Credit, Collections & Insolvency News
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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The Government has announced that it will legislate to increase the number of people eligible for Debt Relief Orders (DROs) with the aim of helping more people to get out of problem debt. The new measures will mean that more people will be able to access the debt solution, giving them a fresh start, as…
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A debt collector who fraudulently took money from clients but never helped to recover any money has been jailed. Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice. The court heard…
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The Insolvency Service has published its latest personal insolvency Quarterly figures in England & Wales which have indicated that there were 29,140 seasonally adjusted individual insolvencies in Q1 2021, a fall of 5.3% compared to Q4 2020’s figure of 30,769, and a rise of 0.7% compared to Q1 2020 (28,936). Commenting on the figures Colin Haig,…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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UK Finance is calling for a change to the process of reimbursing so-called ‘no blame’ cases of authorised push payment (APP) scams under the voluntary industry Code, bringing in a simplified process that enables signatory banks to individually payback cases rather than through a shared central pot. This new process comes as the industry renews…
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Radical changes to the UK’s social security safety net during the pandemic should prompt a wider public debate about its successes and failures, and how Britain’s post-pandemic welfare system can be further improved, according to a new Resolution Foundation report. With the crisis prompting the Government to introduce radical new policies, such as the Job…
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The UK has taken an important first step in shaping its own financial services regulation outside the EU with the new Financial Services Bill receiving Royal Assent. The Bill, which is now an Act, will ensure the UK remains an open and dynamic financial centre, with the highest regulatory standards, and protect people across the…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
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