Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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More than a million households are struggling to pay their water bills according to the Consumer Council for Water (CCW). According to the CCW, there are about 1.5 million people in ‘water poverty’ which it defines as having to spend more than 5% of their income after housing costs on water bills. As a result…
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Universal Credit flaws are stopping vulnerable people from getting help from loved ones to manage benefits, leaving 100,000s struggling, and some risking benefits cuts according to new research by the Money and Mental Health charity The charity is launching a new campaign — Set Up To Fail. The campaign calls for urgent action from the…
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The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
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The Payments Systems Regulator (PSR) has published its call for views on the second phase of delivering Confirmation of Payee (CoP), which is a name-checking service designed to prevent Authorised Push Payment (APP) scams and misdirected payments. The PSR says every year thousands of individuals and businesses fall victim to APP scams – where they are tricked…
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The Information Commissioner’s Office (ICO) has fined American Express Services Europe Limited (Amex) £90,000 for sending more than four million marketing emails to customers who did not want to receive them. The ICO began investigating when it received complaints from Amex customers who were getting marketing emails despite having opted out from them. The emails included…
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The Financial Conduct Authority (FCA) has announced proposals to stop the practice of ‘claims management phoenixing’, by banning Claims Management Companies (CMCs) from managing Financial Services Compensation Scheme (FSCS) claims where they have a relevant connection to the claim. Claims management phoenixing occurs when individuals from financial services firms go out of business, but later reappear in connection with CMCs and charge consumers for seeking compensation against…
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UK Finance analysis of nearly seven thousand authorised push payment (APP) scam cases shows that 70 per cent of scams originated on an online platform — highlighting the internet’s significant role in enabling fraud. The new analysis comes as the government published the draft Online Safety Bill this week, to include user-generated content on social…
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The Financial Conduct Authority (FCA) has outlined plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to. Firms are already bound by FCA rules and principles to treat customers fairly and many firms are delivering the right outcomes for consumers, including…
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The Government has announced that internet laws, as part of the draft Online Safety Bill, will include measures to tackle user-generated fraud. The proposed change will mean online companies will, for the first time, have to take responsibility for tackling fraudulent user-generated content, such as posts on social media, on their platforms. This includes romance…
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A ban on rental property evictions enforced by bailiffs in England will end on 31st May, the Government has confirmed. The Ministry of Housing says that renters will continue to be supported as national coronavirus restrictions ease, with longer notice periods in place until at least October. As part of a phased approach, notice periods…
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The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
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More than 218,000 households could be automatically moved onto more expensive ‘default’ energy tariffs this month if they do not switch tariffs or providers when their deals come to an end according to new analysis by comparethemarket.com In May, there are 157 fixed energy tariffs coming to an end, which could mean an average increase…
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