Credit, Collections & Insolvency News
The Competition and Markets Authority (CMA) has expressed concerns that the biggest technology companies are using their dominance in artificial intelligence (AI) in a way that could harm consumers. As AI develops rapidly with the potential to create social disturbance, such as replacing jobs, global regulators want to ensure that big tech is not able…
Read moreThe number of households seeking help to deal with court action over their unpaid energy bills has doubled in the last year, according to Citizens Advice. Citizens Advice said while the numbers affected are small at the moment, the number of people it helped who received a county court judgement (CCJ) from their energy supplier…
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The Financial Ombudsman (FOS) has predicted that cost of living pressures drive will create a surge in consumer complaints over the next year. In December 2023 FOS estimated that it we would receive around 181,300 new cases in 2024/25. Following discussions with businesses and consumer groups that figure has since been elevated to 210,000. The…
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A consultation on how to develop the price cap so customers remain protected as the energy market evolves to a smarter, more flexible system has been launched by Ofgem. The price cap, along with the temporary ban on acquisition-only tariffs, have worked well to protect customers from the ‘loyalty penalty’ where customers on default tariffs…
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In its Business Plan for 2024-25, the Financial Conduct Authority (FCA) has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets. The FCA says it will continue to deliver the 13 commitments in its strategy, which focuses on preventing serious harm,…
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Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 25.1% in February 2024 to a total of 10,136 compared to January’s total of 8,103 and increased by 23% compared to February 2023’s figure of 8,239. Personal insolvencies increased by 3% from when compared to February 2022’s…
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Energy regulator Ofgem has announced a call for input to examine issues around affordability and debt in the energy market. The regulator says that its first responsibility is to protect consumers, and we remain very concerned that struggling households have a limited ability to cope with future price shocks. At the same time, the cost…
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The Treasury has announced that it expects to raise £240 million in the first year after launching a new tax collection policy. Private sector debt collectors will be enlisted to collect up to £4.3 billion in unpaid taxes, as part of a budget crackdown spearheaded by HMRC. The plan involves increasing HMRC’s capacity to follow…
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Chancellor Jeremy Hunt has announced the Spring budget for 2024. Commenting on budget, Richard Lane, Chief Client Officer at StepChange Debt Charity, said: “It’s encouraging to see a six-month extension to the Household Support Fund (HSF) announced today, but it’s questionable how much things will improve in that time, especially considering two in five people…
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Resolution Foundation analysis of Ofgem’s Price Cap for April-June 2024, and Cornwall Insight forecasts for the price cap in the second half of the year, show that household energy bills are on track to fall by 24 per cent (or £545) in real terms in 2024, compared to last year. The latest Ofgem price cap…
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Latest forecast by Cornwall Insight has predicted that energy bills will fall in April by nearly £300 a year for a household using a typical amount of gas and electricity. The forecast for the April – June Q2 2024 forecasts that a typical dual fuel household will be £1,635 per annum. This is a fall…
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Latest data from the ONS showed annualised inflation remained at 4% in January, unchanged from December. Economists had predicted a small rise, however prices were down 0.6% in a month. The numbers are a long way from the peak at 11.1% in October last year, Commenting on the data Sarah Coles, Head of Personal Finance at…
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