Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has saiD it has blocked nearly 30% more companies from operating over the past 12 months than in the previous year. The regulator said it had cancelled the authorisation of 627 firms in the year to the end of March. The FCA said the proportion of firms it did not…
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The Financial Conduct Authority (FCA) is to target those using social media to promote financial products or services, amid concern over firms selling crypto schemes and financial products via misleading adverts. The regulator is set to issue guidance to modernise the information firms should use when promoting financial products or services online. This comes as…
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Data released by Cifas and UK Finance reveals that in the first six months of 2023 there were 17,286 cases with intelligence indicating money mule activity filed to the Cifas National Fraud Database. Of these, 3,881 involved young people aged 21 and under which now make up one in five (23%) of all cases filed…
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The Security Minister convened a meeting of the Joint Fraud Taskforce to discuss measures to tackle fraud including an online fraud charter. Representatives from across the private sector met at 10 Downing Street to update government on progress made to tackle fraud and protect the public from scams. The Security Minister, Tom Tugendhat, convened a…
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Nearly nine out of ten brokers (86%) are confident about their awareness of Consumer Duty just weeks ahead of its implementation, according to new research from Hodge. Two thirds (61%) of brokers do want to have more information about CD from financial providers to help them with the imminent changes, however. The specialist lender quizzed…
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The Financial Conduct Authority (FCA) will target home and car insurers that have failed to improve their treatment of struggling customers, saying that firms are taking a long time to deal with complaints and that customers have not been given appropriate settlements. Following an increase in complaints about insurance claims, the FCA uncovered examples of…
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New research from Ipsos and Fair4AllFinance shows that 3 million people have borrowed money from an illegal ‘loan shark’ lender over the past three years, as high-street lenders turn people worrying about rising bills and mortgage rates away while the cost of living bites. Results from a new online survey amongst a representative quota sample…
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Around 85 per cent of lenders operating in the UK’s mortgage market have signed a government charter agreeing to support borrowers. The Charter was published following the Chancellor’s meeting with lenders on Friday to discuss the impact of rising mortgage rates on homeowners. Chancellor Jeremy Hunt says the new Mortgage Charter signed by lenders will…
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The Joint Regulatory Oversight Committee (JROC) has published a joint paper setting out five high-level principles for banks and registered third parties to follow when agreeing to a premium Application Programming Interface (API) commercial model. Premium APIs will allow new open banking products and services to be offered. These include variable recurring payments (VRPs), which…
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People are increasingly fed up with the job the Bank of England is doing setting interest rates to control inflation according to research by Hargreaves Lansdown. The research found that the number of people who are satisfied minus the number who are dissatisfied leaves us at minus 13% – worse than the February figure of…
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With less than two months to go before the new Consumer Duty deadline, two-thirds (65%) of UK lenders admit they are yet to fully review the regulation requirements, according to new research from AI powered transaction analytics firm, Fuse. The FCA’s new Consumer Duty will come into force at the end of July 2023. It…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2023 by 15% compared with the same month in 2022. The corresponding value of new business fell by 16% over the same period. In the first four months of 2023, new business fell 8%…
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A new study from Juniper Research, has found that spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023. Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared…
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