Credit, Collections & Insolvency News
An Economic Letter by Martina Sherman, Tiernan Heffernan and Bryan Cullen provides, for the first time, comprehensive data on the personal contract plans (PCPs) market in Ireland. The data was compiled following a survey of all lenders in the PCP market by the Central Bank statistics division to provide a reliable data source on the…
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The Financial Ombudsman Service has published its latest six-monthly complaints data on individual business and groups today. The data features complaint numbers about banks, insurance companies and other financial businesses received by the ombudsman service between 1 July – 31 December 2017. • 219 businesses feature in the complaints data – down by 11% when compared…
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New research from Citizens Advice shows high-interest rates, late payment fees and expensive add-ons are leaving rent-to-own consumers struggling to pay for goods that they can end up having to return. Figures in the charity’s new ‘Rent to Return’ report show if existing rent-to-own loans were priced down through a similar cap to that on…
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Ofgem has banned Iresa from taking on new customers, increasing existing customers’ direct debits, and asking them for one-off-payments, for up to 3 months until it resolves customer service issues. Over this period, Ofgem has ordered Iresa to improve the service it provides to its customers, including in the following ways: (2) extending call centre…
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The Financial Ombudsman Service (FOS) is to carry out an internal investigation following a television exposé by Channel 4’on its “Dispatches” programme. Chief Executive Caroline Wayman has replied to a letter from Treasury Committee chair Nicky Morgan and says FOS will appoint an independent party to “better understand and address the concerns raised” by the…
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The Financial Conduct Authority (FCA) has published its approach to Supervision and Enforcement. When the FCA launched its Mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. These articulate how the FCA carries out its main activities, aiming to provide transparency to its thought process…
Read moreRent to own specialist, PerfectHome has agreed with the Financial Conduct Authority (FCA) a package of redress totalling over £2.1 million. This will be made up of cash payments and balance write-offs for 37,000 customers. PerfectHome (a trading name of Temple Finance Limited) is a rent-to-own firm which provides household goods to customers on hire…
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New research from Citizens Advice shows that extending the same rules that cover payday loans to the doorstep lending market could prevent their customers getting into problem debt, and save up to £123 million in interest payments on up to 540,000 loans each year. It is calling on the Financial Conduct Authority (FCA) to give…
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Proposed reforms that would allow high court enforcement officers and certificated enforcement agents to enforce small sum County Court Judgments and Consumer Credit Act judgments have been put to the Government in a joint industry submission. The joint submission by the High Court Enforcement Officers Association (HCEOA) and the Civil Enforcement Association (CIVEA) has been…
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The Financial Conduct Authority (FCA) has said that it will continue investigations into the “risk of harm” posed by motor finance. In its motor finance investigation, the FCA revealed that it had already concluded that “the largest lenders’ approach to credit risk and asset values appears robust” and that “consumers in the lowest credit score…
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This month marks one year since the launch of the Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they fall behind on payments. Dan Osmond, Product Owner, Lloyds Banking Group said: “As we explore the future design of customer budgets in a fast changing…
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Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
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The Financial Conduct Authority (FCA) has today published a discussion paper on transforming culture in financial services which presents views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector. The paper is a set of essays that discuss what a…
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