My pick of last week’s news is the FCA’s final rules on overdrafts.
Tweet of the week
Day made by getting a bailiff company to repay almost £700 to a constituent who was intimidated into finding money she had no liability for. But the behaviour of the bailiff in question was so, so wrong. And how many more such cases are there?
— Karen Buck (@KarenPBuckMP) June 5, 2019
FCA confirms biggest shake-up to the overdraft market for a generation FCA: The Financial Conduct Authority (FCA) has today confirmed it is introducing reforms to fix a dysfunctional overdraft market.
- Will new rules on overdraft fees help you? Will simpler mean lower? my article
- A big step towards tackling the financial and psychological costs of overdrafts MMPHI
- The Financial Conduct Authority has followed through on its commitment to introduce wide-ranging reform of overdrafts. StepChange
- Massive change to overdraft rules to save you money – what’s just been banned Mirror: Banks have been taking advantage of customers in their overdrafts for too long, and the regulator has now had enough – this is what they’ve just banned banks from charging you for.
The new PPI? Just one in three payday loan complaints made to the Financial Ombudsman since start of 2018 have been resolved Mail: The Ombudsman’s seemingly pedestrian response to the large volume of complaints reported to it in 2018 has attracted the ire of MPs on the Treasury Select Committee.
Dear temporary permission holder FCA: letter to CMC firms warning about an increase in problems the FCA is seeing.
‘I felt suicidal’: Debt in the UK’s payday loan capital Sutton & Croydon Guardian As a homeowner and someone with a good job Abi may not be the first person that comes to mind when we think about payday loans.
Provident shares soar as NSF pulls £1.3bn hostile bid Sky: Subprime loan company NSF announced late on Tuesday that it would not go ahead with its £1.3bn hostile bid, allowing its offer for the Provident “to lapse,” just hours ahead of the deal deadline at midnight on June 5.
Benefits & other news
Chronically ill father hung himself after cruel DWP stopped his benefits, inquest told Welfare Weekly: He was found ‘fit for work’ despite difficulties with breathing.
Invest to help London’s voluntary sector London Councils: 32 of the capital’s voluntary sector organisations and funders write to the Chancellor
High rents ‘make young people less mobile’ BBC: The number of young people in private rented accommodation who moved for a new job has almost halved in 20 years.
How big is the wage penalty for mothers? Economist: graphs showing the motherhood penalty exists in all six countries studied—but varies greatly in size.