Credit, Collections & Insolvency News
Further to the Chancellor’s announcement regarding the mortgage industry’s support for homeowners who are experiencing financial issues due to COVID-19, lenders representing banks, building societies and other specialist lenders have come together to announce additional support for homeowners and residential landlords. In a joint announcement UK Finance and the Building Society Association (BSA) said that…
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New emergency measures with the energy industry have been agreed by the government to protect the domestic energy supply of those most in need during the disruption caused by the coronavirus. As part of new measures, customers with pre-payment meters who may not be able to add credit can speak to their supplier about options…
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The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. Emergency legislation will be taken forward as an urgent priority so that landlords will not be…
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Ofgem has announced that Gnergy, a gas and electricity supplier with around 9,000 domestic customers and a small number of non-domestic customers is ceasing to trade. Under Ofgem’s safety net, the energy supply of Gnergy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to…
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New research reveals which industries in the UK submit the most Suspicious Activity Reports, with banks and building societies leading the way. Suspicious Activity Reports (SARs) are submitted to the National Crime Agency by individuals or institutions such as banks, estate agents, solicitors and accountancy firms. The reports are submitted when a person or organisation…
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The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…
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Which? is calling for vital fraud protections to be made mandatory, as the consumer champion reveals more than £1 billion is estimated to have been lost to bank transfer scams in just three years. With measures set to come in that should significantly reduce the amount of money lost to this type of fraud, Which?…
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Ofcom has fined BT £245,000 after an investigation found that the company overcharged EE’s mobile customers for making calls to 118 directory enquiries services. Ofgem said that although use of directory enquiries has declined in recent years, many people still rely on them as an important means of obtaining the number they need. Older people…
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The Financial Conduct Authority (FCA) has released its latest research into mortgage switching and how consumers can be encouraged to seek out better deals. The FCA says that they believe there is a case for intervening to help mortgage customers who do not switch. The research found the factors that contribute to the decision not…
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The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…
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The Bank of England has announced a number of measures to respond to the economic shock from Covid-19. In a statement, the Bank of England’s said that its role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy…
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UK business groups and insolvency experts are again sounding the alarm about Government plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies from 6th April 2020. In a joint statement ahead of the Budget, the groups are warning the new Chancellor that the Government’s proposals will damage access to finance for…
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In response to the coronavirus outbreak, Citizens Advice is urging the Chancellor to shore up protections for millions of workers in Wednesday’s (11th March 2020) budget, including making immediate changes to Universal Credit. The charity saw three times as many visits to its sick pay advice pages last week compared to the same time last…
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