Credit, Collections & Insolvency News
NatWest has been fined £264,772,619.95 following convictions for three offences of failing to comply with money laundering regulations. It was found that the bank failed to properly monitor the activities of jeweller Fowler Oldfield between November 2012 and June 2016. The Bradford-based jeweller deposited £365 million with the bank over a five-year period, including £264 million…
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Mortgage lenders have announced a voluntary moratorium on possessions from Monday 13th December until Tuesday 4th January 2022. The industry is committed to providing ongoing support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments over the Christmas period. Members of UK…
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The Financial Conduct Authority (FCA) said there should be no increase in the amount of money that customers can get back if their bank, building society or other investment company collapses. It said the £85,000 limit is enough to cover most cases. However, it suggested the level be reviewed every three years to ensure it…
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New plans from the Financial Conduct Authority (FCA) will aim to ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens. The FCA is concerned that currently, financial services do not always work well for consumers. The new plans will fundamentally shift…
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The Payment Systems Regulator (PSR) has outlined its plans for the Confirmation of Payee (CoP) system. The plans will allow more banks and building societies to work together to ensure even greater number of customers are protected by the name-checking service. Confirmation of Payee (CoP) is designed to help stop fraud and accidently misdirected payments…
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The Financial Conduct Authority has proposed stronger requirements on oversight of appointed representatives. The consultation is aimed at improving the appointed representatives regime measures and tackling harm from this model. An appointed representative (AR) is a firm or person who carries on a regulated activity on behalf, and under the responsibility of, a firm authorised…
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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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