Credit, Collections & Insolvency News
Research by TSB shows that four in five people are tricked by scam bank messages. The study saw 2,000 people presented with texts and emails from companies such as banks and mobile phone operators, half of which were fake. Only 18% of people could correctly identify all of the messages which were scams, with this…
Read more
The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry has warned that more needs to be done to prevent gambling-related harm. The committe says that the liberalisation of gambling by the Gambling Act 2005, the universal adoption of smart phones, and the exploitation of soft-touch regulation by gambling…
Read more
The Government has announced that it has launched a comprehensive new funding package for councils to help address coronavirus pressures and cover lost income during the pandemic. The government says that it has delivered an unprecedented package of support to councils over recent months, and councils in England will now receive a further £500 million…
Read more
The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…
Read more
The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…
Read more
The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…
Read more
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed a new Cabinet Office call for evidence on fairness in government debt collection, calling the move an opportunity to bring about ‘real and lasting improvements’ to protect people in financial difficulty. The call for evidence comes at a time when…
Read more
Energy regulator, Ofgem is consulting on plans to standardise and strengthen support for prepayment customers and for all customers who are struggling to pay their energy bills. In March this year, suppliers voluntarily agreed to support vulnerable customers through COVID-19, including those on prepayment meters facing difficulties in topping up while self-isolating or in financial…
Read more
The High Court Enforcement Officers Association (HCEOA) has welcomed the Government announcement that visits to residential properties to enforce debts owed to UK companies can restart from 24th August. High court enforcement agents will be re-starting visits at this time to residential properties in order to take control of goods. The restrictions on visits have…
Read more
The UK’s three largest debt charities – Citizens Advice, Money Advice Trust and Stepchange – have today written to the Local Government Minister to call for urgent action on council tax. The charities are urging the government to implement simple measures that could protect millions of people from the prospect of spiralling council tax debt Following legislation…
Read more
Energy regulator Ofgem has published its final proposals for new ongoing requirements for suppliers to drive up customer service standards, reduce the risk of supplier failure and strengthen the safety net for consumers if a supplier fails. A more competitive market has delivered significant benefits for consumers in the form of more innovative products and…
Read more
Energy regulator Ofgem has given the green light for collections on unpaid bills can resumer but has urged suppliers to avoid aggressive collection tactics. Ofgem has told energy suppliers it is not in anyone’s interests for an open-ended debt collection delay. In an open letter, the regulator set out it’s updated approach to regulating domestic…
Read more
The HM Treasury have announced the appointment of Nikhil Rathi as the new permanent Chief Executive of the Financial Conduct Authority (FCA). Rathi is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was Director, Financial Services Group at HM Treasury. In this role, he led the Treasury’s…
Read more