Credit, Collections & Insolvency News
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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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…
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Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…
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The Financial Conduct Authority (FCA) says that it prepared to take action against firms failing to comply with a new duty to justify charges to customers. The rules cover all financial products and services and mean that firms must deliver good outcomes for customers. The regulator has since set out a 14-point plan to ensure banks appropriately…
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Nearly nine out of ten brokers (86%) are confident about their awareness of Consumer Duty just weeks ahead of its implementation, according to new research from Hodge. Two thirds (61%) of brokers do want to have more information about CD from financial providers to help them with the imminent changes, however. The specialist lender quizzed…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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The Enforcement Conduct Board (ECB) has published its first-ever draft business plan for 2023/24. In its first-ever draft business plan, the ECB, which will operate independently of the profession and Government, has stated that its five priorities are to: Design and start to gather an evidence base to support the development of a proportionate oversight framework.…
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The Prudential Regulation Authority (PRA) has fined Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank, £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. The…
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