Credit, Collections & Insolvency News
New research by Consumers’ Association brand Which has revealed that the most expensive overdraft fees cost seven times as much as a payday loan. Which says it first raised the alarm over these fees in 2016 and is concerned that, despite scrutiny from the regulator, not enough has been done to protect consumers from these sky-high fees.…
Read moreThe Financial Conduct Authority (FCA) and the Insolvency Service have signed a Memorandum of Understanding committing the two organisations to increased collaboration. The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities. In it’s 2016 Corporate Governance reform: green paper, the government outlined measures…
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New research by Intrum suggests that GDPR is unknown to more than one out of four European businesses. The report shows that 27 percent of all businesses in Europe state that they have not heard of GDPR. The report also indicates that every eight (12 %) large corporation, defined as companies with more than 250 employees,…
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The Financial Conduct Authority (FCA) has published a decisions notice, which sets out its decision to ban Darren Newton from working in any regulated activity in the financial services sector Newton is disputing the FCA’s decision and has referred the matter to the Upper Tribunal at which the FCA and Newton will be able to…
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The debt collection industry has taken a step towards stopping people in debt with mental health problems from having to pay to prove their condition at the very time they are least able to afford to do so. Coinciding with Mental Health Awareness Week, the Credit Services Association (CSA), the voice of the UK debt…
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The government has announced that it will not review logbook loan reform as part of its Goods Mortgages Bill. The decision has been described as ‘deeply disappointing’ by the Money Advice Trust. The Bill, announced in the June 2017 Queen’s Speech, was drafted by the Law Commission following a comprehensive review commissioned by the Treasury in…
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The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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The Financial Conduct Authority (FCA) has published its interim report into the mortgage market. The FCA found that competition in the mortgage market is working well for many people. The FCA has identified a number of ways in which the market could work better for some people. The FCA’s proposals are particularly aimed at helping…
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The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee…
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The New Payment System Operator (NPSO) has confirmed that it has now taken over responsibility for the operation of two of the UK’s retail payment systems – Bacs and Faster Payments. The successful consolidation of the three operators has been a key focus for both the Payment Systems Regulator (PSR) and the Bank of England.…
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Energy provider, Eon has warned that the impending Government energy price cap will put off suppliers from serving vulnerable customers. At a Westminster Forum Energy market conference, Sara Vaughan, Political & Regulatory affairs director at Eon said “The price cap must include sufficient leeway to reflect the additional costs of serving vulnerable customers.” Vaughan demonstrated that figures show that customers…
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The Irish Central Bank has published its April update on the Tracker Mortgage Examination, showing that, at end-March, banks and smaller lenders had paid out €459 million to customers affected by their failings. This is an increase of €162 million since the December update on the Examination. The update also showed that an additional 3,400…
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Illegal lending loan sharks will face a fresh new crackdown today as the government announces new funding to tackle unlawful lending. Over £5.5 million will be spent to fund the fight against loan sharks, helping to investigate and prosecute illegal lenders and support their victims. 100,000 of money already seized from loan sharks will also…
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