Credit, collections & insolvency news
The FCA is consulting on proposed changes to the fees financial services firms pay to cover the cost of regulation. The minimum fee, which has remained largely unchanged over the last decade, would increase from £1,151 to £2,200. The FCA is also proposing changes to the calculation of consumer credit firm fees to bring them…
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The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…
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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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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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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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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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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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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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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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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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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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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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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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