Category Consumer Credit

FCA begins debt management sector review

In line with its 2017/18 Business Plan, FCA has begun its thematic review of the debt management sector. FCA has taken a particular interest in this sector, owing to the increased risks faced by (particularly vulnerable) consumers where firms fail to meet their needs. In 2014, FCA declared that debt management firms needed to “raise their game” if they […]

FCA’s first Financial Lives Survey: 50% of UK adults potentially vulnerable

After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]

The Consumer Protection Partnership Update Report for 2017

The Department for Business, Energy & Industrial Strategy has published a report by the Consumer Protection Partnership (CPP), identifying and prioritising areas where there is greatest harm caused to consumers and setting out the actions taken by the members of the CPP. In 2016 the CPP identified scam calls, digital and online markets, secondary ticketing, and consumer […]

Up next from FCA

FCA’s latest Policy Developments Update lists several key publications due before the end of the year: policy proposals for next year’s fees and levies policy statement on FSCS funding policy statement on the second part of FAMR implementation policy statement on the second IDD implementation consultation (in December, with the policy statement on the third […]

FCA speaks on challenges of ageing population

Andrew Bailey, speaking at Mansion house, looked at some of the challenges FCA faces as financial conduct regulator. He focussed particularly on: consumer credit – particularly on its rapid growth and the role of high-cost credit. He explained what FCA is doing to help those with persistent credit card debt and how it is trying […]

FPC updates on stability

FPC has reviewed developments since its last meeting on 21 June and assess the outlook for UK financial stability. Its conclusion was that ‘overall risks to UK financial stability from the domestic environment are broadly unchanged at a standard level’, though risks of greater vulnerabilities may loom on the horizon. The headline statements were as follows: internationally, market […]

Law Commission publishes draft Goods Mortgages Bill

Following a 2016 report in which the Law Commission concluded that the Bills of Sale Acts should be repealed and replaced with legislation less burdensome to lenders and more protective of borrowers,  and its consultation over the summer on draft clauses for new legislation, the draft Goods Mortgages Bill has now been published. Currently governed […]

Update from the Bank of England and The Payment Systems Regulator on new payment systems operator

In a joint press release issued today, the Bank of England (BoE) and The Payment Systems Regulator (PSR) announced that a New Payment Systems Operator (NPSO) had been created by the Payment System Operator Delivery Group (PSODG) who were charged with this task. The creation of the NPSO forms part of the PSR and BoE’s plan for consolidating […]

FCA unhappy with consumer credit complaints handling – asks firms to take action

In a Dear CEO Letter, the FCA explains that it recently undertook a review of how consumer credit firms approach and deal with customer complaints. FCA reviewed data, final response letters and website information on complaints from a range of consumer credit firms. FCA found examples of good practice to the benefit of consumers but also found material non-compliance […]

FOS updates complaints data

FOS has published individual complaints data for H1 2017, relating to businesses in relation to which FOS both received and settled at least 30 cases during the period. FOS says these firms comprise around 95% of the total cases it handled. The highest levels of complaint related almost entirely to PPI claims, with the only other significant […]