| This Week's News - 14 March 2014 |  Review into debt collection practices of payday lenders starts on day one of FCA regulation
Payday lenders and other high cost short term lenders will be the subject of an in-depth thematic review into the way they collect debts and manage borrowers in arrears and forbearance, the Financial Conduct Authority (FCA) announced today.
The review will be one of the very first actions the FCA takes as regulator of consumer credit, which begins on 1 April 2014, and reinforces its commitment to protecting consumers – one of its statutory objectives. It is just one part of FCA’s comprehensive... Read more here... |
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♦ OFT update on SME banking market study
The OFT has today published an update on the market study into banking services for SMEs, including an announcement that the Competition and Markets Authority will complete the study as part of a wider... |  |
♦ Business invited to help reform enforcement of regulation
Business Focus on Enforcement will allow industry groups such as trade associations to challenge problems like duplicated paperwork, inconsistent advice or unhelpful guidance and present the case for change
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♦ Only A 'Handful" Signed Up For Universal Credit (CCR-PS pg7;APP)
The future of the government's major £2bn welfare refrm was thrown into doubt last month, after it emerged thaht just a handful of claimants had been enrolled onto the new scheme... |  |
♦ UK small businesses continue to show a sustained recovery
The latest Small Business Index shows an increasing number of businesses want to create jobs in the next three months. This marks the third consecutive quarter of job creation in small firms and provides... |  |
♦ Amendments Needed On EU Data Protection Plans (CCRW pg7;APP)
EU plans for a consumer 'right to be forgotten' could have devastating consequences on creditors, credit reference agencies, and collectors, with knock-on troubles for consumers... |  |
♦ UK GDP to exceed pre-recession peak earlier than expected in 2014
Has today upgraded its growth forecasts for the next two years – from 2.7% to 2.8% in 2014 and from 2.4% to 2.5% in 2015. For 2016 (included in our forecast for the first time) we are expecting growth of 2.5%... |  |
♦ Steep rise in debt problems due to council tax arrears
There has been a huge increase in the numbers of people with council tax arrears seeking, according to new figures released today. Last year the charity helped 45,561 people in arrears on council tax, up... |  |
| ♦ Fraud: Not A Huge Problem (CCR-PS pg8; APP) |
| ♦ Immigration: Businesses will benefit from help to recruit internationally |
| ♦ Vote to improve governance of European accounting standard setters |
| ♦ Precedent setting victory against HMRC in the Supreme Court |
| ♦ Advisor Calls To Dismiss Interchange Fee Appeal (CCR World pg7; APP) |
| ♦ Number of loans to first-time buyers up 38% in January compared to 2013 |
| ♦ UK consumers’ spending per credit card hits 10-year high, while delinquencies continue to fall |
| ♦ Call For 'Yellow Card' Before Sanctions (CCR-PS pg7; FREE APP) |
| ♦ CFA comments on FCA review into debt collection practices of payday lenders |
| ♦ Third of people with debt worries are concerned about their mental health |
| ♦ New Pilot To Help Benefit Claimants (CCR-PS p78; FREE APP) |
| ♦ Unsecured lending outstanding balances at highest level for years |
| ♦ CSA announces new Board portfolios |
| ♦ ICM and BIS monthly cashflow ‘tip’ to small businesses |
| ♦ Nearly three-quarters of personal IPs have seen individuals unable to go bankrupt |
| ♦ An arrest in FCA boiler room investigation |
| ♦ Now is the time to reform stamp duty, say accountants ahead of Budget |
| ♦ Bank of Scotland PMI: jobs growth fastest in PMI survey history |
| ♦ Return to economic growth reflected in increase in amount of charitable giving |
| ♦ Floods have taught us a valuable business lesson – The importance of crisis planning! |
| ♦ Budget business focus as essential as household concessions to secure recovery |
| ♦ BCC: Minimum wage increase is a reasonable compromise |
| ♦ Small businesses need better consumer protection, says FSB
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| ♦ Forum responds to the Low Pay Commission Announcement on the National Minimum Wage |
| ♦ Troika report praised by Parliament Committee Chair |
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| This Week's Appointments And Updates |
| ♦ Marston announces Business in the Community membership |
| ♦ GoCardless to use Callcredits ‘CallValidate’ for anti-money laundering checks |
| ♦ Think Finance chooses Equifax to gain greater insight into short-term borrower behaviour |
| ♦ Avention reinvents business information market with launch of new application |
| ♦ Sebastien Meric takes new position of IT director at Tinubu Square |
| ♦ Wedding shop falls victim to online competition |
| ♦ Linda Docherty appointed new chair for CML Scotland |
| ♦ Payments Council confirms new mobile payments service to be called Paym |
| ♦ LSL launches new packager: The Mortgage Processing Centre |
| ♦ Ex-Accenture consulting MD joins Vizolution as non-executive chairman |
| ♦ Industry-first EV finance package launched to vehicle brokers |
| ♦ 'Follow Glasgow’s lead' on introducing school students to credit unions |
| ♦ Quintessential’s Pingtree launches new personal loans platform |
| ♦ Stonebridge added to Magellan Homeloans distribution panel |
| ♦ New president for ABCUL |
| ♦ £2 billion in two months: Pepper UK boards two more books |
| ♦ KPMG and BWise announce joint solution for leasing companies |
| ♦ ALMIS gives risk management capability to Paragon and SCOBAN in their quest for a banking licence |
| ♦ Nucleus launches 100% finance product giving small businesses 100% cash in advance for a fixed fee |
| ♦ MarketInvoice response to OFT update on SME banking review |
| ♦ Kent manufacturer expects to double growth in 2014 with bank support |
| ♦ United Trust Bank extends finance options to include engineering machinery |
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