Credit, Collections & Insolvency News
Ofgem has appointed Shell Energy Retail to take on supplying Pure Planet, Daligas and Colorado Energy combined total of approximately 252,000 domestic customers and around 600 non-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…
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Latest figures from the Insolvency Service have indicated that person insolvencies increased by 9.2% to 9,954 in September 2021 compared to August’s figure of 9,118, and were 33.2% higher than September 2020’s figure of 7,471. There were 614 bankruptcies were registered, which was 42% lower than September 2020 and 55% lower than September 2019. Numbers…
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Charles Randell, Chairman of the Financial Conduct Authority (FCA), will step down from the regulator a year earlier than planned. Randell, who took up the role in April 2018 and was meant to serve a five-year term, will leave the FCA and the Payment Systems Regulator in spring 2022, having spent four years in the…
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The High Court Enforcement Officers Association (HCEOA) has welcomed this week’s publication of a new Ministry of Justice guidance document entitled VAT on High Court Enforcement Officer Fees. The Ministry of Justice has released the new official guidance, which clarifies how VAT on High Court enforcement fees should be treated, following a range of discussions…
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Gas-only retailer, Daligas, has confirmed it is ceasing to trade, blaming the unprecedented energy market conditions, the record high wholesale prices and the current energy cap. Daligas becomes the 15th energy company to go bust year meaning that a total of almost 2.4 million customers have now seen their energy supplier exit the market in…
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The Financial Conduct Authority (FCA) has issued new guidance to companies operating a remote or hybrid working model. The new directive states that firms will be evaluated by us on a case-by-case basis and should be able to prove that the lack of a centralised location or remote working does not or is unlikely to…
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Two more UK energy firms have ceased trading amid soaring wholesale energy prices. Pure Planet and Colorado Energy have announced they are ceasing to trade. Pure Planet supplies gas and electricity to around 235,000 domestic customers and Colorado Energy supplies gas and electricity to around 15,000 domestic customers. The founders of Pure Planet have hit…
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Ofwat has urged the water sector to do more to make data open and accessible as a means to share information, collaborate on sector-wide challenges, and improve trust in the industry. The water regulator’s discussion paper says that open data means making data freely available to everyone to access, use and share, unless there’s a…
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The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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Ofgem has appointed E.ON Next to take on supplying Enstroga, Igloo Energy and Symbio Energy’s combined total of approximately 233,000 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 Enstroga, Igloo Energy and Symbio Energy have paid into their accounts will be protected, where they are in…
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New research by Citizens Advice has warned that energy customers face being hit with a £30-a-month price hike when their energy company ceases to trade. The charity says people will face ‘desperate choices’ this winter without targeted support. The research has shown that people who get moved to a new energy company because their supplier…
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A further three energy retailers have ceased trading impacting 233,000 customers. The failures of Igloo, Symbio and Enstroga Energy take the total number of market exits so far this year to 12, exceeding the previous record of nine set in 2019. Together the suppliers represent less than 1% of domestic customers in the market. Under Ofgem’s safety net, the energy supply…
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Ofgem has appointed Shell Energy to take on supplying Green Supplier’s approximately 255,000 domestic customers, and a small number of non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Green Supplier will…
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