Credit, Collections & Insolvency News
The Co-chair of the All-Party Parliamentary Group on Fair Business Banking (APPG) has called on regulators to protect consumers and small businesses by banning the sale of debt to unregulated and inactive lenders. Charlie Elphicke MP and Martin Whitfield MP co-sponsored a main chamber debate entitled ‘Mortgage Prisoners and Vulture Funds’ which acknowledged that the…
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The Money and Pensions Service (MaPS) has announced that Chief Executive Officer John Govett has resigned from his role due to an impending family relocation. Govett has led the team to transform MaPS, successfully integrating three services into one, focused on delivering our vision of everyone making the most of their money and pensions. His…
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The Financial Conduct Authority’s decision to introduce reforms to the overdraft market should help thousands of people from getting trapped in a debt spiral according to Citizens Advice which says it has helped almost 30,000 people with overdrafts last year Citizens Advice statistics show that overdraft issues overwhelmingly affect socially-disadvantaged people: 2 in 5 had…
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The Financial Conduct Authority (FCA) has confirmed it is introducing reforms to fix a dysfunctional overdraft market. These changes will make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. The changes represent the biggest overhaul to the overdraft market for a generation.…
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The Ofcom Board has announced that Sharon White is to step down as Chief Executive. White is leaving to become Chair of The John Lewis Partnership. She is expected to leave Ofcom around the turn of the year. White joined Ofcom in March 2015 from HM Treasury where she was Second Permanent Secretary. Lord Burns,…
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Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury. Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Baroness Manzoor…
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Private renters will no longer have to pay letting agent fees as the Tenant Fees Act which began yesterday (3rd June 2019). Citizens Advice has called for a ban on fees for a decade and worked with Parliamentarians across the political spectrum to make sure the Bill was as watertight as possible. This included closing…
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The UK’s biggest broadband, phone and pay TV companies have committed to put fairness at the heart of their business, after signing up to Ofcom’s new Fairness for Customers commitments. Ofcom has developed commitments to strengthen how companies treat their customers. They aim to help ensure people are always treated fairly by their provider –…
Read moreIt has been announced that from 1st June, the process for complaining about enforcement agents (bailiffs) will be streamlined. The Civil Enforcement Association (CIVEA) will no longer review complaints on behalf of its members. With CIVEA no longer involved, all complaints about enforcement agents acting on behalf of local authorities will go straight to the…
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Irish bank, Permanent TSB has been reprimanded and fined €21 million by regulator, Central Bank of Ireland for regulatory breaches affecting tracker mortgage customers The fine to Permanent TSB was in respect of serious failings to 2,007 tracker mortgage customer accounts which were impacted for the period between August 2004 and October 2018. PTSB has…
Read moreCitizens Advice has responded to Ofgem’s announcement that E Gas and Electricity, Economy Energy and Dyball Associates breached competition law. Gillian Guy, Chief Executive of Citizens Advice, said “We’ve known for some time that suppliers who were unprepared and unsustainable were able to get into the energy supply market. Today’s action by the regulator shows…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Raphael Bank (Raphaels) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of…
Read moreDebt charity, StepChange has raised concerns that consumers with long-standing debts on credit cards, who have received letters encouraging them to make more than the minimum payments are could be unclear in their messaging. Rules set by the Financial Conduct Authority (FCA) mean that many people will now be receiving a second reminder suggesting they…
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