Credit, collections & insolvency news
The Financial Conduct Authority (FCA) has proposed new measures to clamp down on illegal, unfair or misleading financial marketing. The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to…
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The Financial Conduct Authority says seven lenders have agreed to pay £12m in compensation to nearly 60,000 customers to correct repayment agreements that were unaffordable and unsustainable, in the wake of the pandemic and the cost-of-living squeeze. The regulator has also told a total of 32 mortgage and consumer credit firms to make changes to…
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The Financial Counduct Authority (FCA) has issued a Decision Notice to One Life Funeral Planning Ltd (One Life) refusing the firm’s application for authorisation. One Life could not demonstrate that it was able to meet or comply with the FCA’s regulatory standards. The concerns included the firm having poor sales practices. One Life has until 31 October…
Read moreThe Financial Conduct Authority (FCA) has confirmed its plans to bring in a new Consumer Duty, which it says will fundamentally improve how firms serve consumers and also will set higher and clearer standards of consumer protection across financial services, requiring firms to put their customers’ needs first. The Duty is made up of an…
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The Bank of England (the Bank), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (collectively the supervisory authorities) have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties (CTPs) to the UK financial sector. CTPs provide certain services to regulated financial services firms and financial market…
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Legislation to enhance the competitiveness of UK financial services and unlock growth and investment across the UK has been introduced to Parliament The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to enable a coherent, agile and internationally respected regime that works in the interests of the British people. The…
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The Financial Conduct Authority (FCA) has published a list of funeral plan providers it intends to authorise when the pre-paid funeral plans industry comes under its regulation from 29th July. 24 firms are on the list, including the largest funeral plan providers. Together these firms hold approximately 87% of existing customer plans. The FCA is…
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The Financial Conduct Authority (FCA) is set to introduce new powers to more swiftly cancel or change what regulated activities firms are permitted to do. The new power is available following a change in the law allowing the FCA to streamline and shorten the removals process. The FCA will provide a firm with two warnings if it believes it is not using…
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The 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…
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The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…
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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…
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The Competition and Markets Authority (CMA) has criticised Lloyds and Barclays for mistakes made when giving information to price comparison websites, potentially misleading customers and breaking open banking rules. The CMA outlined a number of instances where the two banks breached the 2017 Retail Banking Market Investigation Order in relation to open APIs. The CMA said both…
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Amigo Loans has been given a seal of approval from the Financial Conduct Authority (FCA) for a customer compensation claims scheme, Shares in Amigo tumbled by 55% last May after the High Court stated that it was ‘not satisfied that the court should sanction the scheme’pushing back against Amigo’s original proposal to cap customer compensation claims.…
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