My pick of the week is the FCA’s announcements connected to the high cost credit review. Also a lot of important articles on benefits and housing.
Tweet of the week
— Joseph Rowntree Fdn. (@jrf_uk) August 4, 2017
Chorley firm to call in administrators Lancashire Post: Fairpoint, parent company of Debt Free Direct, intends to appoint administrators.
FCA announcements connected with the high cost credit review:
- Financial Conduct Authority sets out agenda and priorities for consumer credit
- FS17/2: High-cost credit and review of the high-cost short-term credit price cap Feedback statement on the consultation.
- CP17/27: Assessing creditworthiness in consumer credit We are consulting on proposed changes to our rules and guidance on assessing creditworthiness in consumer credit.
- Our work on motor finance.
Reactions to FCA announcements:
- StepChange response to FCA high-cost credit review and creditworthiness proposals Today’s announcement marks a slight tightening of some rules. It remains unclear, however, that these measures will address some of the fundamental problems that still exist in consumer credit market, including persistent credit card debt, persistent overdraft debt and multiple payday loan borrowing.
- Ban on unarranged overdraft charges considered by FCA BBC: Charges for unarranged bank overdrafts could be banned, under one option being considered by the Financial Conduct Authority.
- Call for clampdown on rip-off rent-to-own schemes Time (£ paywall) People hit with exorbitant repayment rates pay over the odds for their household appliances.
Is the car finance bubble about to burst? Mail: Fears mount as Britain’s leading sub-prime lender reveals it will close.
Playing roulette with people’s lives Mail Hammond scraps a review on ‘crack cocaine’ betting machines… because they make millions for the taxman.
Judge warns of ‘blood on our hands’ if suicidal girl is forced out of secure care Guardian: Sir James Munby, head of high court’s family division, ‘ashamed and embarrassed’ no hospital place has been found for 17-year-old.
- CPAG wins breakthrough case as operation of late mandatory reconsideration scheme ruled unlawful CPAG: As a result: where a claimant makes a mandatory reconsideration request at any time within 13 months of the original decision, she will, if dissatisfied, subsequently be entitled to pursue her challenge to a tribunal.
- Immediate access to hardship payments extended to help mental health and homelessness
DWP: Extra protections are being put in place for people receiving Jobseeker’s Allowance.
- More babies and toddlers unlawfully hit by benefit cap than ever before Independent: The High Court has ruled the policy unlawful and says it is causing ‘misery’… DWP figures show that 3,000 more single-parent families with children under two have been hit by the policy in the last three months alone – while the Government appeals the decision.
- This is what it is like to be 11 years old and homeless Independent ‘At Christmas time, I didn’t want to be in this world’.
- Hidden homeless investigation: ‘They told me they’d take away my child if I could not find a home to rent’ Romford Recorder
— Karen Buck (@KarenPBuckMP) August 3, 2017