Regulation and Compliance

FCA report calls for legislative change to protect consumers

22nd October 2021 Consumer Collections |

The Financial Conduct Authority (FCA) has called for legislative change to address concerns beyond its remit in its latest Perimeter Report. .The report recommends that duties on internet companies in the Online Safety Bill should extend to paid-for advertising, as well as user-generated content. The FCA also believes that the Bill should designate content relating…

Bank of Gran and Grandad shared £437m during stamp duty holiday

1st October 2021 Consumer Collections |

The Bank of Gran and Grandad gifted £437.3 million towards buying homes for younger relatives over the last 15 months, during the stamp duty holiday, according to equity specialist company Key. The relief from the tax ended on 30th September but during that time over-55s have given almost £1 million a day to younger family…

FCA warns insurance firms over governance rules

26th August 2021 Consumer Collections |

As part of efforts to tackle the loyalty penalty, insurers in the UK (from 1st October) will be required to offer better value for money policies to existing customers. However, the Financial Conduct Authority (FCA) says too many firms were failing to meet existing regulatory standards let alone the tougher rules coming in. A new…

High Court backs Provident Financial’s partial repayment scheme

5th August 2021 Consumer Collections |

Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…

FCA proposes streamline decision-making change

30th July 2021 Consumer Collections |

The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions which will help improve how it tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to…

FCA will not block Provident’s compensation scheme

15th July 2021 Consumer Collections |

The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…

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