Credit, Collections & Insolvency News
Ofgem has ordered four suppliers to pay £14.7 million in Renewables Obligations by 31st October 2019. The Renewables Obligation scheme (RO) is administered by Ofgem on behalf of the government. Energy companies must participate to help fund the development of renewable electricity projects. The amount is worked out according to how much energy is supplied…
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Ireland’ regulator the Central Bank has published a Prohibition Notice prohibiting Home Credit Ireland Executive Director Michael Kearns from performing any controlled function in all regulated financial service providers for a period of two years. Home Credit Ireland is authorised as a Moneylender under the Consumer Credit Act 1995 (as amended). Kearns failed to properly…
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Debt Arrangement Scheme (DAS) reforms have been approved by Scottish Parliament. The amendment regulations will come into force on 4th November 2019. The regulations were developed following considerable work and engagement with stakeholders with the aim of increasing the accessibility, flexibility and sustainability of Debt Arrangement Scheme (DAS) payment programmes. These Regulations amend the Debt…
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The Financial Conduct Authority (FCA) has updated and published draft directions under its Temporary Transitional Power (TTP). The TTP gives the FCA flexibility in applying post-Brexit requirements, allowing firms to transition to a new UK regulatory framework. The directions would only come into effect on exit day if the UK leaves the EU without an…
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Energy suppliers are getting better at helping vulnerable customers manage their energy day to day, Ofgem’s research shows, but are still too slow at helping rising numbers of customers deal with debt. Ofgem has published its annual report on how suppliers treat their customers in vulnerable situations, including those in debt and at risk of…
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Ofcom has set out a range of measures to help ensure out-of-contract broadband customers pay fairer prices, and providers offer better protection to vulnerable customers. Ofcom says that it has been concerned about some broadband customers paying high prices when their introductory offer has ended, meaning they are ‘out of contract’. Many of these customers…
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The latest energy star rating table from Citizens Advice, the official consumer watchdog for energy, shows a big gap between the best and worst firms. Among the common problems faced by customers of suppliers at the bottom of the rankings were: Billing issues – incorrect and late final bills, not receiving any bills, inaccurate bills…
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The Financial Conduct Authority (FCA) has announced that Sheree Howard has been appointed as Executive Director of Risk and Compliance Oversight (R&CO). Howard is currently Interim Director of R&CO having joined the FCA as a Senior Adviser in December 2017. Prior to joining the FCA, Sheree spent more than 25 years in financial services, both…
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The British Retail Consortium (BRC) has launched its latest Payment Survey which shows that credit card spending overtook cash spending in 2018. Whilst debit cards remain the most popular method of payment, accounting for almost three-in-five transactions. The use of cash payments has been falling steadily. Over the past five years, cash use has dropped…
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In a major reform to civil enforcement, the Civil Enforcement Association (CIVEA) has announced the launch of a new an independently-monitored code of practice that sets a new standard for bailiffs. All members of the Civil Enforcement Association (CIVEA), representing over 90 percent of firms employing enforcement agents (bailiffs), have signed up to the code,…
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Problems with bills and disruption to services have led to four water companies being warned to curb a sharp rise in complaints from their customers. More than 2 million calls were made by households to water companies across England and Wales in 2018/19 to resolve problems with the essential services they provide, according to the…
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Parents and guardians are being urged to warn their children about the dangers of becoming a money mule, with figures revealing the number of 14-18-year olds misusing their bank accounts has risen by 73 per cent in two years. As part of the Don’t Be Fooled awareness campaign, over the coming weeks a number of…
Read moreThe Financial Ombudsman Service (FOS) has published its latest complaints data. According to the figures, the Bank of Scotland was the most complained about mortgage lender in the first half of this year. In addition, there were 705 new cases brought to the FOS against the lender, which is part of Lloyds Banking Group. Bank of…
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