Credit, Collections & Insolvency News
The Bank of England has maintained the base interest rate at 3.75% but warned that rates could increase this year as officials look to curb inflation following a ‘significant energy price shock’ from the conflict in the Middle East. The Bank’s Monetary Policy Committee (MPC) voted eight to one to keep rates unchanged, with Chief…
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The Financial Conduct Authority (FCA) has published a review into whether Annual Percentage Rates (APRs) help consumers understand borrowing costs, with the regulator seeking views on whether it should change how these are communicated in credit advertising. APRs indicate the yearly cost of borrowing, including interest and fees. A representative APR means at least half…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced that firms will benefit from reduced costs and greater flexibility, and find it easier to comply with the Senior Managers and Certification Regime (SM&CR). The changes, which come as the first phase of a multi-stage package of reform from the Government and regulators, will maintain the core principle of senior leader accountability, and will benefit firms by giving more time to submit senior…
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The Government has announced new measures on how it intends to modernise payment services regulation and update it to support innovations in money and payments. The measures include improving the regulation of payment services and electronic money by integrating it with the UK’s core regulatory approach for financial services. This will mean establishing a single,…
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With just three months until new buy now pay later (BNPL) regulations come into force on 15th July 2026, RSM UK warns firms need to ensure they are fully prepared for the changes now, or face no longer being authorised to provide credit to consumers. Zoe Morton, Consulting Director at RSM UK said “Firms providing…
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Adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the Financial Conduct Authority (FCA) logo without permission have been banned by the FCA. Conclusive Financial Ltd (Conclusive), a claims management company (CMC) which also trades as PCP Refunds, was required to remove its advertising…
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The Financial Conduct Authority (FCA) has outlined new measures that aim to give consumers and businesses greater control over their financial data to help secure better deals. The FCA says that open finance will unlock the potential for people and businesses to share their financial data securely with a range of financial services providers, helping…
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A criminal from London has been sentenced at Southwark Crown Court to four years and five months in prison after defrauding customers of potentially up to £500,000 over 19 months. The sentencing follows investigation and arrest by a specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between October 2022 and…
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Some of the UK’s leading lenders have expressed their frustrations with UK banking regulation in a new report from the Association for Financial Markets in Europe (AFME). AFME welcomes the FPC’s move to lower its benchmark for Tier 1 capital requirements, which reflects both the effectiveness of postcrisis reforms and improvements in risk measurement. However, AFME cautions that a reduction…
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Mortgage rates have risen significantly since the start of the war in Iran, leaving homeowners facing steep increases in monthly payments – at a time when living costs are already rising across the board, warns Sprive. According to Moneyfacts, the lowest available 2-year fixed deal before the start of the conflict in the Middle East…
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The Government has announced a crackdown on unwanted and misleading subscriptions, which will save consumers around £400 million every year. The new rules will make it simpler and far less painful to escape unwanted subscriptions, stop people from being silently rolled onto expensive contracts and ensure that companies are upfront and open when selling subscription…
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The Financial Conduct Authority (FCA) has announced a £9.1 billion motor finance redress scheme, a significant reduction from earlier estimates of £11 billion. The number of qualifying agreements has decreased from 14.2 million to 12.1 million, leading to lower overall costs. Millions of motor finance customers will receive compensation this year under a Financial Conduct Authority (FCA)…
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UK Finance has launched a new Accessible Cards Code of Practice, designed to help customers with accessibility needs or impaired vision use payment cards in-store and online. The Code means the UK is the first country in the world to have national common accessibility guidelines for flat printed payment cards. The new guidelines cover physical…
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