At CICM, we want you to stay up-to-date and informed about current industry updates.
Use the tabs below to see the latest news in each category, and how it might impact you and your organisation.
What can the consumer credit sector expect from the FCA – read more.
The Financial Conduct Authority (FCA) has set out a package of measures to help consumers who invest through investment platforms more easily find and switch to the right one for them. Read more.
The Single Financial Guidance Body has commented on FOS compensation award limit increase – aimed at giving consumers access to a higher level of compensation from financial services firms when a complaint is upheld.
Credit card companies have been warned by the UK’s financial watchdog to avoid piling on extra fees when customers have trouble paying their bill. Read more.
Research from Experian has identified 5.8 million people in the UK who are virtually invisible to the credit economy because there is little or no information available on their financial track record. Read a press release.
Christians Against Poverty has released a new report ‘Stacked Against’ focusing on the true meaning of vulnerability. Read a press release here, which has a link direct to the report.
Read the latest guide from the Money Advice Service ‘What’s the best credit option for you?’ which gives consumers guidance on their credit options.
Watch a Vulnerability Academy podcast, from UK Finance and the Money Advice Trust on where the responsibility of consumers and firms begin and end.
The Financial Conduct Authority (FCA) has published its second thematic review of the debt management sector. Read a press release.
Could this affect you and your business? On 14 September 2019, new requirements for authenticating online payments will be introduced in Europe as part of the second Payment Services Directive (PSD2). PSD2 requires the use of two independent sources of validation to enable a payment by selecting a combination of two out of the three categories:
– something you know (e.g. PIN)
Read a Barclaycard story. Further updates will follow from the CICM to keep you updated.
Read a new report from UK Finance – ‘Fraud – the facts’
From 1 April, the Financial Ombudsman Service (FOS) is being made available to more small businesses.
Read the latest BDRC SME Finance Monitor and how almost one in four SMEs now see political uncertainty as a major barrier to their business going forward.
The European Payments Council (EPC) Board has approved UK Finance’s application for the UK’s continued participation in the Single Euro Payment Area (SEPA). Read more.
The Access to Cash Review has published its final recommendations calling on the Government, regulators and banks to act.
The Small Business Finance Markets report has been published which gives an in-depth analysis of SME access to finance.
A new insolvency regime for further education bodies in England and Wales came into force on 31 January 2019. It provides legal clarity as to how a further education or sixth form college would be managed should they become insolvent. The Department for Education has published guidance that provides more information on the new regime.
The Insolvency Service has been accepted as a founder member of the new Government Counter Fraud Profession. The profession will deliver new standards, guidance and tools to help build counter fraud capability. Read more.
Further to the recent publication of a Government consultation on plans to repay HMRC ahead of pension schemes, trade creditors, and lenders in insolvency procedures, R3 has issued this response.
Read the latest Insolvency Service Newsletter.
2019 Spring Statement – What you need to know
Read the Government Information Update on its policy for apprenticeship funding in England from 1st April 2019.
House of Lords Treasury committee calls for tougher UK laws against money laundering – read more.
Government announces crackdown on late payments to small businesses – Read a Financial Times article on the announcement made in the Spring Statement.
Government set to replace Financial Reporting Council. The new Audit, Reporting and Governance Authority (ARGA) will have regulatory powers to be able to make direct changes to accounts rather than having to go through the court system. – Read more.
Latest from the Office for National Statistics
Latest statistics from The Money Charity
Latest Bank of England statistics
Latest Insolvency Service statistics
Scotland’s insolvency statistics from the Accountant in Bankruptcy
Some extra items you may find of interest:
Did you know…April 2019 sees the 10th Anniversary of Debt Relief Orders.
Read the latest FCA Regulation Round Up
Companies House has raised the prominence of the warning that the contents of accounts are not verified or validated on its Beta site.