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The webs best independent consumer forum. LegalBEAGLES is a FREE consumer law forum offering help, support and debate in many areas of day-to-day life. We cover most topics ranging from debt through to family and employment matters. Our users and team are all volunteers and provide information and support without liability. If in doubt seek professional legal advice. .


SRA updates consumer credit work guidance | Solicitors Regulation Authority

The Solicitors Regulation Authority (SRA) has updated its guidance for firms involved in consumer credit work.

Regulating consumer credit work passed from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April. Law firms engaged in consumer credit work had until this point been covered by The Law Society’s group licence. Now, however, such firms should have assessed what licensing needs they have and approached the FCA for the relevant authorisation.

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Land bank firm shut down by the FCA has appeal rejected by Court – Financial Conduct Authority

Asset Land L.I. was a land banking firm, run by Banner-Eve and his associates, selling plots of land as investments in Stansted, Harrogate, Lutterworth, Newbury, Liphook and South Godstone.

The judgment makes clear that the law around collective investment schemes (CIS), which require Financial Conduct Authority (FCA) authorisation, does apply to these types of scheme and that any effort to avoid authorisation on technical legal points will be unlikely to succeed.

The decision paves the way for some money to be returned to investors, but it is unlikely to be the full amount.

Tracey McDermott, director of enforcement and financial crime at the FCA, said:

“Winning this case sets an important legal precedent in the fight against unauthorised business. Firms trying to exploit loopholes to claim that they are not running collective investment schemes should be clear – it simply will not work.

“This is a clear warning to any firm selling dubious investments and I reiterate it today: we will come after you, we will shut you down, and we will do whatever we can to ensure money you have taken, no matter how much – or little – is left, is used to reimburse your victims.

“We constantly see new variations on these schemes. If someone is contacted out of the blue with an offer that is too good to be true – it probably is. Put down the phone and keep your money.”

via Land bank firm shut down by the FCA has appeal rejected by Court – Financial Conduct Authority.


Swansea call centre is probed by Ministry of Justice

ffrClaims management regulation enforcement officers, accompanied by police, executed a search warrant at Full Financial Review in Exchange Buildings, Adelaide Street.

A Ministry of Justice spokesman said: “As this is part of a live investigation, we cannot comment further on the circumstances.”

A Swansea Police spokesman said: “We assisted their officers with the execution of a search warrant.”

The company is a subsidiary of Credit Clear Services, based in Poole, Dorset.

Its director Simon Helliwell said that the claims regulator had conducted a spot check audit on the Swansea business, which was cooperating fully.

“This forms part of an ongoing investigation into some consumer complaints relating to a previous business where we have taken over the files and are working hard with the claims regulator to resolve the issues and ensure client service is provided,” he said.

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Barclays Bank Overdraft Fees

Barclays Bank are bringing in a new charging structure for overdraft usage from 16th June. That’s eight and a half weeks to switch if you think the new structure will be disastrous for your overdraft costs.

Kate Briscoe, co-owner of LegalBeagles discussed the new charges with Paul Lewis on Radio 4′s MoneyBox earlier today – you can listen to the programme again here or https://www.youtube.com/watch?v=iH8yeSemepY


The headline change is the scrapping of interest charges of any kind. Sounds good? Many of us find interest calculations confusing, so this could make it easier to calculate what your overdraft is costing you?

The new daily fees are staggered at 75p daily for an arranged overdraft up to £1000, £1.50 daily for £1001 – £2000 and £3.00 for £2001 and higher.

This means that if you exist perpetually in your overdraft, you’ll be hit very hard by these new fees. Under the old interest led system, staying at £2001 overdrawn for a year would have cost you £386, but with the new system you’ll pay an eye-watering £1095 per year!
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Economic recovery failing to fix fragile household finances

The UK economy is growing, yet StepChange Debt Charity is approached by more than a thousand people every day who are struggling to deal with their finances.

Millions of households’ finances are so fragile that that they are weeks away from falling into a spiral of debt if they faced a drop in income or a cost they can’t afford, according to a major new report Life on the Edge, released today by StepChange Debt Charity.

15 million people are already falling behind on bills and using credit to pay for essential costs 13 million people do not have enough savings to keep up with essentials for a month if their income dropped by a quarter.

Those on average income, families with children and people in full time work are most at risk of falling into debt

A national strategy is needed to help households avoid problem debt, including: measures to boost personal financial resilience; strong and responsive safety nets; and a formal role for creditors in helping those in financial difficulty

via Economic recovery failing to fix fragile household finances.