Credit, Collections & Insolvency News
Ofcom has set out a range of measures to increase fairness for mobile customers – including greater transparency, fairer contract terms and a range of price cuts by operators. Many mobile customers pay for both their handset and its usage (or ‘airtime’) bundled together in a single contract. Ofcom said that they have been concerned that…
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Legal technology business, ME Group has asked MPs for help in encouraging regulatory bodies to speed up thousands of claims for mortgage mis-selling and mortgage overpayments. In its submission to the Parliamentary Inquiry by the All Party Mortgage Prisoners Group, ME Group says that it’s specialist subsidiary firms have carried out extensive assessments on mis-sold…
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The government has announced that it will become compulsory for High Court Enforcement Agents and certificated enforcement agents to wear body-worn cameras. The Government says that while the vast majority act professionally and within the rules, there are concerns that some bailiffs continue to employ intimidating tactics that put both themselves and often vulnerable consumers…
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Citizens Advice says radical reform of the energy supply market is needed to protect customers as new technologies are introduced in a fast-changing industry. The charity has warned that customers in vulnerable circumstances are particularly at risk as the need for decarbonisation accelerates the rate of change. In a new report looking at how gas…
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Both the number and total value of small claims and High Court judgments in Northern Ireland have decreased in the first half of 2019 compared to the same period the previous year, according to figures released by Registry Trust. In the first six months of 2019 there were 3,721 defaults and small claims judgments. This…
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Water bills in England and Wales are set to fall by an average of £50 between 2020 and 2025, under plans published by the industry regulator. Ofwat’s has set plans for a major package of investment to signal a new era for what the water sector delivers for customers and the environment. Proposals involve water…
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According to latest figures released by Registry Trust, during the first half of 2019, there were 9,310 debt decrees registered against Scottish consumers, the figures 29 percent lower than HY1 2018. There was a 33 percent decrease in the combined value of consumer decrees to £23.6million. The average value of all consumer decrees fell to…
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The Government has launched a new Economic Crime Plan, in a partnership between the Chancellor Philip Hammond, Home Secretary Sajid Javid, and heads of law enforcement, major financial institutions and legal, accountancy and property organisations. The plan sets out actions to better tackle the scourge of ‘dirty money’ in the UK. It brings together the…
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Ofgem has set out its key objectives and priorities to help carry out its principal duty to “protect the interests of existing and future consumers” in a rapidly changing energy sector. A major transformation is underway in the way energy is generated, used and purchased as the UK makes the transition to a low carbon,…
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HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…
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The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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Councils across England and Wales have today (Monday 8th July) launched a pilot a scheme that will help local authorities recover unpaid Council Tax – currently costing local authorities tens of millions every year. Twenty-nine local authorities will take part of the trial working with the Department of Work and Pensions (DWP) and Revenue and…
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Wells Fargo Bank International (WFBI) has been reprimanded and fined €5,880,000 by the Central Bank of Ireland for regulatory reporting breaches and related governance failings. The company has admitted five breaches. The breaches varied in duration from 1 January 2014 to 28 February 2019. The breaches include failure to accurately report the Firm’s capital position…
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