Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) is stepping up its efforts to ensure firms are aware of what they need to do prepare for the potential of a no-deal Brexit. Firms who have not prepared appropriately may risk an impact on their business. To help firms prepare, the FCA will be running a series of digital…
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Ofgem has appointed Utilita Energy Limited to take on supplying Eversmart Energy’s domestic customers, and the small number of business customers. This follows an appointment process run by Ofgem to get the best deal possible for customers. All outstanding domestic and non-domestic customers’ credit balances, including money owed to both existing and former customers of…
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Eversmart Energy, an energy supplier with around 29,000 domestic customers and a very small number of business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Eversmart Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected. Ofgem…
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The Financial Conduct Authority (FCA) has made two new senior appointments. Kate Collyer joins its Chief Economist and Marlene Shiels, joins as Chair of the FCA’s Smaller Business Practitioner Panel. Collyer is currently Chief Economist for Energy and Market Frameworks and Joint-Director of Analysis at Department for Business, Energy and Industrial Strategy (BEIS). The FCA’s…
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The Competition and Markets Authority (CMA) has issued the Royal Bank of Scotland (RBS) and Santander with directions requiring them to appoint an independent body to audit their payment protection insurance (PPI) processes. They must also put in place procedures to ensure that similar incidents do not happen again. In addition, RBS has now written…
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Energy suppliers continue to improve in providing accurate billing for millions of customers, according to Energy UK’s Billing Code audit results. Established in 2006 by Energy UK, the voluntary Billing Code initiative provides energy customers with greater confidence in the accuracy of their domestic energy bills. The six largest energy suppliers are measured against four…
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The Financial Conduct Authority (FCA) has issued a warning about a ‘clone firm’ impersonating the free debt advice service National Debtline using the name ‘National Debt Helpline’ online. The warning is part of a wider issue of commercial firms impersonating legitimate debt advice charities. Three weeks ago the regulator issued a similar warning about a…
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Ofgem has appointed EDF Energy to take on supplying Solarplicity Supply Limited’s 7,500 domestic and 500 business customers. This follows an appointment process run by Ofgem to get the best deal possible for customers. All outstanding domestic customers’ credit balances, including money owed to both existing and former customers of Solarplicity, will also be honoured.…
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Consumers struggling to make ends meet are being urged to avoid loan sharks at all costs as latest figures show debt advice enquiries have hit a record high. The Local Government Association (LGA), which represents councils in England and Wales, is urging people desperate for a loan to steer clear of illegal money lenders who…
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Ofgem has confirmed that Solarplicity Supply, an energy supplier with around 7,500 domestic customers and less than 500 business customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Solarplicity’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected.…
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A new system designed to tackle fraud in online shopping has been delayed for 18 months. Banks and retailers had been expected to introduce a new layer of security from mid-September that would normally see a passcode sent to a customer’s mobile phone at the point of checkout for online purchases of £28 or more.…
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Cardiff Energy Supply, a small supplier with approximately 800 domestic gas customers, will be ceasing to trade. Ofgem has appointed SSE as the supplier of last resort for these customers. Ofgem said in a news release that customers do not need to worry as they will continue to receive gas supplies as normal and credit…
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The Competition and Markets Authority (CMA) has ordered Nationwide to refund £6 million to current account customers after it broke rules which state that people should receive a text alert before banks charge them for unarranged overdrafts. The CMA has told Nationwide to take immediate action and improve its practices and compliance with the instruction. The…
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