The major news last week was the long-awaited and epic in scope FCA Guidance for firms on the fair treatment of vulnerable customers. But for a shorter read, try Louise Casey: 'Are we ever going to create a Britain for everyone?' Debt news Guidance for firms on the fair treatment of vulnerable customers FCA: We want to drive improvements in the way firms treat vulnerable consumers and … [Read more...]
Weekly News Round-ups
Every week on a Sunday I publish my selection from the last week's news about debt, debt advice and policy.
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My pick of last week's news is the Resolution Foundations' report on rent arrears: Tackling the UK’s building arrears crisis. Graph of the week In our thought experiment, we apply the growing housing arrears and apply it to see what it could mean for the courts resolving such issues. Bluntly, the courts will be put under severe strain, causing further problems for renters and landlords … [Read more...]
My pick of last week's new are the articles on changing the DRO criteria. Tweet of the week “To recommend thrift to the poor is both grotesque and insulting. It is like advising a man who is starving to eat less.” - Oscar Wilde - — 🅼🅰🆁🅸🅰 🅼. (@mariabowiemuser) February 13, 2021 Debt news FCA finds the Covid-19 pandemic leaves over a quarter of UK adults with low financial … [Read more...]
My pick of last week's news is the Woolard Review. Debt news Review into change and innovation in the unsecured credit market (the Woolard Review) FCA: A report by the FCA's previous CEO. Demanding regulation of BNPL such as Klarna made the most headlines, but it's a lot wider-ranging eg sections on debt advice. Five reasons why the Woolard review hits all the right notes Money Advice … [Read more...]
A very varied set of articles this week. My pick of last week's news is Amigo announces proceeding with Scheme. Tweet of the week The overwhelming case against cutting Universal Credit: not the pandemic, but the extraordinary cuts to unemployment-related benefits over the last four decades.https://t.co/2PVrbLVBAD pic.twitter.com/2PbwYpMrYo — Jonathan Portes (@jdportes) January 24, … [Read more...]
My pick of last week's news is The problem is poverty, however we label it. On the undeserving poor ... and the undeserving rich. Tweet of the week Another football club pushing gambling. 🤦🏻♂️ https://t.co/IDGWlouxBN — Gary Lineker 💙 (@GaryLineker) January 23, 2021 Debt news Debt Relief Orders: what do we know, what should we do? Wearedebtadvisers: Debt advisers can register … [Read more...]
My pick of last week's news is Government proposals to help more people in problem debt which will let more people access DROs. If anyone wonders why it is needed, look at the next article Monthly Insolvency Statistics which shows IVA sales - many possibly mis-selling - surging. Debt news Insolvency: Government proposals to help more people in problem debt gov.uk: Major changes … [Read more...]
Was it really only Monday that we all went back into lockdown? This seems the longest week... My pick of last week's news is Ministers need to get a grip of the rent debt crisis. Tweet of the week We need: - an extension of the extra £20 for UC - the benefit cap shelved & LHA raised - bailiffs, evictions and repossession banned for 6 months - mandatory forbearance for … [Read more...]
A bumper two week edition! Most people reading my blog will already have heard the news that Amigo is trying to get the FCA to agree to a Scheme of Arrangement. My estimated numbers - with a lot of assumptions - show a dismal return to customers mis-sold loans. It's hard to imagine how the FCA could think it is acceptable to let a business walk away from its responsibilities like this. For a … [Read more...]
My top pick of the week's debt news is Fraud victims' pay deducted for money they don't owe. Tweet of the week pic.twitter.com/WRvRRRmyjP — Jim Pickard (@PickardJE) December 19, 2020 Debt news FCA fines Barclays £26 million over treatment of customers in financial difficulty FCA: Between April 2014 and December 2018 some retail and small business customers who had been offered … [Read more...]