Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has launched a new five-year strategy which aims to deepen trust, rebalance risk, support growth and improve lives. The FCA says it will focus on four priorities: Be a smarter regulator; predictable, purposeful and proportionate. The FCA will improve its processes and embrace technology to become more efficient and effective.…
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The Bank of England has announced that it has held the base rate at 4.5%. The rate-setting Monetary Policy Committee voted in a 8 to 1 split in favour of holding the rate, one member preferred to reduce the bank rate by 0.25 percentage points, to 4.25%. The bank rate was cut from 4.75% to…
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New research by Which? has found that car and home insurers are charging annual percentage rates (APRs) equivalent to credit card lenders for customers who pay for cover monthly payments. The research found that the average annual percentage rate (APR) for car insurers charging monthly is 22.84%, while home insurers average 21.59%. The consumer group…
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The Treasury has announced that it has launched a review of the Financial Ombudsman Service (FOS) to address concerns that it has been acting as a ‘quasi-regulator.’ The announcement is part of wide-ranging plans by the Government to cut between 100 and 130 regulatory bodies currently in the UK. It aims to streamline dispute resolution…
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The Financial Conduct Authority (FCA) is considering whether to remove or increase the contactless card limit to enhance economic growth and benefit households and businesses. The FCA says that damilies and businesses across the country could benefit from greater choice, flexibility and smoother purchases. Making regulation less prescriptive would also give firms greater control and…
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The UK’s self-employed workers and freelancers are making huge personal and professional sacrifices just to achieve their home-ownership ambitions according to new research by Together, Many of the country’ entrepreneurial wealth creators have put on hold important life plans such as marrying, having children or expanding their businesses – potentially hitting future earning potential –…
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The Government has announced that the Payment Systems Regulator (PSR) will be abolished and its remit absorbed by the Financial Conduct Authority (FCA). The move comes amid concern that the financial regulatory system is overly complex. The PSR, which looks after payment systems like Faster Payments and Mastercard, will mainly be consolidated into the Financial…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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The Financial Conduct Authority (FCA) has promised swift action on making mortgages more accessible, with the regulator set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. The FCA will look at options for making it easier to access options such as remortgaging with a new lender and reducing…
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The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have appointed Martyn Beauchamp as Chief Executive Officer (CEO) of the Financial Services Compensation Scheme (FSCS). Beauchamp has been Interim CEO of the FSCS since October 2023, and during this time he has successfully overseen the FSCS’s transition to a new operating model. Prior to…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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Latest Office for National Statistics (ONS data has shown that inflation rose faster than expected in January, up from 2.5 per cent in December to 3 per cent. This is the highest annual rate of inflation since March last year. The increase was driven primarily by increases in the cost of transport, food, and non-alcoholic…
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The Financial Conduct Authority (FCA) has warned of a growing number of misleading and illegal financial promotions, with the regulator saying that almost 20,000 financial promotions were withdrawn or amended after intervention in 2024. This is almost double the number of cases recorded in 2023, when more than 10,000 were flagged. The report also shows…
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