Credit, Collections & Insolvency News
Styles & Wood has announced that it has secured new contracts to deploy its Award-winning Arctick Governance Risk and Compliance RegTech solution to support two financial services firms. Artick won Best Regulatory Technology solution at the 2017 Credit & Collection Technology Awards. Go Car Credit Limited, a consumer motor finance lender, has chosen an off-the-shelf…
Read more
Ofgem has proposed new rules that would lead to UK consumers saving £5 billion on energy bills over five years. The Office of Gas and Electricity Markets (Ofgem) has announced a proposal to input strict price controls on energy costs. The proposals will lead to £15-£25 in savings per year for household consumers and 5…
Read more
Ofgem has today outlined its commitment to cap the energy bills of millions of households on poor value default deals by the end of 2018 if legislation is passed this summer. The price cap, outlined in government legislation unveiled last week, will protect these people from being overcharged for their energy. Around 12 million households…
Read more
Ofgem has announced that is going to formally back-billing. Energy firms will be banned from charging catch-up bills for energy used more than 12 months earlier. Customers who pay via direct debit often receive bills based on estimated meter readings. When an actual reading is taken, the supplier “back-bills” the customer for any shortfall. A…
Read more
A new app that can help users save hundreds of pounds every year by managing their recurring payments has become the first of its kind to be regulated in the UK. Bean (usebean.com) connects to individual bank and credit card accounts and tracks all regular payments, including subscriptions and household bills, alerting users to opportunities…
Read moreCitizens Advice has called on the Government to act on high-cost credit. Matthew Upton, Head of Consumer Policy at Citizens Advice, will give evidence to the Government’s Treasury Committee as part of its inquiry into household finances today (Thursday 1st March). The national charity says households are facing growing insecurity due to more unpredictable incomes…
Read more
The Payment Systems Regulator has announced the outcome of its consultation on introducing a contingent reimbursement model for victims of authorised push payment (APP) scams. An industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection. The consultation, which ran from November 2017 to January 2018,…
Read more
One in two UK consumers would be happy to share transaction data with third parties if offered a more personalised service according to new research. One in three would be happy to use banking services from technology companies, because of the personalisation they offer. UK Banks that missed last month’s Open Banking deadline are facing…
Read more
The Financial Conduct Authority (FCA) has announced that it has imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP). The firm will also repay an estimated £168,781,000 in compensation which constitutes the amount of the charges not disclosed…
Read moreThe Financial Conduct Authority (FCA) has announced that it has launched a consultation on proposals to make information available on a wider range of individuals at authorised firms. The FCA and Prudential Regulation Authority (PRA) currently maintain a public Financial Services Register, “the FS Register”, of the firms that regulate and approve individuals. In July 2017, the…
Read more
A one percent interest rate rise would add £10billion to the UK’s mortgage bill, ultimately adding £930 a year to the cost of servicing the average mortgage, according to new analysis from international property adviser, Savills. Four in 10 borrowers on variable rate mortgages would be first to feel the pain. Their annual mortgage bill would…
Read more
Legislation to cap energy prices for over 11 million households will go before parliament today. This bill will impose a temporary total cap on the cost of all default tariffs. Responding to the introduction of the Domestic Gas and Electricity (Tariff Cap) Gillian Guy, Chief Executive of Citizens Advice, said “This bill is good news for…
Read more
Even the best intentions and clear strategy won’t give organisations peace of mind on GDPR compliance without the means to identify and repair system breaches. For those of us whose business owes its existence to the digital age and the proliferation of shared data, I think there’s overwhelming acceptance of the need to update the…
Read more