Credit, collections & insolvency news
Inflation fell unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, according to the latest Office for National Statistics (ONS). However, households were hit by a jump in food and non-alcoholic drink inflation, with stronger price increases for milk, cheese, eggs and fruit. Lower airfares and petrol prices…
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The Financial Conduct Authority (FCA) has fined TSB £10.9m, having found that the bank’s systems put customers at risk of harm. An investigation found that TSB failed to treat customers in arrears fairly, with more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected and were paid £100m in redress.…
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Today (7th October, 2024) marks the start of major new protections for victims of Authorised Push Payment (APP) scams. APP fraud happens when someone is tricked into sending money to a fraudster via bank transfer, which can lead to devastating impacts on its victims and reduce consumer confidence when making payments. Payment firms are now…
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Which? is warning that people are being left out of pocket and in the dark because a credit report system that is confusing and riddled with errors lacks transparency and accountability. The consumer champion’s nationally representative survey of more than 4,000 people found that one in three (32%) respondents who checked their report discovered a…
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Ahead of the Budget on 30th October, UK Finance has released its Autumn Budget submission. The submission includes measures on delivering economic growth and tackling fraud. The proposals focus on delivering economic growth include a roadmap for business taxation includes a specific roadmap for banks. UK Finance is also proposing an increase at which the threshold…
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The Contingent Reimbursement Model (CRM) Code which puts in place requirements for signatory Payment Service Providers (PSPs) to detect, prevent and reimburse Authorised Push Payment (APP) fraud will close on 7th October as new statutory rules on APP fraud reimbursement come into effect, the Lending Standards Board (LSB) has confirmed. Since its introduction in 2019,…
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The Financial Conduct Authority (FCA) has fined Starling Bank £28,959,426 (nearly £29 million) for financial crime failings related to its financial sanctions screening. The investigation also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle…
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme’s (FSCS) board. Passey will take up the role on 1st October 2024. Over a 30-year career, Passey held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley. She…
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The Payment Systems Regulator (PSR) has announced that it has appointed Andrew Buckley as a Non-Executive Director (NED) to its board with immediate effect. Buckley is a Simon Industrial Fellow at The University of Manchester, researching service innovation and central bank digital currencies. He is an experienced Board member with financial services experience including prior…
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The 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
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The Payment Systems Regulator (PSR) has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. The PSR says that having given careful consideration to all the feedback and information received, the board has decided that the maximum reimbursement limit for Faster Payments will be £85,000. The PSR’s requirements will provide protections…
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The Financial Conduct Authority (FCA) has announced new measures to better protect customers when payments and e-money firms go out of business. The use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms. Funds held by payments and e-money firms are not directly…
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The FCA has today announced that it has extended the pause to the deadline for motor finance firms to provide a final response to customer complaints regarding discretionary commission arrangements (DCAs) which could impact car finance providers until December 2025. In January 2024, the FCA announced a review into whether motor finance customers have been overcharged…
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