The Financial Conduct Authority (FCA), along with the Financial Ombudsman Service (FOS), have published joint guidelines on how to deal with Authorised Push Payments (APP) fraud. These guidelines strengthen the authority of FOS and are much needed, as a report by Payment Services Regulator (PSR) discovered an alarming increase in the amount […]
The financial watchdog, the FCA, wants to crack down on high-cost-credit, an issue which effects more than 3 million people in the UK. The Financial Conduct Authority has announced plans to cap fees in the rent-to-own market, where you can but furniture or appliances by way of weekly or monthly payments, at […]
Shawbrook Bank Has Admitted Being Reprimanded By The Financial Conduct Authority.
Shawbrook Bank has seen a significant decline in lending volumes since the Financial Conduct Authority forced it to make changes to its lending policy back in October 2017.
The Financial watchdog was investigating several firms, after evidence emerged over lax lending standards. The […]
Over 750,000 mortgage customers who fell into arrears and were then unfairly charged twice are to receive compensation.
Last year, it was estimated that over 750,000 borrowers may have been overcharged after falling behind on their mortgage payments.
The Financial Conduct Authority have now told banks and building societies that they have until July 2018 to […]
Pension scamming has become such a big problem new legislation was brought in to tackle it and stop victims with pensions from losing everything. The legislation meant that people were not allowed to be cold called from companies to talk about their pension pots and coerced into investing into fraudulent schemes. However, […]
The Financial Conduct Authority has fined Banking giant Santander £32.8 Million for serious failings when dealing with its probate and bereavement process. Over 40,000 customers were directly affected because Santander did not transfer funds totalling over £183 million to beneficiaries, when they should have done. The FCA say Santander also failed to […]
Liquidator’s working on behalf of Payday Lender Cash Genie have revealed that there is no money left to pay compensation to customers.
In 2016, Cash Genie entered into a solvent liquidation process and ceased trading. Despite this, the Payday Lender said it still had enough income to repay the £20 million owed to […]
Thousands of homeowners thought they had been saved during the financial crisis, as the government agreed to step in and take over their mortgages. Despite this, some ten years later, thousands of former Northern Rock customers are still stuck with high interest mortgages. These mortgages were taken over by a private equity […]
Payday lenders are being told to proactively compensate former customers, even if it threatens the company with bankruptcy. The regulator is setting out how firms should respond to a surge in complaints over unaffordable lending. It comes after the collapse of Wonga in August, the payday lender famous for its extortionate interest […]
The Financial Conduct Authority announced back in 2017 that they were investigating the motor financing industry, to ensure that consumers were not being caused harm, to understand how finance products were sold and, to see if the market is functioning as well as it could be. In March, the FCA published an […]
You are able to pursue a claim yourself to the Financial Ombudsman Service without incurring a fee
