November 2015

Debt management firm fined by Information Commissioner’s Office

Oxygen Ltd, a debt management firm based in south Wales, has been fined £120,000 by the Information Commissioner’s Office (ICO) for breaching cold-calling regulations.

The ICO’s investigation found Oxygen Ltd had made more than 1m automated calls, via a third party, which claimed they could write off up to 70% of their debts, without people’s consent during April.

Regulator raises concerns about credit card debt

The Financial Conduct Authority (FCA) has today released its interim findings of its wide-ranging credit card market study.

The regulator has raised concerns that, whilst there was clear evidence of effective support mechanisms for the 2 million people that have fallen into arrears, the 1.6 million people that were just ‘getting by’ by making the minimum payment were not being helped as effectively.

The regulator said it was concerned that the profitability of these customers to the credit card companies may be contributing to the lack of support.