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Ombudsman Complaints Relating to Loans Rise 40%

The Financial Ombudsman Service (FOS) has advised that complaints relating to borrowing have risen by as much as 40% in just one year. More and more concerns are being taken to the Ombudsman with relation to how lenders are treating their customers who have taken out high-cost loans and over one third of the complaints made have been upheld in favour...View Post

Payday Loan Compensation

Have you ever taken out a Payday Loan? If you have, you could be due compensation from the Lender you had this with. During April 2014, The Financial Conduct Authority (FCA) took over the regulation of the Payday Loan industry, and since then, the sector has found itself having to repay millions to its clients after it irresponsibly gave out loans. ...View Post

Government ‘Steps Up’ Crackdown on Loan Sharks

A government ‘crackdown’ on illegal lenders who are thought to be targeting vulnerable people is set to be stepped up. £5.5m has been set aside to fund investigations and prosecutions of those deemed to be “nasty lenders” and “lowlife crooks” by the Treasury. The money will also be used to fund support for the victims of these illegal lenders. In...View Post

FOS Allowing Computers to Decide PPI Complaint Outcomes

With the Payment Protection Insurance (PPI) claim deadline set for August 2019, more people than ever are attempting to claim compensation for the mis-sold product. However, it seems that the Ombudsman - who is supposed to be there to support claimants reach fair outcomes - is finding itself in more and more controversy. When a claimant and lender cannot agree on...View Post

EY Item Club Predicts Two Rises in Interest Rates for 2018

Forecasting body, the EY Item Club, have predicted that the Bank of England is likely going to raise interest rates twice this year, and twice next. Governor of the Bank of England, Mark Carney, stated that it is “likely” rates will rise this year, however, added that increases will be “gradual.” However, the forecasting body believes a ‘tight labour market...View Post

Boss of Barclays Faces ‘Conduct Breach’ Fine

Jes Staley, Barclays boss, is facing fines by UK regulators The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). Both regulators began their ‘probe’ into the conduct of Mr Staley a year ago, regarding the breaching of rules as he attempted to identify a whistleblower at the bank. Barclays stated that there is no suggesting that the accused...View Post

FOS to be Independently Reviewed

Shortly after Channel 4 aired the Dispatches documentary claiming to bring to light numerous issues with the Financial Ombudsman Service (FOS), FOS has announced it is to be ‘independently reviewed.’ The documentary suggested that employees at the Ombudsman were not sufficiently trained to deal with the complex cases they were handling, and that as a result of this, complainants lost out. ...View Post

Financial Ombudsman to Carry Out Independent Review of Complaint Decisions

The Financial Ombudsman Service (FOS) will be carrying out an independent review after an investigation by Channel 4’s Dispatches suggested that decisions were being made on complaints by staff who did not possess the required levels of training or knowledge. Accusations have been made that FOS has not made decisions on some claims correctly due to inadequate training of staff...View Post

Citizens Advice Says Stricter Rules Are Required for Doorstep Borrowing

Citizens Advice has argued that those people borrowing money from doorstep lenders should be eligible for the protection given to those with payday loans. The charity has suggested that should the rules that prevent payday loans from being rolled over time and time again be copied for doorstep borrowing, less people would find themselves ‘falling into a spiral of debt.’ ...View Post

Concerns Continue to Grow Over Personal Debt

Jonathan Davidson, one of the Financial Conduct Authority’s (FCA) Directors of Supervision, has warned that consumers may be ‘in too deep’ with borrowing, as credit levels come close to a 2008 peak. Mr Davidson said that customers who are just managing to keep up with repayments now, may not be able to do so in the future. He also warned...View Post