The Financial Conduct Authority has rejected an application for authorisation from a claims management company. Its principal concerns were over the competence of the firm’s director and over another individual – the director’s husband – who was connected to a firm that was subject to FCA action in the past.
The High Court has rejected the scheme of arrangement proposed by a large guarantor lender. This comes despite the firm’s creditors voting to approve the scheme, under which they would have received much less for their complaints claims than would have been the case under normal circumstances – they might have received as little as 10p per £1.
Does your firm need advice with FCA regulation? Could you benefit from compliance support? If so, contact Scott Robert on 0161 914 5727.
The Financial Ombudsman Service’s ombudsmen make many adjudications that result in firms losing their case and being ordered to pay compensation to customers.
ICO fines credit card company after it tried to describe marketing emails as servicing communications
The Information Commissioner’s Office has imposed a £90,000 fine on a major credit card provider after it sent 4.1 million marketing emails to customers who hadn’t consented to receiving communications of this nature. The firm’s misconduct continued over a 12-month period between June 1 2018 and May 21 2019.
The Financial Conduct Authority says it is concerned that “consumers often fail to make the most of their pensions”. It has launched a Call For Input, aiming to understand consumer behaviour at key points in the pension saving journey in order to improve pension outcomes.
Leading experts have given their views on how the issue of firms’ treatment of vulnerable customers has evolved over time.
The Financial Conduct Authority has announced plans to ban what it calls claims management company phoenixing. Usually, phoenixing refers to the situation where the assets of an insolvent firm are bought from administration or liquidation by the firm’s directors, and where the business re-commences trading as a new entity.
In its latest Ombudsman News newsletter, the Financial Ombudsman Service explained its approach to cases that involve domestic or economic abuse.
The Bank of England’s Money and Credit Report for March 2021 shows net mortgage borrowing at £11.8 billion – the highest level on record, beating the £10.4 million mark set back in 2006. Gross lending also rose to record levels, at £35.6 billion. These new records are thought to be due to the fact that the stamp duty holiday was initially expected to end in March, although this has since been extended to the end of June 2021.