Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced that it has as launched a consultation on how technology can improve and facilitate regulatory compliance. The FCA regularly explores how technology can make our regulations more efficient and reduce the regulatory burden on firms. One of the ways we do this is through ‘TechSprints’ that bring together…
Read moreJudge and Priestley LLP (J&P) has announced that it has recently gained Financial Conduct Authority (FCA) authorisation. This comes in addition to its traditional authorisation and regulation by the Solicitors Regulation Authority (SRA). The move to seek FCA authorisation came in response to increasing client demands for J&P Credit Solutions (J&P CS), the debt recovery…
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Thousands of people with mental health issues are trapped in a spiral of escalating according to latest research by The Money and Mental Health Policy Institute. The institute said that in 2017, 23,000 people were being pursued while in hospital for mental health problems. Money and Mental Health is asking for the government to consider…
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The Government is due to undertake a major review of university funding and student financing. In its unanimously-agreed Report on Student Loans, the Treasury Committee has made a series of recommendations, which the Government should address as part of its review. Interest rates Justification for high interest rates on student loans is questionable Above-inflation rate…
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Ofgem has launched an investigation into Energy company Iresa’s customer service processes. The investigation will examine whether Iresa broke rules relating to customer information and customer contact. This includes examining whether they treated customers fairly in their call handling and complaints processes, gave indebted customers sufficient notice that they were taking a debt repayment out of…
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The Insolvency Service has announced that two directors involved in a debt management business whose actions caused distress to members of the public who were already in financial difficulty have been disqualified. Stephen Anthony Wooley and Kevin John Dursley gave disqualification undertakings to the Secretary of State for Business, Energy and Industrial Strategy following an investigation…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) has announced the appointment of Marshall Bailey as Chair of the Financial Services Compensation Scheme (FSCS) with effect from 1 April 2018. The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Marshall Bailey…
Read moreThe government has launched a consultation asking for views on amending the Digital Economy Act to bring in data-sharing measures that could help bring down the bills of those most at risk of fuel poverty. The consultation will explore the use of powers which would allow the sharing of information between public authorities and energy…
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Trade association Energy UK has launched a new independently-chaired commission which will hold hearings across the UK over the coming months to hear from consumer, elderly, disability and mental health groups as well as experts on financial vulnerability. It will consider how vulnerability affects a customer’s ability to engage with the energy market and how…
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Open Banking is now a reality and its set to revolutionise the credit industry, especially credit assessment. Access to such data will facilitate better affordability checks and will help identify fraudulent applications as well as potential customers who are already in financial difficulty. But the sheer volume and granularity of the data is exciting and…
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The trial of Dharam Prakash Gopee has been concluded at Southwark Crown Court with the jury returning a guilty verdict to the charges brought by the Financial Conduct Authority (FCA) for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. Gopee described himself as “a lender of last resort”…
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The Central Bank of Ireland’s Director General, Financial Conduct today set out her priorities for the recently created financial conduct pillar of the Central Bank. Speaking in UCD, Derville Rowland highlighted the vital importance of trust and confidence in financial services and the system of regulation, and added that the accountability of senior personnel in…
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Almost 1 million vulnerable households on poor value deals will make big savings on their energy bills from this month after Ofgem extended the prepayment safeguard tariff. Customers will initially make annualised savings of around £115 on average because suppliers have to cut their prices to below the level of the safeguard tariff cap. These…
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