Credit, collections & insolvency news
The Financial Conduct Authority (FCA) has found that while life insurers provide good service to bereaved customers, they need to settle claims quicker and improve how they measure customer experience. The multi-firm review found evidence of good practice, such as firms providing additional support for claimants throughout what is a difficult time for them. The…
Read more
The Financial Conduct Authority (FCA) has announced that it plans to extend the deadline for lenders to respond to customer complaints regarding car loan mis-selling. A court ruling last month deemed it unlawful for lenders to pay undisclosed commissions to car dealers, leading to a surge in complaints. The FCA is considering extending the response…
Read more
The Financial Conduct Authority (FCA) has announced that it will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service. The proposals are expected to be published within two weeks and, if taken…
Read more
The Financial Conduct Authority (FCA) has fined Metro Bank £16.75 million. An FCA investigation found that between June 2016 and December 2020, Metro Bank failed to have the right systems and controls to adequately monitor over 60 million transactions, with a value of over £51 billion, for money laundering risks. Metro Bank automated the monitoring of…
Read more
The Financial Conduct Authority (FCA) has fined Volkswagen’s UK financial services arm £5.4m for its unfair treatment of customers in financial difficulty. The City watchdog found that between January 2017 and July 2023. The investigation, Volkswagen Finance took cars away from vulnerable customers without considering other options. The firm failed to understand customers’ individual circumstances…
Read more
The Financial Conduct Authority (FCA) has launched a review of financial services rules as it looks to strip back red tape. The City watchdog said the burden of regulation ‘could be streamlined’ and has called on the industry to identify rules which could be scrapped or simplified as they ‘overlap’ with consumer duty. The…
Read more
The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. …
Read more
Data released from Step Change shows one on four (24%) adults have relied on credit to pay for essentials such as food and household bills as in the cost of living crisis. RSM UK is reminding banks and other credit agencies of their responsibilities as lenders, in line with Consumer Duty rules. FCA guidance for credit providers…
Read moreIn its Business Plan for 2024-25, the Financial Conduct Authority (FCA) has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets. The FCA says it will continue to deliver the 13 commitments in its strategy, which focuses on preventing serious harm,…
Read more
The Financial Conduct Authority (FCA) and Prudential Regulation Authority have set out proposals to boost diversity and inclusion across the financial services industry. The rules would require large banks and insurers to report diversity and inclusion data to regulators and set new targets to address under-representation. In a consultation paper, the bodies say firms would…
Read more
The Financial Conduct Authority (FCA) has saiD it has blocked nearly 30% more companies from operating over the past 12 months than in the previous year. The regulator said it had cancelled the authorisation of 627 firms in the year to the end of March. The FCA said the proportion of firms it did not…
Read more
Temporary measures forcing lenders to offer greater support to borrowers in financial difficulties could become permanent, under new proposals announced by the Financial Conduct Authority (FCA). The FCA also announced that 17 lenders will pay up to £47 million in redress to financially-distressed borrowers, after failing to offer appropriate support. The payments will be made…
Read more
A series of measures designed to reduce the risk of money laundering via the Post Office have been set out by the Financial Conduct Authority (FCA). The regulator brought together partners including the National Economic Crime Centre (NECC), industry and government to strengthen controls while seeking to ensure that legitimate customers can continue to use…
Read more