Credit, Collections & Insolvency News
Ofgem failed to act against unfit energy suppliers for nearly a decade, leaving the market vulnerable to this year’s spike in wholesale prices according to a major new report from Citizens Advice. The charity has found that mistakes and missed opportunities left the market in a precarious position when gas prices surged in 2021. Since…
Read more
The Financial Conduct Authority (FCA) has appointed Stephen Braviner Roman as General Counsel and as a member of its Executive Committee following an open competition. Roman is expected to join the FCA in February next year. Megan Butler has announced she will step down from her role as Executive Director of Transformation in the spring.…
Read more
The Financial Conduct Authority has proposed stronger requirements on oversight of appointed representatives. The consultation is aimed at improving the appointed representatives regime measures and tackling harm from this model. An appointed representative (AR) is a firm or person who carries on a regulated activity on behalf, and under the responsibility of, a firm authorised…
Read more
The FCA is consulting on proposed changes to the fees financial services firms pay to cover the cost of regulation. The minimum fee, which has remained largely unchanged over the last decade, would increase from £1,151 to £2,200. The FCA is also proposing changes to the calculation of consumer credit firm fees to bring them…
Read more
Zog Energy has ceased trading, the company claimed that it was unable to secure the gas hedges it previously agreed with its gas shipper CNG. The energy company has served around 11,700 domestic gas customers, is the 27th energy retailer to exit via the Supplier of Last Resort process so far this year. Under Ofgem’s…
Read more
Ofcom has fined telecoms operator, O2, £150,000 for failing to provide complete and accurate information to us during our investigation into the company’s billing issues. In a statement, Ofcom said “We regularly make statutory requests for information from companies as part of our work to protect consumers. This evidence is vital to our decision-making, and…
Read more
Ofgem has appointed Scottish Power to take on supplying Entice Energy and Orbit Energy’s combined total of approximately 70,400 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected,…
Read more
The Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…
Read more
The Financial Conduct Authority (FCA) has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms. As part of its transformation to a more innovative and assertive regulator, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC). The…
Read more
New analysis by Age UK has shown that without more Government financial help, fuel poor older households will top a million by the Spring. The charity has warned that soaring energy costs will push an estimated 150,000 extra older households into fuel poverty this winter as a result of of soaring energy prices. With around…
Read more
FCA approved, debt management firm, MoneyPlus Advice has enthusiastically welcomed the Financial Conduct Authority’s move to ban debt packager firms from receiving referral fees. MoneyPlus Advice says the proposed regulation will do little to prevent such firms from finding ways to avert these actions therefore, the involvement and support from other professional bodies, such as…
Read more
Ofgem has announced the collapse of two more energy firms as number of households affected by a supplier failure nears 4 million. That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, Entice Energy, which comprises both Entice Energy Supply and Simply Your Energy, and Orbit Energy, are to…
Read more
Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
Read more