In a very busy week for news, my top picks are the FCA’s bold proposed ban on debt packager referral fees to protect consumers and the interesting analysis in Visa hits back at Amazon over claims its fees are too high (unfortunately behind a paywall).
And for an article on future ambitions: UK Klarna boss: Our crosshairs are set on the real British banks.
System Error? The Challenges Of Using Digital Services For Financial Inclusion & Debt Advice CfRC: can financial technology help everyone? How do we make sure that we have the right support in place for people?
We need to maintain face to face money advice services in Glasgow Glasgow Times: Without F2F support some people will never engage with remote services. They’ll remain an invisible, uncounted statistic. Their human misery won’t be virtual though.
FCA proposes ban on debt packager referral fees to protect consumers FCA: The FCA’s proposals would protect consumers by banning debt packagers from accepting referral fees – eliminating the current business model for these firms.
Amazon v Visa – who will blink first?
- After Amazon’s dramatic move to block Visa credit cards, businesses sound the alarm: Card fees are out of control City AM
- Visa hits back at Amazon over claims its fees are too high FT (paywall): The showdown with Amazon is the latest problem for Visa as it contends with mounting threats to its core business of routing payments.
- Martin Lewis: Switch your default Visa credit card on Amazon now and get up to £20 back MSE
HMRC needs to give taxpayers time to pay debt, NAO says FT Adviser: The level of tax debt in the UK hit £42bn in September this year, compared with £16bn in January 2020, before the pandemic.
Buy now pay later:
- UK Klarna boss: Our crosshairs are set on the real British banks Verdict: Marsh instead suggests that Klarna is out to compete with the major UK high street banks, which he suggests have provided a “shitty service” for too long.
- A new way to buy that sofa now, and pay for it later Times (paywall): Humm … is seeking FCA regulation so that it can also offer interest-free instalment loans of up to £30,000 paid back over 72 months.
QuickQuid administration – may pay 30p-50p in the £ in March 2022 my article updated for this news from the administrators
‘Everyone is on edge’: mortgage prisoners fear UK interest rate rise Guardian: West Brom Buiding Society has had “a steady stream of applications” from those affected and it would like to hear from more.
I paid off £8,000 of debt in two years and saved £7,000 using the cash stuffing method Sun: interesting article on an apparently old-fashioned approach to budgeting that is making a comeback thanks to YouTube, TikTok and Instagram.
Fraud: Better chance of compensation for victims BBC: This type of fraud rose by 71% in the first half of the year.
Issues in personal insolvency reform I An academic blog: The Insolvency Service during the early 2000s was attentive to the need for empirical studies but currently, little systematic data exists.
Benefits & other news
Sanctions Against Universal Credit Claimants Increase by 14,000 in Three Months Byline Times: The DWP began to restore ‘work search’ requirements for claimants from July 2020, but sanctions didn’t rise above 100 per month until that October and didn’t pass 1,000 until this April. Since then, the rise has been dramatic.
Universal Credit: Welsh families to get £100 winter fuel payment BBC: The Welsh government said it expects 350,000 households to benefit from the £38m winter fuel support scheme.
Charities facing a ‘perfect storm’ as demand rises BBC: Managers cite the rise in the cost of living, delays in medical operations, delays in the justice system, cuts to other services and the end of the Universal Credit uplift.
Schools to be told to sell second-hand uniforms to keep costs down for parents Sky: The Department for Education (DfE) will publish statutory guidance for schools which will instruct them to ensure their uniform is affordable.
Gambling companies feed on addiction and misery. Why are MPs helping them? Guardian: Politicians should be pushing back against the harm caused by bookmakers, not enjoying their hospitality
Low-income households ‘priced out’ of insurance market FT (paywall): Higher cost of cover is biggest contributor to ‘poverty premium’ as increasing use of data leads to closer risk profiling
News round-ups are published every Sunday.
Subscribe to this blog to get an email when new articles are published, see below.