Credit, Collections & Insolvency News
Irish credit union, Savvi has been fined €185,500 by the Central Bank of Ireland for failure to comply with the requirements for long-term lending and the restriction on paying remuneration to directors The Central Bank determined that the appropriate fine was €265,000, which was reduced by 30% in accordance with the settlement discount scheme provided…
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StepChange debt charity has published the key measures that it wants the next Government to prioritise to address the harm of problem debt and to help households build greater financial resilience for the future. The StepChange election manifesto calls on each of the political parties to commit to these measures during the General Election campaign.…
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Citizens Advice is calling on the next government to take action to prevent some of the problems faced by over 2.5 million people who seek its help each year. As part of its 2019 election manifesto the charity is calling for major reforms across welfare, debt, housing, consumer markets and energy. Gillian Guy, Chief Executive of…
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High Court Enforcement Agencies have been incorrectly charging VAT on top of their fees to debtors according to research by Just Digital Marketplace. Efforts to obtain clarification on the correct approach were led by the firm. Just says that it sought advice from the VAT barrister, Melanie Hall QC, of Monkton Chambers and then consulted…
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Irish mortgage lenders can no longer impose legal fees and other charges on borrowers in arrears who are co-operating with their bank to resolve the issue. Irish regulator, the Central Bank has written to all the main Irish lenders, reminding them of their obligation not to impose charges on borrowers ahead of a decision by…
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2.3 million households (8%) owe £267 million to energy suppliers before winter begins – averaging £115 each according to new research by Uswitch Averaging £115 per household, the debt level is £126 million less (32%) than last year, while the number of bill payers in arrears has also reduced by 610,000 (21%). Record switching rates,…
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The Financial Conduct Authority (FCA) has appointed new members to its Consumer Panel. Erik Porter, Jonathan Hewitt and Julia Mundy begin three-year terms as members of the independent Financial Services Consumer Panel. Hewitt has wide-ranging experience gained over 25 years in retail investments and banking, in a variety of roles across marketing, business development, strategy,…
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A fifth of law firms fail on money laundering compliance and don’t have required firm risk assessment according to the Solicitors Regulation Authority (SRA) The SRA says that in March, it wrote to 400 firms asking them to demonstrate compliance with the 2017 Money Laundering Regulations by sending their firm risk assessments. Of the 400…
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The Financial Conduct Authority (FCA) has confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal. The rule change means that around 30,000 homeowners now have the freedom to move elsewhere. In some cases, so-called “mortgage prisoners” have previously been told that they cannot afford a new mortgage…
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The Treasury Committee has published a unanimously-agreed report on IT Failures in the Financial Services Sector. The report was agreed when Catherine McKinnell MP was Interim Chair. Rt Hon. Mel Stride MP has since been elected as the Chair of the Treasury Committee. Steve Baker MP has been the Committee’s lead member for this inquiry…
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The Bank of England has set out its proposed changes to the capital requirements that apply to Credit Unions. The reforms propose a move from the current approach to a new system that applies graduated capital requirements as Credit unions move through size bands on their assets. The changes include: Capital requirements based on membership…
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Ofgem has appointed EDF Energy to take on supplying Toto Energy’s 134,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. EDF Energy is offering customers a competitive tariff and many of Toto’s customers will see a reduction in the price they pay. All outstanding credit…
Read moreCashEuroNet UK’s owner Enova has announced that the UK arm of its business is to close. High-cost short term lender, CashEuroNet brands include QuickQuid and On Stride – a provider of longer-term, larger loans and previously known as Pounds to Pocket. Enova Chief Executive David Fisher said “Over the past several months, we worked with…
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