Credit, Collections & Insolvency News
The Contingent Reimbursement Model (CRM) Code which puts in place requirements for signatory Payment Service Providers (PSPs) to detect, prevent and reimburse Authorised Push Payment (APP) fraud will close on 7th October as new statutory rules on APP fraud reimbursement come into effect, the Lending Standards Board (LSB) has confirmed. Since its introduction in 2019,…
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The Financial Conduct Authority (FCA) has fined Starling Bank £28,959,426 (nearly £29 million) for financial crime failings related to its financial sanctions screening. The investigation also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme’s (FSCS) board. Passey will take up the role on 1st October 2024. Over a 30-year career, Passey held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley. She…
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The Payment Systems Regulator (PSR) has announced that it has appointed Andrew Buckley as a Non-Executive Director (NED) to its board with immediate effect. Buckley is a Simon Industrial Fellow at The University of Manchester, researching service innovation and central bank digital currencies. He is an experienced Board member with financial services experience including prior…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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The Payment Systems Regulator (PSR) has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. The PSR says that having given careful consideration to all the feedback and information received, the board has decided that the maximum reimbursement limit for Faster Payments will be £85,000. The PSR’s requirements will provide protections…
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The Financial Conduct Authority (FCA) has announced new measures to better protect customers when payments and e-money firms go out of business. The use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms. Funds held by payments and e-money firms are not directly…
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The FCA has today announced that it has extended the pause to the deadline for motor finance firms to provide a final response to customer complaints regarding discretionary commission arrangements (DCAs) which could impact car finance providers until December 2025. In January 2024, the FCA announced a review into whether motor finance customers have been overcharged…
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HSBC has backed calls for tech firms to help cover the cost of fraud, saying incoming compensation rules will not be enough to prevent scams. The Payment Systems Regulator (PSR) is expected to make reimbursement of up to £85,000 mandatory from 7th October with most firms having failed to sign up to, or consistently apply,…
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The Bank of England has announced that it has held interest rates at 5% for a second month. The committee voted 8:1 to keep rates on hold, with one vote for a cut. Commenting on the announcecment, Grace Brownfield, Senior Influencing Manager at the Money Advice Trust said “Millions of homeowners are already under pressure…
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Following the cut in the Bank Rate last month, the first since March 2020, almost half of UK adults (44%) think that based on the current economic conditions the Bank of England’s Monetary Policy Committee (MPC) should cut the Rate again at lunchtime today. Around a quarter (23%) want to see a 0.50 percentage point…
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Inflation in the UK remained unchanged at 2.2% in August, according to the Office for National Statistics (ONS), aligning with economists’ predictions. However, core inflation increased to 3.6%, up from 3.3% in July. The Bank of England, which recently cut rates for the first time since the pandemic, is expected to proceed cautiously due to…
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The Financial Conduct Authority (FCA) has significantly increased its enforcement actions, cancelling the authorisation of 1,261 firms and used its powers to intervene against 34 firms, who caused serious concerns, up 68% on 2022. The figures are more than double the previous year’s figure according to the regulators annual report. The regulator also said that it…
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