The week before Xmas was not peaceful and quiet… My top pick is one you may not have spotted: Is Lithuania another Iceland banking crisis in the making?
Next week’s round up post will be replaced by my Review of 2018.
Statistic of the week
From the Financial Ombudsman’s Strategic Plans and budgets for 2019/20:
- Is Lithuania another Iceland banking crisis in the making? Guardian: Revolut has its new banking license from Lithuania. It transacts more business every year than Lithuania’s entire GDP.
- Overdrafts: proposals to fix a dysfunctional market FCA: a raft of measure, mostly around simplifying charging, regrettably no cap, but ban on higher charges of unauthorised overdrafts is good.
- Banks will be forced to axe ‘rip-off’ overdraft charges as watchdog cracks down on penalties for going into the red without warning Mail
- Is Britain ready to go cashless? Interim report.
High Cost Short Term credit:
- MoneySavingExpert launches new free tool to help you reclaim HUNDREDS of pounds for mis-sold payday loans Sun. I say: Good, I have been asking them to do this since 2016. The same time I asked citizens Advice to do similar and they haven’t got around to it yet.
- Lending Stream stops customers complaining by email my article.
- Feedback on CP18/12 with final rules and guidance and consultation on Buy Now Pay Later offers FCA: Most previously trailed measures being implemented, only significant change (and a very welcome one) is that BNPL’s will not be allowed to backdate interest on amounts that have been repaid.
Better accounting of student loans to increase headline measure of the government’s deficit by around £12 billion IFS: The previous system appeared absurdly generous to the government in the near-term when it arranged transfers as income-contingent loans rather than as grants. Today’s accounting change makes this relatively less attractive, and as a result makes a system that is more reliant on grants appear relatively less expensive.
Do you have a Northern Rock (NRAM) ‘Together’ mortgage/loan? Hewlitt Clarke Solicitors: possible compensation if loan element was over 25k.
Have your say about funding for the Citizens Advice Service in Suffolk SuffolkCounty Council: the proposal to remove [the CAB grant] in 2019/2020 was revised to a phased reduction which would see the grant being halved to £184,250 in 2019/20, before being removed in 2020/21.
Distressed Funding Circle fund falls on Brexit bad debt alert Investment Trust Insider: a worsening in trading since the half-year end with a ‘significant deviation versus earlier expectations’ following a 1.4% drop in net asset value in November.
Universal credit news
Get in debt or turn down job? Universal Credit’s ‘stark choice’ BBC: Universal Credit claimants must pay for childcare up front and claim reimbursement from the department after the childcare has been provided.
Professor Green meets single dad ‘forced to live on £75 a week Universal Credit after finding secret son made him feel suicidal’ Sun: Trevor Carpenter became a single parent overnight when his three-year-old he knew nothing about became homeless – he stepped up but it’s cost him everything.
Three steps to make it a happier new year for Universal Credit Resolution Foundation: what three things could the government do next to build on recent momentum and help restore the reputation of its flagship welfare reform programme?
Fitness for Habitation – a thumbnail guide Nearly Legal blog: There will be a lot to explore in legal argument and a lot to be decided by the courts in the future. But there is a whole new right for tenants of bad landlords, and that alone should help improve conditions.
Deaths of homeless people in England and Wales: 2013 to 2017 ONS: The first Experimental Statistics of the number of deaths of homeless people in England and Wales.
Foodbanks and the politics of salvation Blog: I am getting increasingly concerned and frustrated by food banks, in Sheffield and elsewhere, that think their work is “apolitical”
CMA tackles loyalty penalty charges CMA: Strong sounding response to Citizens Advice super complaint – “They shouldn’t have to be constantly ‘on guard’, spending hours searching for or negotiating a good deal, to avoid being trapped into bad value contracts or falling victim to stealth price rises.”