Credit, Collections & Insolvency News
The largest rise in the average household water and sewerage bill for almost 20 years could prove a tipping point for the one in five customers already struggling to pay. The Consumer Council for Water (CCW), the independent voice of water consumers, has issued the warning in response to Water UK confirming the average household…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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The Business and Energy Secretary Grant Shapps is calling on suppliers to do more to protect vulnerable energy users and has pledged to crack down on the mistreatment of energy users by suppliers, following reports showing some are doing nowhere near enough to support vulnerable customers. Shapps has written to energy suppliers calling on them…
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As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
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In an open letter sent today to the Chancellor, Jeremy Hunt MP, 95 Charities and non-profit organisations across the UK have joined together to call for more targeted support in the form of a social tariff for the energy market to help older and disabled households heat their homes. New research by Age UK reveals strong…
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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…
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