Credit, Collections & Insolvency News
With six months to go before the Consumer Duty comes into force, the Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty. The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes,…
Read more
The FinandilcConduct Authority (FCA) has fined Pembrokeshire Mortgage Centre Limited (PMC) (trading as County Financial Consultants) (in liquidation) £2,354,331 for unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes. The FCA’s view is that most people should keep the guaranteed income provided by…
Read more
The Financial Conduct Authority (FCA) has obtained a judgment against London Property Investments (LPI), NPI Holdings Limited, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without FCA authorisation and exploiting vulnerable customers who were in financial difficulty. The judgment found that the defendants arranged high-interest, unaffordable bridging loans for consumers about…
Read more
Mark Steward has announced he will be stepping down as the Financial Conduct Authority’s (FCA) Executive Director of Enforcement and Market Oversight after seven years with the regulator. Since joining the FCA in 2015, Stewards has led the delivery of some of the FCA’s most complex, high-profile, and precedent-setting enforcement cases, with many notable successes…
Read more
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 Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…
Read more
A review by the Financial Conduct Authority (FCA) has found that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. In some instances, challenger banks did not have financial crime risk assessments in place for their customers. The regulator’s review, conducted over…
Read more
The Financial Conduct Authority (FCA) has launched a new strategy to improve outcomes for consumers and in markets throughout the UK. The FCA says as its remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself…
Read more
New rules home and motor insurance renewal rules brought in by the Financial Conduct Authority (FCA) are expected to save consumers £4.2bn over the next 10 years. From 1st January 2022 insurers will be banned from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were…
Read more
Charles Randell, Chairman of the Financial Conduct Authority (FCA), will step down from the regulator a year earlier than planned. Randell, who took up the role in April 2018 and was meant to serve a five-year term, will leave the FCA and the Payment Systems Regulator in spring 2022, having spent four years in the…
Read more