Credit, Collections & Insolvency News
The Money Advice Trust, has welcomed the Chancellor’s announcement of the new Job Support Scheme, extended Self-employment Income Support scheme, and additional support for small businesses impacted by Covid-19. Joanna Elson OBE, Chief Executive of the Money Advice Trust, said “The Chancellor’s Job Support Scheme is another bold move to support people whose incomes have…
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KBC Bank Ireland has been reprimanded and fined €18,314,000 by the Central Bank of Ireland for regulatory breaches affecting tracker mortgage customer accounts. The Irish regulator has imposed a fine at the highest end of its sanctioning powers, reflecting the gravity with which the Central Bank views KBC’s failures. The impact of KBC’s failings on…
Read moreThe Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as…
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The Public Sector is failing debtors, especially the most vulnerable, and needs to urgently learn the lessons from the private sector according to the Chartered Institute of Credit Management (CICM). The concept of ‘vulnerability’ is also too vague, and as such many of those most in need of help are falling between the cracks. The…
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The Financial Conduct Authority (FCA) has today published its final report of its market study into the pricing of home and motor insurance. The FCA says that anyone renewing their home or motor insurance should pay no more than they would as a new customer, under a proposed shake-up of the sector. The FCA is…
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The Financial Conduct Authority (FCA) has confirmed that so far in 2020 no criminal prosecutions under the current anti-money laundering (AML) legislation have been made, despite its stated intention in 2019 to do so. The statistic came from a Freedom of Information request, which also said it has discontinued half of its 14 investigations into…
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The Financial Conduct Authority (FCA) has announced that Chris Woolard will chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board. The review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment…
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The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance,…
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The Payment Systems Regulator’s (PSR) interim report on the supply of card acquiring services has been published. The report shows that merchants could make savings by shopping around and either switching or negotiating with their current provider – but many small and medium ones don’t. Card-acquiring services enable merchants – like a newsagent or supermarket…
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Paragon Bank has announced that it will adopt TruNarrative ‘s RegTech platform to power bounce-back loans initiative. The decision follows Paragon Bank’s recent approval from the British Business Bank, enabling Paragon to deliver Bounce Back Loans to SMEs coping with the Covid-19 economic situation. Via a single API, the TruNarrative platform delivers automated customer onboarding,…
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The Financial Conduct Authority (FCA) has set out its expectations for the steps firms should take when considering closing branches or ATMs, or converting a free-to-use ATM to pay-to-use. In its finalised guidance, the FCA makes it clear that banks, building societies and credit unions are now expected to keep the FCA informed of any…
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The Financial Conduct Authority (FCA) has confirmed the support mortgage borrowers will receive if they continue to face payment difficulties due to coronavirus. The FCA has published additional guidance for firms, to ensure that consumers who have benefitted from payment deferrals under the current guidance who still face financial difficulties, as well as those whose…
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Ofgem could save energy consumers a further £1.7 billion during the next set of energy network price controls (RIIO-2), according to new analysis by Citizens Advice. In 2017, research by Citizens Advice found that energy networks would make up to £7.5 billion in unjustified profits over the course of the current price control [see notes…
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