Credit, Collections & Insolvency News
The Treasury has been urged to boost the living standards of low-income working families by ending the freeze on benefits and tax credits and increase them in line with inflation at the Spring Statement next week. Ministers are being warned that a failure to end the freeze this year will increase poverty and make life…
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Full disclosure of commission paid on motor finance at the point of sale could be imminent following the publication this week of a new FCA review, according to motor finance e-commerce specialist iVendi. James Tew, CEO at iVendi said that the results were harder hitting than many in the industry expected and a clear sign…
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The Financial Conduct Authority (FCA) has written to credit card firms to highlight the findings of its multi-firm review of fees and charges in prime and sub-prime credit card products and firms. It shared the findings of its review with participant firms and a number of changes have been made to how customers are charged…
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The Financial Conduct Authority (FCA) has announced changes to its board. Consumer expert Richard Lloyd has been appointed as a Non-Executive Director to the Board of the Financial Conduct Authority (FCA). Lloyd has held senior roles in numerous consumer organisations, including Which?, where he was Executive Director. He is a founding trustee of the Money…
Read morePay.UK is the new home for Bacs, Faster Payments, and Cheque and Credit Clearing and, it has now completed the formal transition of their people, a skilled team with a wealth of experience across the UK’s complex payments industry. This is the final stage of bringing these important payment brands together under the Pay.UK roof,…
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The Financial Conduct Authority (FCA) has confirmed the introduction of a price cap to protect some of the most vulnerable customers in the UK in the rent-to-own (RTO) sector will be introduced from 1st April 2019 in a move which will save consumers in the UK up to £22.7 million a year. In the Policy Statement…
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The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector after uncovering serious concerns about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor finance…
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The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period. As most of the changes proposed will be made under powers given to the FCA under the EU (Withdrawal) Act, they are subject to approval by the Treasury. As…
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A major package of proposals to bolster competition and put consumers even more directly at the heart of the Competition and Markets Authority (CMA) has been published. Business Secretary, Greg Clark, attended an event hosted by Lord Tyrie, the Chairman of the Competition and Markets Authority (CMA), at which the proposals were launched. These are…
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Ofgem has issued a provisional order on energy supplier Solarplicity, banning the energy supplier from taking on new customers and increasing vulnerable customers’ direct debits, due to its poor switching process and customer service. The ban will remain in place for three months unless Solarplicity significantly improves by: Ensuring customer contact channels are improved, managed…
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The Financial Conduct Authority (FCA) has announced the appointment of Wanda Goldwag as the new Chair of the independent Financial Services Consumer Panel. The appointment, effective from 1 March 2019 for an initial three-year term, has been confirmed by HM Treasury. Wanda will be the public face of the panel, leading and giving strategic direction…
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Bailiffs are still not being held to account and will continue to inflict stress, anxiety and further financial hardship until the Ministry of Justice (MOJ) introduces independent regulation according to research by debt charities. The 11 debt and mental health organisations that make up the ‘Taking Control’ campaign on bailiff reform are calling on the…
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Ofgem has announced that the energy price cap for customers on default (including standard variable) tariffs, introduced on 1 January 2019, will increase by £117 to £1,254 per year, from 1 April for the six-month “summer” price cap period. The price cap for pre-payment meter customers will increase by £106 to £1,242 per year for…
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