Credit, Collections & Insolvency News
Mortgage customers who have previously been unable to switch mortgages despite being up-to-date with their payments (commonly known as mortgage prisoners), could soon be able to find a cheaper deal after the Financial Conduct Authority (FCA) proposed changes to how lenders assess whether or not a customer can afford the loan. In the final report…
Read moreIn line with its statutory duty, the Financial Conduct Authority (FCA) has reviewed the retained provisions of the Consumer Credit Act (CCA) 1974, and set out its findings in a new report. The new report says that the government has an opportunity to change the rules on intimidating creditors’ letters, which are contributing to people…
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Shell has today rebranded First Utility as Shell Energy* and confirmed that it has switched all of its British residential customers to 100% renewable electricity. The brand change comes a year after Shell acquired First Utility, one of the largest challenger energy suppliers in Great Britain. An Ipsos Mori survey of UK household electricity bill…
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The second phase of a new access model for non-bank payment service providers (PSPs) has recently gone live. The new model allows non-bank PSPs to utilise client funds to support payments made via the Faster Payments system. Bacs is due to go live with this model later this year. The first phase previously went live…
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The Financial Conduct Authority (FCA) has reaffirmed the regulator’s focus on affordability, business models and culture in the consumer credit sector. Speaking in London this week, Jonathan Davidson, executive director of supervision – retail and authorisations at the FCA, noted that growth in the sector has slowed, increasing 6.5% over the last 12 months, according…
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The Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) have signed a memorandum of understanding with the European Banking Authority to share information and co-operate if there is a no-deal Brexit. The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities. Following agreement on the…
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The Financial Conduct Authority (FCA) has published its second thematic review of the debt management sector, looking at commercial and not-for-profit firms that provide debt advice and administer debt management plans to help customers deal with their debts. The FCA’s first thematic review in 2015 found significant concerns with the quality of advice being given…
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Ofgem has appointed SSE to take on supplying Brilliant Energy’s 17,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. SSE is offering Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, a competitive tariff. All outstanding credit balances, including money…
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Wonga’s insolvency administrator Grant Thornton has said that complaints against failed lender Wonga rose to over 40,000. The Financial Ombudsman Service (FOS) told the Treasury Committee in January 2019 that at the point that Wonga went into administration in August 2018, there were ‘about 10,500’ consumers who had complaints open about the payday lender but…
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The Financial Conduct Authority (FCA) has fined The Carphone Warehouse £29,107,600 for failings that led to the mis-selling of “Geek Squad” a mobile phone insurance and technical support product. This follows an FCA investigation which stemmed from whistleblowing reports. The FCA found The Carphone Warehouse failed to give its sales consultants the right training to…
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Brilliant Energy Supply, an energy supplier with about 17,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of Brilliant Energy’s customers, including those supplied under a ‘white label’ arrangement with Northumbria Energy, will continue and the outstanding credit balances of domestic customers will be protected. Ofgem will choose a new…
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The Treasury Committee has published a unanimously-agreed Report on Economic Crime – Anti-money laundering supervision and sanctions implementation. The report outlines that: More precise estimate of the scale of economic crime in the UK needed Government should review the UK’s anti-money laundering supervision more frequently UK shouldn’t compromise in the fight against economic crime to…
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The Financial Conduct Authority (FCA) has announced that the Financial Ombudsman Service (FOS) will soon be able to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 limit will increase to £350,000 for complaints about actions by firms on or after that date. For complaints about…
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