Credit, Collections & Insolvency News
The Insolvency Service has announced changes to the IVA Protocol guidance. In a joint statement by creditor representative members of the committee it said “As members of the Individual Voluntary Arrangement (IVA) Standing Committee we have recognised that the COVID-19 pandemic will impact a number of consumers who currently have or will soon be proposing…
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Figures from the Financial Conduct Authority show complaints to financial services firm jumped from 4.29m in the first six months of 2019 to 6.02m in the second half of the year. This was driven by a surge in claims for mis-sold PPI ahead of an industry-wide deadline last August. The data show that complaints related…
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he Finance & Leasing Association (FLA) has highlighted the need for changes to the Consumer Credit Act (CCA) following 526,000 Covid-related requests for forbearance to its members by mid-April. Giving evidence yesterday to the Treasury Select Committee on the economic impact of Coronavirus, Stephen Haddrill, Director General of the Finance & Leasing Association, highlighted the…
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The regulator of UK’s gambling industry says the credit card ban which has now come into force (14th April) will add another vital layer of protection for consumers. In January, the Gambling Commission and the Department for Culture, Media and Sport (DCMS) announced the widely-publicised ban – meaning that from today any consumer gambling will…
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Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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Which? is calling on the financial regulator to urgently provide greater clarity on temporary measures to help people struggling financially because of coronavirus, as new research reveals the huge toll the outbreak is expected to take on people’s finances. A survey by the consumer champion carried out between 20-22 March, just before the government asked…
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The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
Read moreThe TUC has today called for an ’emergency’ boost to Universal Credit to help people get through the coronavirus outbreak. The union body says that without an urgent increase unemployment support will be lower in real terms during the coronavirus outbreak than during the mass unemployment peaks of the 1980s and 1990s.A new report published…
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A group of nearly 80 academics, policy experts and leaders of charities, trade unions and community groups have written to Chancellor of the Exchequer, Rishi Sunak, calling on him to provide an urgent, interest-free freeze on personal debt payments for people affected by Covid-19. The letter also calls for a write-off of existing council tax and social…
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The Financial Conduct Authority (FCA) has proposed a range of targeted temporary measures designed as a stop-gap to quickly support users of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from coronavirus. The package is intended to complement measures already announced by the government to support mortgage…
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The Credit Services Association (CSA) is urging its members to review all of their current activities and treatment paths to ensure they are doing everything possible to support their customers and the wider UK community through the current Covid-19 crisis. The CSA which represents more than 90% of the typically call-centre based firms, says that…
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