Credit, Collections & Insolvency News
Latest figures released by the Registry Trust shows that the number of consumer debt judgements increased in Ireland during Q1 2019. There were 595 judgments registered against consumers in Ireland during Q1 2019, 26 percent higher than the same quarter of the previous year, according to figures released today (April 29 2019) by Registry Trust.…
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‘Outdated and punitive council tax regulations’ are encouraging local authorities to collect arrears aggressively and is causing people serious financial harm, according to new research by Citizens Advice. Citizens Advice new research shows missing an average council tax payment of £167, in the first month of the financial year, can escalate to a debt of…
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Over one million consumers who do not have a bank account pay on average £485 for household services according to new research by Pockit. The digital current account provider found that around 1.23 million ‘unbanked’ individuals are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. The…
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The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…
Read moreThe Financial Conduct Authority (FCA) has published its Business Plan for 2019/20, which outlines the key priorities for the coming year. As the UK finalises preparations to leave the European Union, the immediate priority will remain supporting an orderly transition post-exit. The FCA will also continue to play a leading role in shaping the global…
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The Financial Conduct Authority (FCA) has issued a reminder to authorised firms that they need to start preparing today for the Senior Managers and Certification Regime (SM&CR) to be ready for the new regulation coming into effect on 9th December 2019. The FCA has already rolled out the SM&CR to banks and insurance firms, and…
Read moreVulnerable people who fall behind with Council Tax payments will have greater protection from aggressive debt enforcement under new plans to improve the way councils collect arrears. Following concerns from charities, debt advice bodies and local councils, ministers are moving forward with work to create a fairer, more efficient and compassionate debt recovery system. Local…
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Companies applying for a licence to supply energy will have to undergo more stringent tests from June in order to help drive up standards for customers and reduce the risk of supplier failure. Applicants will need to demonstrate they can adequately fund their operations for their first year, outline how they expect to comply with…
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The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA. The announcement follows FCA investigations into two areas of Standard Chartered’s business identified…
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The Financial Conduct Authority (FCA) has began regulating the claims management industry. All claims management companies (CMCs) in England, Scotland and Wales will now have to demonstrate they meet and maintain minimum standards set by the FCA. All existing and new CMCs will need to apply to the FCA for authorisation. More than 900 CMCs…
Read moreThe Financial Conduct Authority (FCA) has published its final instruments and guidance that will apply in the event the UK leaves the EU without a deal or an implementation period. As the UK prepares to leave the EU, the FCA has been working to deliver a transition that is as smooth as possible. The package…
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On the 1st April £1.67 billion is set to be added to the nation’s energy bill and, according to new analysis from price comparison and switching service uSwitch.com, the hardest hit will be those who can least afford it. Last month, Ofgem announced that it was increasing the level of the price cap on poor value…
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Eleven million households are being urged to shop around and switch energy provider to avoid a £117 (10%) price hike caused by the Government’s own energy price cap. Research carried out by weflip has looked at 318 energy deals and found that 297 will be cheaper than the energy price cap in April, with 193 that…
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