Credit, Collections & Insolvency News
The 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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The FinandilcConduct Authority (FCA) has fined Pembrokeshire Mortgage Centre Limited (PMC) (trading as County Financial Consultants) (in liquidation) £2,354,331 for unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes. The FCA’s view is that most people should keep the guaranteed income provided by…
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Energy regulator Ofgem has announced its quarterly update to the energy price cap for the period 1st January – 31st March 2023. The price cap is set to rise to an annual level of £4,279 in January 2023, but bill-payers remain protected under the government’s Energy Price Guarantee (EPG). The energy price cap level indicates…
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Over 27 million households across UK received money off their energy bills last month as the Energy Bills Support Scheme (EBSS) provided £1.8 billion in payments. New figures released today show the EBSS successfully provided a £66 discount for 97% of eligible households in England, Scotland and Wales in its first month. This is the…
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The chancellor Jeremy Hunt delivered his Autumn Statement yesterday (Thursday 17th November) in which he announced £30 billion in spending cuts and £25 billion in tax rises. Responding to the Autumn Statement, David Postings, Chief Executive of UK Finance, said “These are challenging times for the country and the chancellor has had to take some…
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The Civil Enforcement Association (CIVEA) has welcomed the launch of a ground-breaking oversight body Enforcement Conduct Board (ECB). A new unique partnership between the debt advice sector and the enforcement industry, with support from the Centre for Social Justice (CSJ), has led to the establishment of the ECB. The ECB was formed as an independent,…
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The Financial Conduct Authority says seven lenders have agreed to pay £12m in compensation to nearly 60,000 customers to correct repayment agreements that were unaffordable and unsustainable, in the wake of the pandemic and the cost-of-living squeeze. The regulator has also told a total of 32 mortgage and consumer credit firms to make changes to…
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The Bank of England has raised interest rates from 2.25% to 3%. The increase is the biggest rise for 33 years, taking rates to their highest point since they were slashed during the financial crisis, at the end of 2008. Responding to the announcement, Jane Tully, Director of External Affairs and Partnerships at Money Advice…
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The Financial Conduct Authority (FCA) has updated its guidance on how banks should approach branch and ATM closures. The regulator is now asking banks to assess what affect partial closures, such as removing counter services or permanently reducing opening hours, will have on customers and to put alternatives in place before changes are made. Since…
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