Latest Articles

In August this year the Chancellor of the Exchequer stated that the Government would complete a major new review examining how the technology that serves the financial sector will evolve in the future. Alongside this the Chancellor also announced a major programme of work looking into digital currencies and associated technologies, with a particular focus on whether they should be regulated.…
HM Treasury has published a Consultation Paper on how it proposes to implement the Mortgage Credit Directive (MCD) in the UK, together with an impact assessment and draft Mortgage Credit Directive Order 2015 (the draft Order), which would amend the Financial Services and Markets Act 2000 (FSMA), the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.…
The Financial Ombudsman Service (FOS) has published issue 119 of Ombudsman News. Items of interest include: case studies on short-term credit; an interview with Juliana Francis, senior ombudsman, on the FOS’ perspective on payday lending; and Q&As on the application of the FCA’s consumer credit rules, on the impact of the FOS regime on consumer advisers offering debt advice and on whether the FOS can consider a complaint concerning a credit broker.…
The Financial Ombudsman Service (FOS) has published a report following its review of complaints relating to payday loans. Some of the issues contained in the report included complaints about fraud, payday loans, damage to credit records, debt-chasing, poor administration and customer service, high costs and charges, informing consumers of their referral rights, continuous payment authorities and the experience of vulnerable consumers. In order to tackle this, the FOS suggests the following remedies:…