Credit, Collections & Insolvency News
Google has announced new steps to restrict debt services advertising only to firms meeting new accreditation standards. These will be subject to an application and approval process, and will take effect from mid-November. Debt charity, StepChange has said that it welcomes this intervention and now urges other digital advertising platforms to adopt a similar approach.…
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Toto Energy, an energy supplier with around 134,000 domestic customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Toto Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of customers will be protected. Ofgem will choose a new supplier to take on all…
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Ireland’s regulator, The Central Bank has proposed reforms to financial services regulations, including a new Senior Executive Accountability Regime (SEAR) to ensure clearer accountability. The Central Bank considers these proposed reforms to be necessary enhancements to its supervisory and enforcement toolkit. Speaking at the Matheson Conference on Culture and Governance in Financial Services in UCD,…
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Ofgem is proposing new reforms for existing suppliers to drive up customer service standards, reduce the risk of energy supplier failure and strengthen the safety net. Increased competition in the retail market has benefitted consumers with cheaper deals, put pressure on incumbent suppliers to improve their customer service offering and brought in new and innovative…
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Ofgem has appointed Total Gas and Power to take on supplying Rutherford Energy Supply Limited’s (trading as Uttily Energy) 280 business customers. This follows an appointment process run by Ofgem to get the best deal possible for customers. For existing customers, energy supplies will continue as normal as they switch over to Total Gas and…
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The Financial Conduct Authority (FCA) has published the complaints figures for regulated firms for the first half of 2019. The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019. The increase in complaints was mainly driven by a 34% increase…
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Ofgem has announced that Rutherford Energy Supply (trading as Uttily Energy), an energy supplier with around 280 business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Rutherford Energy’s customers will continue. Ofgem will choose a new supplier to take on all of Rutherford Energy’s customers. This supplier will contact these…
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The Financial Conduct Authority (FCA) has announced that it plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA…
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To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…
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The Scottish Government is being urged to bring forward new game-changer policies across housing, work and social security if it is to achieve its ambitious child poverty targets. New evidence shows the cost of housing has been the main reason behind lower levels of poverty in Scotland than in the rest of the UK. But…
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The Financial Conduct Authority (FCA) has published its interim report of its market study into the pricing of home and motor insurance. The FCA found that competition is not working well for all consumers in these markets. It sets out concerns about how pricing in these markets leads to consumers who do not switch or…
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A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
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Ofgem has appointed Jonathan Brearley, its current executive Director for systems and networks, as its new Chief Executive. Ofgem’s Chairman Martin Cave said“Jonathan will take up his new role at a time of unparalleled change in the energy industry in order to meet the pressing need to decarbonise. Ofgem’s role is to ensure that consumers,…
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