Credit, Collections & Insolvency News
Latest data from the Ministry of Justice (MoJ) has indicated that mortgage repossession claims increased by 40 per cent over the past year, as higher interest rates and rising living costs impact borrowers’ ability to service their home loans. The figures show that there were 4,035 mortgage possession claims lodged in the first quarter of…
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The Government has announced new private rented sector reforms. The Renters’ (Reform) Bill, introduced to Parliament will abolish section 21 ‘no fault’ evictions which will empower renters to challenge poor landlords without fear of losing their home. The new Bill also protects over two million landlords, making it easier for them to recover properties when…
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Three energy suppliers have been made to pay compensation totalling £8 million for failing to supply a final bill on time to more than 100,000 households that had switched provider. Apasrt of the measures energy customers who have been overcharged are to receive a combined total of £2.7 million from two suppliers – Good Energy…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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Water regulator, Ofwat says companies will be fined for failing to hit new customer service targets, under licence changes. The proposals for a dedicated customer licence condition will require water companies to improve communication with customers, fix problems in a timelier manner and provide services to meet diverse consumer needs. The measures have been set…
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With fewer than 90 days to go until the start of the Consumer Duty the Financial Conduct Authority (FCA) has urged firms to ensure they are ready for the 31st July deadline. Sheldon Mills, Executive Director of Consumers and Competition at the FCA, warned that firms who ignore the Duty or who pose the most…
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British Gas has announced that it will no longer outsource forced installations of prepayment meters (PPM). The company says that the announcement follows a detailed investigation overseen by independent regulatory compliance consultancy, Promontory Financial Services. The report concludes that there are no systemic failings in the way British Gas handled the fitting of prepayment meters…
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Households on traditional prepayment meters are being urged by the Government to redeem their energy bill support vouchers, with £160 million remaining to be claimed. Prepayment meter customers have so far claimed £620 million under the government’s Energy Bills Support Scheme (EBSS). New figures show that more than £780 million in EBSS vouchers have been…
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The Government has announced new legislation which will aim to ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence. Fake reviews that cheat customers, subscription traps that cost more than a billion pounds a year and new powers for the Competition and Markets Authority…
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A new Smart Data Council has been set up to help lower bills for consumers and small firms by making it easier to switch utility providers, the Department for Business and Trade has announced. The loyalty penalty, the difference between what loyal and new consumers pay for the same service, currently sits at £1,114 a…
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Energy regulator Ofgem has revealed that British domestic energy suppliers have signed up to an updated Code of Practice and tougher Ofgem oversight of prepayment meters (PPMs) that are enforced under warrant installations or remotely switched without consent (all involuntary installations). The Code of Practice sets out clear procedures that suppliers must follow, strengthening protections…
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The Enforcement Conduct Board (ECB) has published its first-ever draft business plan for 2023/24. In its first-ever draft business plan, the ECB, which will operate independently of the profession and Government, has stated that its five priorities are to: Design and start to gather an evidence base to support the development of a proportionate oversight framework.…
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Individual Voluntary Arrangement (IVA) provider, Creditfix has announced that it will no longer accept referrals from third-party debt packager firms from 1st May 2023. The company says that it hopes that the move will encourage other Insolvency Practitioners to follow suit in the interest of protecting customers – especially as the cost-of-living crisis continues to…
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