One in ten relying on Buy Now Pay Later for Christmas

25th November 2021 Alternative Consumer Lending | #BNPL

Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…

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PSR sets out plans for mandatory reimbursements for APP scams

Individuals who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans by the Payment Systems Regulator (PSR). The PSR is also calling for the biggest banks to publish their performance data in relation to authorised push payment (APP) scams. The PSR is consulting on proposals…

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Credit & Collections Technology Awards announces 2021 winners

5th November 2021 Arrears and Recoveries | #innovation

The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…

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Payment Systems Regulator publishes card-acquiring market review

4th November 2021 Consumer Lending | #payments

The Payment Systems Regulator (PSR) has published its final report into its card-acquiring market review. The document sets out the regulator’s conclusion that the supply of card-acquiring services does not work well for small and medium-sized merchants and large merchants with annual card turnover up to £50 million. Merchants with annual card turnover between £15,000…

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FOS agrees to review firms’ early settlement offers

The Financial Ombudsman Service (FOS) is to review offers made by firms to their clients in early settlement cases. FOS that in light of concerns that taking a more neutral stance could jeopardise fairness and consistent outcomes it had proposed to present proactive offers from businesses ‘neutrally’ to customers, essentially making clear that in putting…

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PSR sets out plans for fraud prevention tool

The Payment Systems Regulator (PSR) has set out its latest plans to fight fraud and protect victims of APP scams by outlining its next steps for the wider implementation of fraud prevention tool, Confirmation of Payee (CoP). Every year thousands of individuals and businesses fall victim to Authorised Push Payment (APP) scams – where they…

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BNPL consultation launched by HM Treasury

22nd October 2021 Alternative Consumer Lending | #BNPL

HM Treasury has launched a consultation on possible Buy Now, Pay Later (BNPL) regulation. The consultation is seeking views to inform the scope and nature of the regulation, but the document suggests that some existing regulation can be applied to BNPL. and picks up on all the most important elements that can cause consumer detriment. The…

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FCA report calls for legislative change to protect consumers

22nd October 2021 Consumer Collections |

The Financial Conduct Authority (FCA) has called for legislative change to address concerns beyond its remit in its latest Perimeter Report. .The report recommends that duties on internet companies in the Online Safety Bill should extend to paid-for advertising, as well as user-generated content. The FCA also believes that the Bill should designate content relating…

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Bank of Gran and Grandad shared £437m during stamp duty holiday

1st October 2021 Consumer Collections |

The Bank of Gran and Grandad gifted £437.3 million towards buying homes for younger relatives over the last 15 months, during the stamp duty holiday, according to equity specialist company Key. The relief from the tax ended on 30th September but during that time over-55s have given almost £1 million a day to younger family…

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FCA warns insurance firms over governance rules

26th August 2021 Consumer Collections |

As part of efforts to tackle the loyalty penalty, insurers in the UK (from 1st October) will be required to offer better value for money policies to existing customers. However, the Financial Conduct Authority (FCA) says too many firms were failing to meet existing regulatory standards let alone the tougher rules coming in. A new…

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High Court backs Provident Financial’s partial repayment scheme

5th August 2021 Alternative Consumer Lending |

Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…

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FCA proposes streamline decision-making change

30th July 2021 Consumer Collections |

The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…

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FCA will not block Provident’s compensation scheme

15th July 2021 Alternative Consumer Lending |

The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…

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