Three picks this week: the call for evidence on IP regulation, the campaigning report: Regulating the credit card market – why we need a cap on costs, and my article on Amigo loans – more refunds being paid (it’s nice to have some good news!).
Tweet of the week
INSOLVENCY SERVICE: *picks up cat*
*places cat adjacent to flock of pigeons*
*backs away slowly*https://t.co/JrTPAfZy67
— Andy Shaw (@RedAndy54) July 12, 2019
Call for evidence: regulation of insolvency practitioners review of current regulatory landscape Insolvency Service: This starts the process to inform government as to whether or not these regulatory objectives have had their intended impact or whether there is a need to make further changes to the regulatory landscape.
- Credit card minimum payments – developments from 2000 to 2019 a guest post by the Money Charity;
- Regulating the credit card market – why we need a cap on costs End the debt trap coalition: the FCA has provided no evidence whatever to support its arguments [against a cost cap];
- Red Card – Examining the link between subprime credit cards and problem debt StepChange: research & policy recommendations;
- Rip-off credit card rates left mum £12,000 in debt as charity warns about lenders pushing thousands of customers into debt spirals Sun: At first, the  cards each had a £500 credit limit but as the months went on, the lenders automatically extended it multiple times until it reached £2,000 a go.
- What does responsible look like when it comes to advertising credit cards? Fairer Finance: In a competitive credit market, firms find it hard to resist the temptation to incite their customers to borrow money. But in doing so, they’re crossing a line.
Amigo guarantor loans – more refunds being paid! My article.
The penalty for chasing a best-buy loan deal Times (paywall) The FCA admits that there is “no specific requirement” for companies to publish any evidence to back up the representative APR they are displaying. There is, however, a vague expectation that they keep records in case they are checked.
HSBC agrees to extend redress scheme for customers impacted by historical debt collection practices FCA: Where the records show that customers paid their outstanding debt but do not determine whether debt collection charges were applied and paid, customers will be written to and invited to share their recollections.
- all thanks to a dogged campaign over many years by the whistle-blower, Nicolas Wilson who says in his Mr Ethical blog that: the HSBC fraud was about £200m involving 5-600,000 customers, not 18,500 as the FCA seem to have discovered.
PCP car buyers in negative equity Times (paywall) “Those who use loans to continue driving new cars face a toxic combination of accelerating depreciation and rising costs.”
Benefits & other news
‘The kids emptied our bank account playing Fifa‘ BBC: Four children spent nearly £550 in three weeks buying player packs to play the Fifa football video game online on the family’s Nintendo Switch console.
Consumer protection Public Accounts Select Committee: Despite common issues, the individual regulators [in water, energy, telecoms and financial service] take different and often inconsistent approaches to tackling them, have not made enough progress in working together, and with government, to improve services for consumers and develop common solutions where there is scope to do so.
- NatWest and RBS apologise after refusing to refund scam victims £10,000s despite new code MSE: He contacted RBS and says he even asked about the code, but was told this didn’t apply and he wouldn’t be receiving a refund.
- Universal credit: Fraud victims may still have to pay money claimed BBC: Another official said the government estimates 10% of the 100,000 or more advances paid monthly are potentially bogus.