Credit, Collections & Insolvency News
The number of County Court Judgments (CCJs) issued against consumers in England and Wales in the first Quarter of 2021 (Q1 2021) was 234,921, a fall of nearly 13 percent from the 269,023 in the same period last year, according to figures released today (12.04.2021) by Registry Trust. The total value of CCJs registered fell…
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The number of decrees registered against Scottish consumers during the first Quarter of 2021 fell by over 25 percent, from 5,430 to 4,052, compared to the same period last year, according to figures released by Registry Trust. The total value fell from £14.2 million to just under £11 million compared to the same period last…
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The House of Lords Liaison Committee has called on the Government to introduce a new requirement for the Financial Conduct Authority (FCA) to establish a statutory duty of care that banks and other financial services providers must operate towards their customers. The call comes in a new report from the House of Lords Liaison Committee…
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Energy supplier E.On has paid out more than £627,000 to its customers in redress after an error led to 1.6 million customers having their direct debits taken from their accounts earlier than planned. A majority of the payments affected were due to be taken in January this year, but the energy supplier erroneously took payments…
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The Financial Ombudsman Service (FOS) has announced Nausicaa Delfas as its interim Chief Executive and Chief Ombudsman. Delfas succeeds Caroline Wayman, who has stepped down after seven years as Chief Executive and Chief Ombudsman. Delfas joins the organisation from the Financial Conduct Authority (FCA), where she is currently the Executive Director of International and Interim…
Read moreThe Lending Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The inaugural Lending Technology Think Tank has been created as an online event platform so that lending and creditor professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies continue to remain low in comparison to previous years. In March 2021 there were 184 personal insolvencies in Northern Ireland, this was 82% higher than March 2020 but 19% lower than March 2019; this consisted of 140 IVAs, 36 DROs and 8…
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A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…
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High-cost short term lender Amigo Loans will press ahead with a rescue plan to cap compensation payments for nearly 1 million customers after the high court rejected concerns the proposed scheme would unfairly harm them. Amigo Loans has been made aware that the Financial Conduct Authority did not support the Scheme and has set their…
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Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…
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As the deadline to apply for a payment deferral ends on 31st March 2021, the Financial Conduct Authority has reiterated its message to reassure consumers in financial difficulty that support will continue to be available under the Tailored Support Guidance (TSG). The FCA says payment deferrals allowed firms to deal with unprecedented demand for short-term…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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Almost one year on from the UK’s first national lockdown, UK Finance has outlined key statistics on the impact of the banking and finance industry’s support for businesses and customers across the country over the last twelve months. 2.75 million mortgage payment holidays were granted up until the end of 2020, with 1.8 million in…
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