Credit, Collections & Insolvency News
The number of County Court Judgements (CCJs) registered against consumers has risen in Q3 year-on-year, according to latest figures released by Registry Trust, making the figures the highest amount of registered judgments against consumers in the third quarter since 2017. A total of 289,971 County Court judgments (CCJs) were registered against consumers in England and…
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DJS (UK) trading as PiggyBank has entered administration. The company provided high-cost short term (payday) lending services to the UK consumer market. The company is thought to have had around 45,000 customers and was seen as one of the UK’s top 10 largest payday lenders. Shane Biddlecombe and Gordon Johnston of HJS have been appointed…
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Citizens Advice has responded to new Ofgem data on unpaid energy industry bills left behind by failed suppliers. Alongside this, the charity has released new analysis showing consumers are now facing a £255 million bill following the collapse of these firms, which will be paid through higher energy bills of their own. The new analysis…
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Regulators have proposed rules to make banks and payment firms more resilient to major problems after MPs called for regulatory changes on the back of IT failures at the major banks. The Bank of England (BOE), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers…
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HSBC has announced that it will bring in a single overdraft rate of 39.9% for its customers from March 2020, quadrupling the rate it charges some customers. As part of the move, the bank is removing a £5 daily fee for going into an unarranged overdraft and introducing an interest-free £25 buffer on some accounts.…
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Kew Vehicle Leasing is the first leasing broker to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements. Additionally, Kew Vehicle Leasing will also disclose the lender as a matter of course. Car finance is currently under investigation by the Financial Conduct Authority (FCA) concerning the amount…
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HSBC and Santander have agreed to refund customers after they both broke a legal order for unarranged overdraft charges. An investigation by the Competition and Markets Authority (CMA) found that HSBC has twice broken Retail Banking Market Investigation Order and will now refund £8 million to 115,000 customers. Santander broke the Order 6 times and…
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The Financial Conduct Authority (FCA) has told guarantor lender, Amigo to explain more carefully the risks that people are taking on when they agree to guarantee a loan for a family member or friend. The FCA was concerned that guarantors were not always made fully aware of their obligations, nor of the likelihood that they…
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The Prudential Regulation Authority (PRA) has imposed a combined financial penalty on Citigroup Global Markets (CGML), Citibank N.A. London branch and Citibank Europe UK branch of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. The PRA says that between 19th June 2014 and 31st…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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Pawnbroker H&T has said it had ceased all activities in its high-cost short term (HCSTC) credit unsecured loans business after the Financial Conduct Authority has launched a regulatory review into the business. In a company statement, the company said “The group has ceased all HCSTC unsecured lending, at least temporarily, as it works through this…
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The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. This ASP Sanctions Guidance increases transparency by providing greater clarity on the Central Bank’s general approach to sanctioning of firms and individuals. It provides guidance on the application of a variety…
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Households struggling to pay their council tax are being pushed into further debt as outdated regulations see councils resort to bailiffs to collect arrears, says Citizens Advice in its latest research. Citizens Advice says under current rules when people miss a single council tax payment they automatically became liable for the full year’s bill. The…
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