Regulation and Compliance

Mitratech acquires Hitec Laboratories

2nd August 2016 Consumer Collections |

Mitratech have acquired Hitec Laboratories. Hitec Laboratories specialise in Governance, Risk, and Compliance and Information Governance software, Miratec is a provider of legal, compliance, and operational risk solutions. Mitratech also acquired CMO Software in June,

Ofgem launch probe into SSE pre-payment meter switches

31st July 2016 Consumer Collections |

SSE face scrutiny from Ofgem after switching its customers to pre-payment meter tariffs, with concerns raised that some customers are in potentially vulnerable situations. Ofgem’s will review it’s Standards of Conduct which are aimed at ensuring suppliers treat customers fairly. Firms should take all reasonable steps to ascertain a customer’s ability to pay and must take…

The Money Advice Service announces start date for new initiative

29th July 2016 Consumer Collections |

The Money Advice Service has announced that the first Standard Financial Statement (SFS), will go live on 1st March 2017, marking the beginning of a transition period during which creditors and debt advice providers will move to using the new format. This will be the first time that all major debt advice providers, creditors, and other…

Payday Lender loses interim permission and Director is banned

15th July 2016 Consumer Collections |

The Financial Conduct Authority (FCA) published a Decision Notice issued to Andrew Barry Hart, Director of Wage Payment and Payday Loans Limited (WPPL). The FCA has decided to prohibit Mr Hart from performing any role in regulated financial services and has decided to cancel WPPL’s interim permission. WPPL is a consumer credit firm that provides…

New Justice Secretary confirmed

14th July 2016 Regulation and Compliance |

Liz Truss has been appointed the new Lord Chancellor and Secretary of State for Justice. Truss was Secretary of State for Environment, Food and Rural Affairs.

The Insolvency Service plans fee rises for creditors

6th July 2016 Personal Insolvency |

Fee increases set by the Insolvency Service for corporate and personal insolvencies.

Uncertainty for businesses and UK insolvency regime following Brexit

3rd July 2016 Personal Insolvency |

“Leaving the EU will have a major impact on the way corporate insolvency works in the UK. “Domestic insolvency legislation itself is likely to be unaffected, the insolvency profession is involved in a lot of cross-border work in Europe. One key change is that it could become much harder to retrieve assets on behalf…

British Bankers Association (BBA) members vote in favour of trade Association merger

3rd July 2016 Consumer Collections |

The BBA will now join the Council of Mortgage Lenders, Payments UK and UK Cards Association in a new trade association representing the financial services industry after 94% of its voting membership found in favour of the proposal.

Financial Conduct Authority (FCA) admits it now takes half a year to get authorised

3rd July 2016 Consumer Collections |

Average processing times for authorising have been increasing over the past year and (as of the end of March) sat at nearly 25 weeks.

Drydensfairfax mortgage administration permissions authorised by the Financial Conduct Authority (FCA)

3rd July 2016 Consumer Collections |

This means that drydensfairfax is now fully authorised to administer a regulated mortgage contract and offer dual regulated and highly compliant services such as mortgage shortfall recoveri

The Financial Conduct Authority (FCA) shares thoughts on whether consumers would benefit

3rd July 2016 Regulation and Compliance |

The Financial Conduct Authority (FCA) shares thoughts on whether consumers would benefit from further regulation of the peer-to-peer lending market with the Bank of England

Andrew Wilson of Andrew Wilson & Co has been appointed the new Chairman of the High Court Enforcement Officers Association (HCEOA)

3rd July 2016 Regulation and Compliance |

Andrew Wilson of Andrew Wilson & Co has been appointed the new Chairman of the High Court Enforcement Officers Association (HCEOA).

The number of complaints made against debt collectors have fallen over the last 12 months

3rd July 2016 Arrears and Recoveries |

According to the latest figures from the Financial Ombudsman Service (FOS).

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