Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) says that it is seeking views on extending the implementation deadlines for the Certification Regime and Conduct Rules In a new consultation paper, the FCA says it is making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification…
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Lenders have provided over one million payment deferrals on credit cards to help customers whose finances have been affected by Covid-19 over the past three months, according to figures published by UK Finance. The trade body’s members have also provided almost 707,000 payment deferrals on personal loans for customers impacted by the pandemic. In addition,…
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The Financial Conduct Authority (FCA) has issued guidance saying cash machine and bank branch closures must be reported 12 weeks in advance. Lenders will also have to consider alternatives so communities can continue having access to cash, with concerns that many ATMs and banking facilities are being lost because of the coronavirus crisis. More than…
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The government has confirmed that the new statutory Breathing Space scheme will launch in May next year. The government has published draft regulations titled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. The news will mean that people in problem debt will be able to access 60…
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The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…
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The Insolvency Service has published its latest insolvency statistics which show that personal insolvencies continued to decline in England and Wales in June 2020. There were 1,775 debt relief orders (DROs) and 454 bankruptcies in the three months ending June 2020 there was a monthly average of 8,428 registered individual voluntary arrangements (IVAs). Bankruptcies were…
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The Financial Conduct Authority (FCA) has secured an interim injunction against the alleged operators of an unregulated sale and rentback scheme preventing them from continuing with their business and freezing their assets. The FCA has commenced proceedings in the High Court against London Property Investments ((LPI) and NPI Holdings, Daniel Stevens (the sole director and…
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The Government must act to prevent council tax loading £158 million in bailiff and court fees on to people who can’t pay following the pandemic according to debt charity StepChange. Bailiff visits, often used to enforce debt owed to local authorities in the form of unpaid council tax, will start up again from 23rd August,…
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The Financial Services Compensation Scheme (FSCS) paid out £527 million and helped a total of 258,119 customers during the year, 79 per cent of whom were satisfied with the job performed by the regulator. As part of its annual report, the FSCS summarised that it continued to assess claims fairly and efficiently, driving outstanding customer experience.…
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Households could see their energy bills cut by £20 a year under proposals from the energy regulator Ofgem. Ofgem has unveiled proposals for a five-year investment programme of around £25 billion to transform Britain’s energy networks to deliver emissions-free green energy for the UK. Investment in the networks that transport energy around the UK is likely…
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The Competitions and Marketing Authority (CMA) has taken action against Cardif Pinnacle, and written to Nationwide and Lloyds, after they failed to provide accurate annual PPI reminders. The CMA issued Cardif Pinnacle with legally binding directions ordering it to appoint an independent body to audit its payment protection insurance (PPI) processes. It must also put…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for June 2020 which indicated that there were 492 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) 592 (54.6%) less than in June 2019. Bankruptcies decreased by 57.9% in June 2020 when compared with June 2019. PTDs decreased…
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High-cost short term lender Shelby Finance has written off loans and apologised to customers after not providing them with important information following an investigation from The Competition and Markets Authority (CMA). The CMA has found that Shelby Finance did not provide a summary of borrowing statements to more than 15,000 customers between August 2018 and…
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