Credit, Collections & Insolvency News
The use of “buy now, pay later” products in the UK set to more than double by 2023, according to a new report by Worldpay. The newly released Worldpay from FIS 2020 Global Payments Report has found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13…
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Britain is suffering from energy inequality, as lower-income households pay significantly more for their energy than those with more money. According to new research from comparethemarket.com, lower-income households spend on average £60 more every year on their energy bills than higher-income households. A higher percentage (43%) of those earning between £16,000 and £19,999 are on…
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The Financial Conduct Authority (FCA) has reported itself to the Information Commissioner’s Office (ICO)after revealing that it mistakenly published the personal records of 1,600 complainants on its website, where anyone could access the information. The data was visible between November 2019 and February this year and covered complaints recorded between January 2018 and July 2019.…
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The Lending Standard Board (LSB) has published its Access to Banking Standard summary report. The Access to Banking Standard aims to help minimise the impact of bank branch closures on customers and local communities. It is designed to ensure that customers affected by branch closures receive sufficient communication and clarity on the reasons for the…
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The High Court Enforcement Officers Association (HCEOA) has announced that there have been two detailed meetings and replies to parliamentary written questions, on VAT enforcement fees, The Association understands that the Ministry of Justice (MOJ) hopes to issue the guidance very shortly and that the final version will amend the guidance issued by the VAT…
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Tackling the root causes of complaints about bills and debt could help transform consumers’ views of the water industry, according to a new report. CCW – the voice for water consumers – is launching a fresh bid to help the industry get to grips with billing complaints, which continue to cause enormous frustration for thousands…
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The Financial Conduct Authority, Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data. The statement said that they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal…
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Payments company Bottomline’s purchase of Experian Payments Gateway does not raise competition concerns, an in-depth Competition and Markets Authority (CMA) investigation has provisionally found. The Competition and Markets Authority (CMA) has been investigating Bottomline Technology’s completed purchase of the Experian Payments Gateway (EPG) business from Experian. Bottomline and EPG provide payments software used by businesses…
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The Financial Conduct Authority (FCA) has banned a number of online adverts issued by Rix Motor Company. Posts on Rix’s Instagram account and adverts on three of its websites relating to credit broking of car finance breached FCA rules for one or more of the following reasons: representative examples of the cost of credit to…
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The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…
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A group of cross-party MPs and Peers has joined a coalition of debt advice campaigners in urging the Government to break its silence on bailiff industry reform. Today marks a year since the Ministry of Justice (MOJ) closed its call for evidence on the bailiff industry, but despite overwhelming evidence of the need for wide-ranging…
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The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…
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Following appeals from water companies, the Competition and Markets Authority (CMA )will consider Ofwat’s proposed 2020-25 price control. Every 5 years Ofwat must decide how much money people should pay for their water and the level of service they should receive. As part of this, Ofwat considers a range of issues to ensure that water…
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