Treasury, is for an initial three year term starting 1 April 2017. Stace is currently Chief Executive of the Royal College of Veterinary Surgeons. He has held executive leadership positions in consumer…
Read moreThe Information Commissioner’s Office (ICO) has today published the results of a survey completed by local councils at the end of last year, along with a blog highlighting guidance available to help councils achieve compliance with the new General Data Protection Regulation (GDPR). Anulka Clarke, ICO Head of Good Practice, said “The overarching conclusion from our analysis…
Read moreThe UK government is setting up a new body that will tackle money laundering and criminal financing. The Office for Professional Body Anti Money Laundering Supervision (OPBAS) will deal with potential weaknesses in the supervisory system and aim to improve its standards. It will also ensure supervisors and law enforcement work together more effectively, the…
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