Credit, Collections & Insolvency News
Following a high profile campaign by the Money and Mental Health Policy Institute, the Government has announced that their new ‘breathing space’ debt respite scheme will be extended to cover people receiving NHS mental health crisis services. The campaign victory comes after the charity, established by Martin Lewis, revealed that 23,000 people in England were…
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Latest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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The first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. TransferWise, a Financial Conduct Authority (FCA)-regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system. A key component of this work involved the Bank extending settlement account access…
Read moreThe proliferation of new payment methods, e-wallets, and blockchain cryptocurrencies has allowed cheap and rapid payments for everything from holiday cash to business to business transfers. However, this boon is part and parcel of the new ‘trust economy’ and it is not risk-free. Businesses will have to intelligently respond to the increased hazards posed by…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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Two bosses have been disqualified for a combined total of 23 years after transferring more than half a million pounds from their own debt management companies. Andrew Brooke (45) and Gary Gregson (38) have been disqualified for 13 and 10 years respectively and are now prevented from acting, directly or indirectly, as directors of companies. Gary…
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The number of fines handed out for money laundering and terrorist financing rule breaches has fallen 20 percent in the last year as tougher enforcement delivers a wake-up call, anti-money laundering and Big Data specialist Fortytwo Data reveals today. It follows record enforcement in 2015/16 when 1,170 professionals – including lawyers, accountants and those in…
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As part of the launch of the Financial Conduct Authority’s (FCA) business plan, the FCA has announced that it has increased its spending on Brexit to £30 million and will need to raid other budgets to cover the cost as the clock ticks down towards EU withdrawal. This year the FCA has taken £14 million from its…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
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The Government is to launch a call for evidence following concerns that a minority of bailiffs are still acting aggressively when collecting money from debtors –, particularly from vulnerable people. The call for evidence, which will be launched shortly, will look to those directly involved to share their experiences to help stop this in its…
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The Financial Conduct Authority (FCA) has published its policy statement and finalised guidance on staff incentives, remuneration and performance management in consumer credit firms. In the latest Policy Statement, the FCA has responded to feedback arising from CP17/20 and published final rules for staff incentives, remuneration and performance management in consumer credit firms. These come into force on…
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Morses Club has responded to recent reporting on the Home Collected Credit sector calls for the tighter regulation. In a statement Morses said that it offers transparent fixed interest rate products and does not charge its customers any fees or penalties for late payments, ensuring they never pay more than their original agreement, regardless of…
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