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Divorce myths to be dispelled

Separating couples will be given clear new guidelines setting out what they should expect when property and income is distributed by the courts, Simon Hughes has announced.

In March 2014 the Law Commission ‘Matrimonial Property, Needs and Agreements’ report found there was confusion about how one person should be required to meet the other’s financial needs after their relationship has ended. When separating couples go through the courts, the court has a wide discretion to decide how their property and income should be distributed. One of the main factors considered is the ‘needs’ of each party. However, under the current law the exact meaning of needs is unclear and there is confusion about the extent to which one spouse should be required to meet the other’s needs and for how long.

via Divorce myths to be dispelled – Press releases – GOV.UK.

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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.

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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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