Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Santander UK £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. An investigation found that between 31st December 2012 and 18th October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account…
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The Payment Systems Regulator (PSR) has outlined the technical process that banks and building societies will have to follow as part of its new reporting requirement for authorised push payment (APP) scams. APP scams are a major problem in the UK. In the first half of this year, there were over 95,000 incidents of APP scams, with…
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The Financial Conduct Authority (FCA) has proposed new measures to clamp down on illegal, unfair or misleading financial marketing. The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to…
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The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…
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The National Audit Office (NAO) has warned of a lack of progress in tackling criminal fraud. NAO analysis shows that fewer than one in two hundred cases of fraud reported to the police resulted in a criminal charge last year. The report shows that although the number of cases of reported fraud had risen from…
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The Financial Conduct Authority (FCA) has obtained a judgment against London Property Investments (LPI), NPI Holdings Limited, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without FCA authorisation and exploiting vulnerable customers who were in financial difficulty. The judgment found that the defendants arranged high-interest, unaffordable bridging loans for consumers about…
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More than 1,000 customers will receive payments after the Competition and Markets Authority (CMA) found Barclays failed to send PPI information. The CMA has written publicly to Barclays after the bank failed to send a reminder to customers of payment protection insurance (PPI) policies. Under the CMAA’s PPI order, PPI providers must send annual reminders…
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New data published by the Financial Conduct Authority (FCA) has shown that the regulator intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. Retail lending, investments and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to…
Read moreThe Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…
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Mark Steward has announced he will be stepping down as the Financial Conduct Authority’s (FCA) Executive Director of Enforcement and Market Oversight after seven years with the regulator. Since joining the FCA in 2015, Stewards has led the delivery of some of the FCA’s most complex, high-profile, and precedent-setting enforcement cases, with many notable successes…
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The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for significant weakness in its financial crime systems and controls. Between June 2014 and July 2017 Gatehouse failed to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing. Gatehouse also failed to undertake the correct…
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The Payment Systems Regulator (PSR) has confirmed plans to force banks to introduce new anti-fraud measures. The PSR said around 400 more firms would be required to use the name-checking service, called confirmation of payee (CoP) which helps to make sure payments are not sent to the wrong account by mistake, or to accounts run…
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Banks will be forced to reimburse anyone who loses more than £100 to bank transfer or payment fraud, under new plans outlined by the Payment Systems Regulator (PSR). As of next year, victims will get their money back in all but exceptional cases. The regulator said the policy change will incentivise banks and building societies…
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