Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed updated guidance to firms setting out enhanced support that should be available to consumer credit customers experiencing payment difficulties as a result of coronavirus. The guidance covers users of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawnbroking, motor finance and…
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Water regulator,Ofwat has announced the appointment of four new non-executive Directors (NEDs) to its board, following a joint process by Defra, the Welsh Government and Ofwat. The four new non-executive members are: Nicola Bruce – Nicola has a background in corporate governance in regulated markets and in championing the interests of vulnerable customers. Nicola is…
Read moreBanks and building societies have agreed to allow six month mortgage holidays up until 31st July, 2021, with the industry agreeing the move with the Financial Conduct Authority (FCA). Lenders have committed to renewed support for mortgage customers facing financial difficulty as a result of the Covid-19 pandemic, as the Financial Conduct Authority (FCA) confirms…
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The Consumer Council for Water (CCW) is launching afresh bid to break down the barriers to households getting the support they need from their water company during Covid-19 and other periods of disruption. CCW’s ‘Vulnerability Manifesto’ has set out a series of commitments to make sure more consumers get the right help at the right…
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Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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The High Court sat for a second time in a case led by the enforcement market integrator, Just to establish if debtors should be given the opportunity to request a virtual enforcement visit during these difficult times of Covid-19. The company says that it believes that the enforcement process needs to reflect the new realities…
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The Government has announced the extension of the furlough scheme in March and has also announced increased self-employed support. The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80% of their current salary for hours not worked. Similarly, support for millions more workers through the Self-Employment Income…
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The Financial Conduct Authority (FCA) has announced proposals for further support to consumer credit borrowers impacted by coronavirus. In September, the Financial Conduct Authority (FCA) announced tailored support for borrowers affected by coronavirus (Covid-19) after 31st October, which it would keep under review as the pandemic evolved. As a result of increasing restrictions announced in…
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The Consumer Finance Association (CFA) has expressed concerns as information about Woolard Review panel emerges. In September 2020, the FCA Board asked Christopher Woolard to review change and innovation in the unsecured credit market and to report to them in early 2021. The Review will concentrate on how regulation can better support a healthy unsecured…
Read moreA new report has found ‘widespread unfairness’ in the way in that central and local government collects debts including council tax, benefit and tax credit overpayments. The Money Advice Trust is calling for the government to ‘level up’ its debt collection practices to those of other sectors or risk pushing people further into difficulty in…
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A new study by global analytics software provider FICO has highlighted the biggest barriers to digital interaction between bank and customer at a time when digital has become ‘king’ According to the data, based on a survey of decision-makers by independent research firm OMDIA of 172 banks across 8 countries, including 27 UK banks, the…
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The Finance Leasing Association (FLA) says that the new Financial Conduct Authority (FCA) measures for a six-month payment deferral period for consumer credit poses a risk to customers. Stephen Haddrill, Director General of the FLA, said: “Lenders are committed to supporting customers in financial difficulty and it is vital that this support is provided in…
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With England entering a second coronavirus lockdown on Thursday (5th November), the Financial Conduct Authority (FCA) has told mortgage, loan and credit card providers to offer borrowers extended repayment holidays. Consumers who have not yet had a credit payment deferral for a mortgage can request one that lasts for up to six months, while those…
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