Credit, Collections & Insolvency News
Citizens Advice has found regulators have allowed water, energy, broadband and telephone networks to overcharge customers by £24.1 billion over the past fifteen years. The charity is calling for companies to return some of this to customers through a rebate on their bills and for regulators to stop this happening again. The research follows its…
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The Financial Conduct Authority (FCA) has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a…
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People are at risk from fraudsters masquerading as enforcement agents (bailiffs) and small businesses are a popular target, according to the civil enforcement industry’s trade body Civil Enforcement Association (CIVEA). The warning comes after CIVEA identified cases of fraudsters using the government’s public register of enforcement agents to demand payments for bogus government debts. The…
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Broadband, phone and TV (Media) customers must be told when their contract is coming to an end, and shown the best deals available, under new rules announced today by Ofcom. Ofcom wants customers to be able to take advantage of choice in broadband, phone and TV, and get the best deals for their needs. This…
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In the first quarter of 2019, 321,044 County Court judgments (CCJs) were registered against consumers in England and Wales, a rise of five percent on the same quarter of 2018, according to figures by Registry Trust. The total number of adverse CCJs have risen year-on-year for the past six years. At the same time the…
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The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…
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The Payment Systems Regulator (PSR) has published its follow-up consultation for Confirmation of Payee (CoP) – an important tool to further protect people from Authorised Push Payment scams and prevent payments being accidentally sent to the wrong account. It is understood that this initiative will provide customers with better protection from authorised push payment (APP)…
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An Information Commissioner’s Office (ICO) investigation into HMRC’s Voice ID service was prompted by a complaint from Big Brother Watch about the department’s conduct. The investigation focused on the use of voice authentication for customer verification on some of HMRC’s helplines since January 2017. The ICO found that HMRC failed to give customers sufficient information…
Read moreThe Fairness Group has issued a joint public statement as it sets out how the government will work with the advice sector to support vulnerable people and those in financial hardship. The Fairness principles are aligned to Financial Conduct Authorities (FCA) guidelines on Treating Customers Fairly. These Principles are embedded in the Cross Government Debt…
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The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make…
Read moreOfgem has announced its strategic review of the microbusiness energy market to better understand and address the issues faced by microbusinesses. Ofgem’s analysis shows that market information is often inaccessible, resulting in customers paying high prices and struggling to make informed decisions. Microbusinesses play a central role in the UK economy. According to government data,…
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The Financial Conduct Authority (FCA) has today published a discussion paper on Intergenerational Differences, exploring the changing financial needs of consumers from different age groups. The way people build and use wealth is evolving – having an impact on their financial needs. With one of the FCA’s statutory objectives being to protect consumers, it is…
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The Central Bank of Ireland has reprimanded and imposed a fine on Bank of Montreal Ireland for breaching a condition of its banking licence by failing to submit three operational risk returns to the Irish Central Bank, and failing to establish and maintain effective processes and internal controls to ensure compliance with this regulatory reporting…
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