Credit, Collections & Insolvency News
A director of three ‘mortgage support’ companies has been banned by the courts for nine and a half years after taking advantage of customers looking for urgent help with mortgage arrears. Daljit Dhillon, from Sutton Coldfield, appeared at the High Court in Birmingham on 13th September 2018 where an order was made to disqualify her…
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Ofgem has appointed Ovo Energy to take on Spark Energy Supply’s 290,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of Spark Energy Supply, which announced it was ceasing to be a supplier on Friday (23 November 2018). Separately, Ovo Energy has acquired Spark…
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The Financial Conduct Authority (FCA) has published a further consultation on its approach to the UK’s exit from the EU. The paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period. The FCA is working to ensure as smooth a transition…
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Ofgem has appointed Scottish Power to take on supplying Extra Energy’s 108,000 domestic customers and 21,000 business customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of Extra Energy, which ceased trading on Wednesday. Scottish Power is offering Extra Energy’s customers a competitive tariff and will…
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Spark Energy Supply, a domestic energy supplier with about 290,000 customers, has ceased trading in the energy supply market. Under Ofgem’s safety net, the energy supply of Spark Energy’s customers will continue as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on Spark Energy’s…
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Energy companies would have to demonstrate they have adequate financial resources and can meet their customer service obligations before Ofgem awards them a licence to supply energy under proposals announced as part of the regulator’s ongoing review into supplier licensing arrangements. Over the last decade more consumers have benefited from competition in the energy market, which…
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The Financial Conduct Authority (FCA) has proposed to introduce a price cap on the rent-to-own (RTO) sector. The cap, subject to consultation, will come into force on 1 April 2019 providing protection for some of the most financially vulnerable people in the UK. Once in force, the changes are expected to save consumers up to £22.7m per…
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Extra Energy, an energy supplier with about 108,000 domestic and 21,000 business customers, has ceased trading. It becomes the sixth energy company to cease trading this year. The other suppliers to cease trading this year were: Future Energy ( January) National Gas and Power (July) Iresa (July) Gen4U (September) Usio Energy (October) Under Ofgem’s safety…
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Ofcom has fined EE and Virgin Media a combined total of £13.3m for overcharging phone and broadband customers who wished to leave their contracts early. The penalties are the result of investigations into EE’s and Virgin Media’s early-exit charges. Phone and broadband companies can charge customers who decide not to see out the minimum term…
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Rule-breaking bailiffs are causing people increased stress, anxiety and financial hardship, according to new research published today by Citizens Advice and StepChange. The charities are calling for the government to step in and regulate the industry to prevent more people suffering at the hands of debt collectors who flout the rules. New figures reveal that…
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The interim findings of the Financial Conduct Authority’s (FCA) Mortgage Market Study have highlighted the challenge of mortgage prisoners. In addition, the report says long-term and lifetime lending is another concern and that the FCA is looking to firms to use their common sense to make sure they’re matching the right products to the right…
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The government and the Competitions and Markets Authority (CMA) are to undertake pioneering new research into the practice of retailers targeting online shoppers and charging people different prices for the same items through personalised pricing, such as holidays, cars and household goods. Personalised pricing involves customers spending different amounts when searching for the same products,…
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Ofgem has set the final level of the price cap, following the regulator’s statutory consultation published on 6 September, at £1137 per year for a typical dual fuel customer paying by direct debit. When the price cap comes into force suppliers will have to cut the price of their default tariffs, including standard variable tariffs,…
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