Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) is proposing to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty. As part of the FCA’s ongoing work to help protect customers during the current cost of living squeeze, this will provide clarity to firms about how they should support all struggling customers, not…
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Both the Insolvency Practitioners Association (IPA) and ICAEW have issued updates around the approved changes to SIP 3 that take effect from 1st March 2023. The revised SIP 3.1 will apply to #ivas where the Nominee is appointed on or after 1st March 2023. SIP 3 was previously reviewed in 2021, but progressed stopped when the FCA introduced CP21/30 (Debt…
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BDO is warning taxpayers who are in arrears that HMRC is expected to get much tougher when it comes to recovering tax debts in 2023. For the last two years, HMRC has waived late filing and late payment penalties for a month after the 31st January Self Assessment deadline to ease Covid pressures, but the…
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The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for the next round of cost of living support unveiled in the Chancellor’s Autumn Statement, building on payments made to over eight million people in 2022. The new £900 cash boost for over eight million eligible means-tested benefits claimants, including…
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The number of families with children at home who believe they won’t be able to afford their energy bills is set to rise by an additional 27% over the next three months, pushing an additional one in four families into financial struggle, according to Comparethemarket’s latest Household Financial Confidence Tracker. Over a third (36%) of households…
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Utilita Energy has agreed to pay out £830,000 after a robust assessment by regulator Ofgem suggested the supplier was not taking individual circumstances into consideration when deciding whether or not to provide additional support credits needed for customers topping up prepayment meters. The assessment was based on a review of scripts of employees talking to…
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The Government has announced its support for a new independent bailiff regulator, the Enforcement Conduct Board, Commenting on the support Adam Butler, Public Policy Manager at StepChange said “It’s encouraging to see the Government renew its commitment to raising standards in the bailiff enforcement industry, especially at a time when millions are struggling with the…
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The Financial Conduct Authority (FCA) has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme (FSCS), following concerns about increasing costs. The FSCS provides compensation when certain authorised financial services firms are unable to meet claims against them. The FSCS provides vital protection for consumers and…
Read moreThe Government has launched a plans to reform of the Consumer Credit Act (CCA) by opening a consultation. The Consumer Credit Act 1974 governs the regulation surrounding billions of credit card purchases, personal loans and consumer hire agreements made by UK consumers every year. The Government says that this reform will facilitate innovation in the…
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The Consumer Council for Water (CCW) has urged that water companies must not add to the worries of households through poor service. CCW has responded to Ofwat’s annual water company performance report which sets out a number of areas where water companies are falling short of the standards customers expect. It highlights a fall in customer satisfaction,…
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The Government has hosted a roundtable with the Financial Conduct Authority (FCA), Martin Lewis of Money Saving Expert and mortgage lenders to discuss what support some mortgage borrowers may need. Following the meeting, mortgage lenders have agreed to take a more consistent and supportive approach to homeowners struggling with the cost of living crisis. Bank…
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Three peopele have been handed bankruptcy restrictions after they all provided false details to secure £165,000 of loans. Nadia Butt, from Birmingham, and Dorota Suchocka, from Barnes, South-West London are subject to 11-year and 10-year Bankruptcy Restriction Undertakings, while Heidi Carruthers is subject to a court-imposed 8-year Bankruptcy Restriction Order. All three received their additional…
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Research by the Money and Mental Health Policy Institute found that one in eight people (13%) who are behind on at least one payment say they have attempted to take their own life as a result of the cost of living crisis, as a result, the Government is being urged to adopt US-style rules to…
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