Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA), Solicitors Regulation Authority (SRA), Information Commissioner’s Office (ICO) and the Advertising Standards Authority (ASA) are joining together to tackle misleading advertising and inadequate information provided by some claims management companies (CMCs) and law firms working on motor finance claims, and the risk that excessive fees are charged to clients. …
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The Government has announced new plans to tackle late payments, which it says is part of the most significant legislative reform in 25 years. Late payment is an issue that costs the UK economy £11 billion a year and shuts down 38 businesses every day Late payments are one of the biggest barriers to small…
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The Financial Conduct Authority (FCA) has extended rules on bullying, harassment and violence Previously, it was often unclear when these types of behaviours would amount to a conduct rules breach in a firm other than a bank. From !st September 2026, the same rules will be extended to around 37,000 other regulated firms, increasing consistency…
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A new Government report has highlighted how Companies House is transforming from a passive register to an active gatekeeper, providing examples of how the agency is actively tackling economic crime and improving register data. Key to Companies House progress is strengthened collaboration with The Insolvency Service and other law enforcement agencies to present a unified front…
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The Lending Standards Board (LSB) has announced it will close. The UK’s non-statutory regulator will begin a solvency wind-down of its business operations, scheduled for 31st October 2025. The LSB’s decision to close follows the withdrawal from registration by the UK’s largest high street banks, who said that the FCA’s Consumer Duty provided sufficient protection…
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The director of two companies which run mobile phone shops across the UK has been handed a two-year suspended sentence, after he fraudulently claimed £150,000 in Covid Bounce Back loans. Zahid Afzal, the director of Phone Bits Ltd and Phones Onn Ltd, had already received Covid loans for both companies legitimately – totalling £52,500 –…
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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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Chancellor, Rachel Reeves is set to announce 60 measures aimed at reducing regulatory burdens and stimulating economic. With between 100 and 130 regulatory bodies currently in the UK, the Government plans to significantly cut this number. The new ‘radical action plan’ will be published following consultations with regulators, as the Government seeks to address deteriorating…
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Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…
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Hargreaves Lansdown has predicted that inflation is likely to rise slightly when figures are released next week. Inflation is also expected to remain above target for a while yet with investors putting the chances of a rate cut at just 12% next week. Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown said “Inflation…
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The Financial Conduct Authority (FCA) has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged with fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. …
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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 Services Compensation Scheme (FSCS) paid out £423m in compensation to customers during 2023/24. The data showed that £262m for FSCS’s claims service, which includes claims for investments, pensions and financial advice with paid out £160m to customers of failed insurers and £1m for deposits held with failed credit unions. The FSCS recovered £54m from…
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