Credit, Collections & Insolvency News
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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Equifax has commented that the clock has started for Telco businesses to prepare for new data protection rules. Neil Compton, Telco and Utilities Director at Equifax said “Privacy and data protection are high on the agenda for consumers and regulators. Telcos are custodians of vast amounts of data and must start overhauling their procedures now to…
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The Foundation for Credit Counselling, trading as StepChange Debt Charity and StepChange Debt Charity Scotland, has received authorisation from the Financial Conduct Authority (FCA). Following news of the approval of the charity’s application, Mike O’Connor, Chief Executive of StepChange Debt Charity, said “Our FCA authorisation is testament to the charity’s work in providing the highest…
Read moreA company that sent out 2.2 million illegal marketing text messages has been fined £70,000 and ordered to stop by the ICO. The penalty was issued to London-based Nouveau Finance Ltd, a company which provides a loan matching service. Although there were only 92 complaints made about the messages, an ICO investigation revealed that Nouveau…
Read moreThe Financial Ombudsman (FOS) has published it’s latest complaints data for the second quarter of the financial year 2016/17. The complaints data shows a rise in issues with payday loans. Between, April and September 2016, the Ombudsman received over 5,000 payday loan complaints, compared to 3,200 between April 2015 and March 2016. There has also been…
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The Financial Conduct Authority (FCA) has today announced that it will take action to improve competition in the current account market. This follows a series of recommendations which were proposed by the Competition and Markets Authority (CMA) as part of its investigation into retail banking. Christopher Woolard, Executive Director of Strategy and Competition at the…
Read moreMotormile Finance UK Limited, a debt purchase and collections firm, has entered into an agreement with the Financial Conduct Authority (FCA) to provide redress to more than 500,000 customers for historic failures in its due diligence and collections process. The firm had inadequate systems and controls over due diligence. In particular, it failed to conduct sufficient…
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Ulster Bank has been fined 3.3 million (£3 million) by Ireland’s financial watchdog over breaches of money laundering and terrorist financing rules. The Central Bank said its inquiries uncovered significant failings in Ulster Bank’s procedures practices over six years from July 2010. It said its inquiries uncovered significant failings in Ulster Bank’s procedures but no money…
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Co-operative Energy has agreed to pay £1.8 million to energy consumers, because it let customers down in its complaints resolution, call handling and billing processes. £1.6 million of this money has already been paid with the remainder to be paid shortly to those customers not yet compensated. The money that Co-op is unable to return…
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