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Latest news & Keeping up to date

Our news pages is here to help you keep on top of regulatory changes and market conditions, so you are one step ahead in these uncertain times.

Compliance & Regulatory news

'FCA tells lenders to support consumers struggling with the cost of living'

The Financial Conduct Authority (FCA) is today writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living.

With household bills expected to continue to rise into the autumn, it is important that third party firms act now to make sure borrowers struggling with payments and customers in vulnerable circumstances can access the help they need, with more scrutiny on debt collection agencies and their debt recovery methods. Whether it is compliance through phone calls, letters and attitude towards those facing financial hardship. 


 

'Trade body raises concerns over targets set for free-to-client debt advice'

The CSA, the UK trade body for debt collection and debt purchase, has released a new report exploring the provision of debt guidance for those facing financial difficulties and in need of support. 

The report found that although significantly increased funding had resulted in increased advice sessions, that was not reflected in the wider landscape.

Guidance and clarity are key topics within the debt collection industry. Compliance is critical in times like this for any debt collector and as a professional debt collection agency, we ensure all initial correspondence to late payers provides information on managing debt situations and we offer further information on support via our debt collection website. 

'FCA confirms help for mortgage borrowers struggling with payments'

The FCA has also published new data and analysis on the mortgage market. This shows that, in addition to the households already behind on payments, 356,000 mortgage borrowers could face payment difficulties by the end of June 2024.

This is down 214,000 from the 570,000 borrowers the FCA previously estimated in September last year due to changes in market expectations of the Bank of England base rate. Amongst this group those rolling off a fixed rate deal could end up paying an additional £340 a month on average.

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Key Economic & Financial news

'Why energy bills are increasing'

The Independent

The UK’s energy price cap, the maximum amount a utility company can charge an average customer per year for the amount of electricity and gas they use, has been reviewed and risen by 54 per cent, meaning a steep rise in household bills this spring.

As of 1 April 2022, the cap rose from £1,277 to £1,971 for a household on average usage. That means a £693 per year increase for the average

In times of challenging market conditions, a firm but fair debt collection approach is required. We can tailor our debt collection services for your exact needs, utilising years of debt recovery and credit control experience. Debt collection agencies will need to ensure they review their processes as the cost of living continues to rise.

'Markets brace for Bank of England interest rate decision'   
The Guardian

 

The Bank of England has raised its inflation forecast again, and now predicts it will hit 11% this autumn, when energy bills rise.

It had previously estimated that consumer price inflation would hit 10% – far over its 2% target. This new forecast shows that households face even more pain, with real wages already lagging inflation.

Credit card debt, loans and other borrowings are expect to squeeze consumers as interest rates rise. 

With inflation on the rise, if you are owed money, you will need professional advice from a debt collection agency to help navigate unpaid invoices during times of high inflation. Call us today to discuss our debt collection services

‘Global greedflation’: big firms ‘driving shopping bills to record highs’

The Guardian

Large corporations have fuelled inflation with price increases that go beyond rising costs of raw materials and wages, pushing shopping bills to record highs, according to an analysis of hundreds of company accounts.

Highlighting a trend dubbed “greedflation”the research indicates that supermarkets, food manufacturers and shipping companies are among hundreds of major firms who have improved their profits and protected shareholder dividends, giving an extra lift to prices, while the cost of living crisis has meant workers face the biggest fall in living standards in a century.

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