Credit, Collections & Insolvency News
TalkTalk has been issued with a record £400,000 fine by the ICO for security failings that allowed a cyber attacker to access customer data “with ease”. The ICO’s in-depth investigation found that an attack on the company last October could have been prevented if TalkTalk had taken basic steps to protect customers’ information. ICO investigators…
Read moreAire, a credit scoring startup has confirmed authorisation with the Financial Conduct Authority (FCA). The company also announced that it raised a further $2 million in funding earlier this year led by White Star Capital alongside Sunstone Capital and Accion Venture Lab. Co-founder and Chief Executive Officer Aneesh Varma said: “It’s a huge step for us and also for…
Read moreIntelligent Lending, trading as Ocean Finance has been fined £130,000 after sending more than seven million texts offering a new credit card powered by a major lender. Manchester-based Ocean Finance believed it was complying with the law because the third party firm it obtained names and phone numbers from claimed it had people’s consent to send…
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The Financial Conduct Authority (FCA) will mark six months since the implementation of the Senior Managers’ and Certification Regime by providing feedback on implementation so far and proposing measures to further strengthen the regime. The proposed rules will reinforce the importance of individual accountability at the most senior level of organisations. The new measures are…
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PRA Group has announced its UK business has received full authorisation from the Financial Conduct Authority (FCA). Tiku Patel, Chief Executive Officer of PRA Group Europe said “The FCA approval process requires very high standards of conduct and customer treatment and we are delighted to have received full authorization. Delivering fair customer outcomes is at the…
Read moreCustomers who make a complaint are less satisfied with how their supplier handles it compared to two years ago, according to Ofgem’s biennial complaints survey. Ofgem commissions a survey every two years which compares how suppliers deal with their domestic and micro-business customers’ complaints. Since complainants were last surveyed in 2014, the total number of…
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AvantCredit has announced that it is now fully authorised by the Financial Conduct Authority (FCA). AvantCredit have operated in the UK since October 2013 and has issued more than 70,000 loans to date, totaling nearly £200 million. The full authorisation covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection…
Read morePayday firm, CFO Lending, has 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. A number of serious failings took place which…
Read morehttp://news.sky.com/story/water-ofwat-examines-potential-for-competition-in-the-market-10584561
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PayPlan has announced that it has received full authorisation from the Financial Conduct Authority (FCA) Rachel Duffey, CEO of PayPlan said “Today’s news confirms our status as a recognised leader in the debt advice field. The staff have worked very hard in creating a culture where the client always comes first and the FCA authorisation is a…
Read moreOfgem has published proposals to cap charges for installing prepayment meters under warrant. An option in the consultation includes placing a firm limit on charges of £100 or £150. The proposals also include plans to ban prepayment meters warrant installation charges for the most vulnerable customers. When customers fall in debt, one option is for…
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Trust Deed Scotland has become Scotland’s First FCA Regulated Not-For-Profit Debt Advice Company. Jon Paul Kelly, director at Trust Deed Scotland, said the news “put the company in a unique position to benefit the community by offering free qualified debt advice of the highest calibre. We have always re-invested in the company to ensure the staff…
Read moreThe Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…
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