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Letter from the CMA to Barclays on PPI annual review statements

One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the PPI Order) was that all customers would receive an annual review statement from their provider setting out the cost of payment protection insurance (PPI) and a reminder of their right to cancel. However, some PPI customers of Barclays had not received their annual review statements. Barclays has sent apology letters to all affected customers and is sending a further clarificatory letter to one group. Once they have done this, all affected customers ...
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Asset Land Investment Plc and another (Appellants) v The Financial Conduct Authority (Respondent) – The Supreme Court

These were proceedings brought by the Financial Conduct Authority (“FCA”) against Asset Land Investment plc and associated parties (“Asset Land”) and its principal owner and director Mr Banner-Eve, alleging they had carried on a of regulated activities without authorisation, namely the operation of collective investment schemes, contrary to section 19 of the Financial Services and Markets Act 2000 (“FSMA”). The activities related to sales of individual plots at six possible development sites in various parts of the United Kingdom. Asset Land divided the sites into ...
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Compass Debt, Radio 4 and compassion from the creditors…

Yesterday I took part in Radio 4 You & Yours to discuss the ongoing issues affecting victims of Compass Debt Counsellors recent collapse. This is the second time You & Yours has featured the Compass matter in recent weeks. The first broadcast focused on the direct impact of the collapse and the fact that victims had amassed large ‘savings pots’ with Compass to offer as full and final settlements at the conclusion of their debt plan. Sounds logical? No, not at all. Debt management companies are not ...
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Are you a Northern Rock (NRAM) ‘Together’ mortgage/loan customer? – QualitySolicitors Howlett Clarke

Following the Court of Appeal decision in NRAM Plc v McAdam & Anor [2015] EWCA Civ 751 (bailii link here) at Howlett Clarke we have popped on our thinking caps and we are now eager to hear from you if you are a Northern Rock Asset Management customer and have taken out a ‘Together’ mortgage/loan over £25,000. READ MORE : Are you a Northern Rock (NRAM) ‘Together’ mortgage/loan customer? - QualitySolicitors Howlett Clarke The decision has left a bad taste in the mouth of many NRAM customers as ...
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How F&F settlements affect credit ratings – Debt Camel

A reader has asked how Full & Final settlements (F&Fs) would affect her credit rating. The debts were all defaulted and have dropped off her credit record. This article look at how F&Fs are normally shown on a credit record and what would happen for the questioner’s old debts. A “full and final” settlement happens when the creditors agrees to accept an amount which is less that the total owed to settle a debt, and agrees that the debtor will not be pursued for the remainder ...
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Consumer credit regulation: the journey so far – Financial Conduct Authority

It is now two years since regulation of consumer credit transferred to the FCA. We saw another key milestone at the end of the last month as the deadline passed for firms which had interim permission to apply for full authorisation. So it is now an opportune time to reflect on the changes we have seen in the past two years. On the 1 April 2014 around 50,000 firms transferred with interim permission from the OFT to the FCA, since then we have determined over 30,000 ...
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2016-04-08 09_40_00-Start

Why do only 17% of law firms display prices on their website?’

The team at LBcompare was unsurprised at the findings of the latest report from the Legal Services Board on transparency of pricing across the legal services sector. We have spent the last 12 months researching the fixed fee market to input pricing onto our comparison platform, so we are well placed to comment on the fact that there is ‘a serious lack of transparency’ according to LegalFutures . For me, the headline fact is that only 17% of firms display their fixed fee prices on their ...
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‘Fat cat’ lawyer image creating more LiPs, says Citizens Advice

"Standing alone" full report [ 1.8 mb] The family courts are vital in helping people resolve a range of issues. However, the way people use them is changing. Since funding for legal aid was reduced in 2013, there has been an increase in the number of people going to the family courts without a lawyer (as a ‘litigant in person’). Two-thirds of our advisers report an increase in the number of people they see going to court without representation since 2013. Standing alone: going to the family ...
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2016-03-30 10_58_15-Start

Credit card firm New Day to refund 180,000 over unfair charges

Over 180,000 credit card customers of firm New Day are being refunded after they were hit with unfair additional charges. More than 180,000 credit card customers of the firm New Day – which provides Aqua cards and storecards for Debenhams, House of Fraser, Topshop and more – can expect to pocket an average refund of £20 each after they were hit with unfair additional charges on top of default fees and other charges. The unfair charges were uncovered by New Day itself as part of an internal ...
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National Living Wage benefits ‘to vary across the country’ – BBC News

he number of workers benefiting from the new National Living Wage (NLW) will vary dramatically across the country, according to a think tank. The Resolution Foundation said that in some parts of the UK as much as a third of the workforce will get a pay rise.But workers elsewhere will see little difference after the NLW is introduced on 1 April, it said. Under the NLW, millions of workers over 25 will see their minimum pay rate rise from £6.70 to £7.20.Those under the age of 25 ...
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