Credit, Collections & Insolvency News
Soaring energy, food and fuel prices have forced 1.2 million UK adults (2%) to turn to unscrupulous loan sharks in the last 12 months according to research from the Vulnerability Registration Service. Released during National Stop Loan Sharks Week, the research also revealed that this picture is twice as bad for the most vulnerable in society, with…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns. In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current…
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The Birmingham Inner Circle Community Credit Union has entered administration following regulatory breaches under the PRA/FCA prudential and conduct rules and solvency issues. Founded in July 2002, the credit union is based in Ladywood, Birmingham and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020 it recorded a…
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Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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Signatories to the CRM Code, governed by the Lending Standard Board (LSB), have announced that they had made strides forward in their effort to stamp out transactions resulting in Authorised Push Payment (APP) scams, though areas of inconsistent application persist, according to the latest review. The “2022 review of adherence to Contingent Reimbursement Model (CRM)…
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Mark Fiander, CEO of Gain Credit LLC and Consumer Credit Trade Association (CCTA) Council member, has been appointed as the new Chair of the Association. Fiander has taken up the position having been involved with the CCTA and related associations for several years. The role of the Chair is to provide strategic advice to the…
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The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…
Read moreThe Bank of England (BOE) has raised interest rates by 0.5 percentage points to 1.75%, the biggest rate rise in 14 years. The increase is the biggest increase in 27 years, with a prediction that inflation would hit 13% by the end of the year. It was the sixth consecutive raise and the biggest single…
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The Financial Conduct Authority (FCA) has outlined new rules to make authorised financial firms more responsible for their appointed representatives (ARs). ARs are not authorised by the FCA – they can offer certain financial services or products under the responsibility of authorised firms (known as principals). Principal firms are responsible for ensuring their ARs comply with…
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The Financial Counduct Authority (FCA) has issued a Decision Notice to One Life Funeral Planning Ltd (One Life) refusing the firm’s application for authorisation. One Life could not demonstrate that it was able to meet or comply with the FCA’s regulatory standards. The concerns included the firm having poor sales practices. One Life has until 31 October…
Read moreThe Competition & Markets Authority (CMA) has rebuked the digital bank Monzo for failing to provide thousands of customers who were closing accounts with copies of their transaction histories. The CMA found that Monzo breached the Retail Banking Market Investigation Order between May 2021 and March 2022. The Order sets out that every customer must receive copies…
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The Financial Conduct Authority (FCA) has confirmed its plans to bring in a new Consumer Duty, which it says will fundamentally improve how firms serve consumers and also will set higher and clearer standards of consumer protection across financial services, requiring firms to put their customers’ needs first. The Duty is made up of an…
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