Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has found that many firms are improving the way they deal with customers in early arrears. However, there are a number of areas where consumer credit firms still need to improve their practices. Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, said “Firms must treat customers in default…
Read moreThe Financial Conduct Authority (FCA) has today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good…
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The Credit Services Association (CSA) and the Civil Court Users Association (CCUA) issued a joint statement following the Civil Procedure Rule Committee (CPRC) meeting attended by Leigh Berkley and Rob Thompson as industry representatives, and by the Master of the Rolls. The outcome was as follows: • The Pre-Action Protocol (PAP) is likely to be…
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The Financial Conduct Authority (FCA) have sent a letter to CEOs of all debt management firms expressing their concerns with the way firms are carrying out annual reviews and to remind them of the requirements of administering debt management plans (DMPs). All debt management plans must be reviewed at least once a year. If a…
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The Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters. In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…
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The Information Commissioner’s Office (ICO) has appointed Rob Luker as Deputy Commissioner (Policy). Luke will join the ICO on 30th January. He was previously British High Commissioner to Malta, and has also served overseas in Brazil and Paris as well as in policy roles at the Foreign & Commonwealth Office in London. Information Commissioner Elizabeth…
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Ofgem has chosen Co-operative Energy to take on supplying GB Energy Supply’s customers. The company will honour all outstanding credit balances for both current customers, and for past customers of GB Energy Supply who are still owed money. For current customers any credit on their account will be used to offset future energy use. The…
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Two companies responsible for millions of spam texts offering easy access to loans have been fined by the Information Commissioner’s Office (ICO). Separate ICO investigations into Dorset-based Silver City Tech Ltd and Oracle Insurance Brokers Ltd, in London, found the firms had broken the law because they did not have the consent of the people…
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Britain’s biggest energy suppliers have submitted bids to take over 160,000 customers left behind by bankrupt energy provider GB Energy, which collapsed on Saturday after being caught out by rising market prices. All of Britain’s Big Six energy suppliers, EDF Energy, Innogy’s Npower, E.ON, Scottish Power, SSE and Centrica’s British Gas, have submitted bids in…
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The Financial Conduct Authority (FCA) has today announced that it is seeking evidence and feedback to further inform its work on high-cost credit, including a review of the payday loan price cap. Since taking over regulation of consumer credit in April 2014, the FCA has focused on products that it believes pose the highest risks…
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Extra Energy has come bottom of Citizens Advice’s latest energy complaints league table for the third consecutive quarter – with customers continuing to report billing problems. The firm has ranked lowest in the table – which measures how well energy suppliers are handling customer complaints – since the start of 2016. However Extra Energy has…
Read moreNew research from the Intermediary Mortgage Lenders Association (IMLA) explores whether policymakers’ regulatory approach in the wake of the financial crisis has created a market that prioritises stability over popular access to mortgage finance. IMLA’s report, ‘Is the mortgage market working for consumers?’, suggests that consumers’ number one priority when it comes to getting a…
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Equifax has partnered with regulatory and risk analytics specialists 4most to provide support for clients to address financial regulatory changes such as IFRS 9. IFRS 9 includes new rules on how banks and other companies that lend money should account for credit losses, with an implementation deadline of January 2018. The partnership will combine Equifax…
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