Industry News

HSBC to pay £4million in redress

HSBC has agreed to set up a compensation scheme for customers who may have paid unreasonable debt collection charges

UK inflation at highest for 2 years

Inflation was at its highest in December since July 2014

 
Inflation rose to 1.6% between December 2015 and December 2016, a sharp rise when compared with a 1.2% rise between November 2015 and November 2016.

Financial watchdog sends warning letter to debt firms

The Financial Conduct Authority, which manages financial organisations in Britain, has sent a letter to debt management companies reminding them of their obligations to their existing debt management customers

 

Are customers in arrears treated fairly by lenders?

Report finds some companies have a way to go in supporting customers who are in financial difficulty

 
The Financial Conduct Authority (FCA) has found that whilst many firms are improving the way they deal with customers in early arrears, there are a number of areas where consumer credit firms still need to improve their practices.

New measures to make savings accounts easier to understand

The FCA has published new data on savings interest rates and announces new rules coming into effect

 
The Financial Conduct Authority (FCA) is undertaking work to “shine a light” on firms’ strategies and deals for their long-standing savings customers.  

Overhaul of UK payment systems

UK payments systems are due to see their biggest change in a generation according to the Payment Systems Regulator

Bank of England gives stark warning about household debt in the UK

The governor of the Bank of England, Mark Carney, has revealed that overall unsecured debt is rising at its fastest pace for 11 years

Reasons to avoid Black Friday

We all remember the scenes from years’ past; huge queues and shoppers wrestling TV’s from each other’s white-knuckled grips in the frenzy that was Black Friday

FCA imposes 1% cap on early exit pension charges

The Financial Conduct Authority has announced plans to cap early exit charges on personal pensions.

 
The regulator has released a statement which sets the rate of charges at a maximum of 1% of the value of benefits being taken or transferred from existing personal pensions, including workplace personal pensions.

Why do we spend so much on children’s birthday parties?

A new survey has highlighted the true cost of kid’s birthday parties, but do we really need to fork out so much?

 
According to a survey of 2,000 parents carried on behalf of Nationwide, the average cost of a children’s party is now £218, with entertainment and venue hire being the highest contributing costs.