Credit, Collections & Insolvency News
The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
Read more
The Financial Conduct Authority (FCA) has outlined plans to encourages account providers to do more to support those who want a bank account but don’t have one. The FCA has recognised that banks, building societies and payment firms are trying to support customers to access accounts and is encouraging them to build on examples of…
Read more
Latest data from the Financial Ombudsman Service (FOS) has shown that complaints from bank customers over financial products soared 70% last quarter from a year earlier. The rise was mostly driven by disputes linked to credit cards and car loans, FOS data shows that there were almost 74,645 complaints in the last quarter compared to…
Read more
Analysis from Broadstone has found that Credit Union lending has increased by 42% over just the past four years, in evidence of borrowers’ ability and willingness to shop around beyond major high street banks and lenders. The research from the independent financial services consultancy shows that as of the end of 2023 Credit Unions have £2.3…
Read more
The Financial Services Compensation Scheme (FSCS) paid out £423m in compensation to customers during 2023/24. The data showed that £262m for FSCS’s claims service, which includes claims for investments, pensions and financial advice with paid out £160m to customers of failed insurers and £1m for deposits held with failed credit unions. The FSCS recovered £54m from…
Read more
The Financial Conduct Authority (FCA) is extending its investigation into the motor finance market, saying it will set out the next steps of its review into discretionary commission arrangements (DCAs) in May 2025, rather than this September. The regulator said that firms involved in our review have engaged with us constructively, but many have struggled…
Read more
The Financial Conduct Authority (FCA) has launched a review of financial services rules as it looks to strip back red tape. The City watchdog said the burden of regulation ‘could be streamlined’ and has called on the industry to identify rules which could be scrapped or simplified as they ‘overlap’ with consumer duty. The…
Read more
Four high street banks – HSBC, Lloyds, TSB and Allied Irish Bank (AIB) failed to comply with banking rules put in place by the Competition and Markets Authority (CMA) to help their customers. Under the Retail Banking Market Investigation Order 2017 – put in place by the CMA after it found competition concerns in the retail…
Read more
Banks in the UK will be banned from shutting down too quickly under new rules aimed at helping people access cash. The Financial Conduct Authority (FCA) has introduced a policy that requires banks to provide alternatives for customers affected by branch closures. While the changes cannot prevent the closure of bank branches, they will ensure…
Read more
The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are scrutinising the benefits and potential risks of digital wallets as analysis suggests that over half of adults may be using services like Apple Pay, Google Pay, and PayPal. As well as looking at the advantages digital wallets offer consumers, the regulators will also…
Read more
More than a quarter in the dark about interest rates and the price impact on payments according to research by Hargreaves Lansdown. The research found that 27% of people don’t know what interest rate they’re getting on their savings. This rises to 31% of the squeezed middle (aged 35-54), 35% of women, and 38% of…
Read more
The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…
Read more
Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…
Read more