Payday loan complaints reach five year high – BBC News
‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’
BBC News, 15th May 2019
Source: www.bbc.co.uk
Category: loans
Law firm insolvencies hit new high amid ‘loan stacking’ warning – Legal Futures
‘The number of insolvencies among solicitors’ firms reached a new high last year, Insolvency Service figures have shown, and a funder has warned that the practice of ‘loan stacking’ will only make things worse.’
Legal Futures, 10th April 2019
Source: www.legalfutures.co.uk
FCA to focus on affordability and culture in regulation of consumer credit – OUT-LAW.com
‘The UK’s Financial Conduct Authority (FCA) has set out its priorities for the future regulation of the consumer credit sector, including the impact of the Senior Managers and Certification Regime (SMCR).’
OUT-LAW.com, 27th March 2019
Source: www.out-law.com
RBS sued by Newham council over the terms of £150m in loans – The Guardian
‘Newham council is suing Royal Bank of Scotland over the terms of about £150m in complex bank loans, making it the latest UK bank to face a lawsuit over lending terms that critics say piled undue pressure on local services.’
The Guardian, 6th February 2019
Source: www.theguardian.com
Howard Grossman: Northampton Town ‘missing millions’ developer banned – BBC News
‘A property developer has been banned from running companies for 10 years after failing to provide accounting records to explain more than £5m missing from a football club loan.’
BBC News, 5th February 2019
Source: www.bbc.co.uk
Repatriation fees for forced marriage victims abolished – The Guardian
‘The Foreign Office has bowed to public outrage and dropped its requirement for victims of forced marriage to pay sometimes crippling fees to cover the cost of their repatriation.’
The Guardian, 9th January 2019
Source: www.theguardian.com
Payday loan firm accused over ‘cynical Christmas ad’ – The Guardian
‘The chair of the Commons business select committee has demanded the financial regulator take action against the payday loan firm Provident, after it “cynically” advertised 535% APR loans over the Christmas period.’
Could student loans ruling mean the system is redesigned? – BBC News
‘An announcement on Monday could affect the future of the student loans system.’
BBC News, 16th December 2018
Source: www.bbc.co.uk
Tycoon Vijay Mallya can be extradited to India, UK judge rules – The Guardian
‘Vijay Mallya, the multimillionaire former owner of the Force India Formula One team and self-proclaimed “King of the Good Times”, can be extradited to India to face allegations of fraud.’
The Guardian, 10th December 2018
Source: www.theguardian.com
Council wins Court of Appeal battle over stadium and state aid – Local Government Lawyer
‘Coventry City Council has won a Court of Appeal case in the latest round of a four-year long litigation saga over the city’s sports stadium the Ricoh Arena.’
Local Government Lawyer, 15th October 2018
Source: www.localgovernmentlawyer.co.uk
UK loan-based crowdfunding platforms face tighter regulation – OUT-LAW.com
‘The largest loan-based crowdfunding platforms operating in the UK could be required to establish “an independent compliance function” and “independent risk and internal audit functions”, according to new rules proposed by the Financial Conduct Authority (FCA).’
OUT-LAW.com, 31st July 2018
Source: www.out-law.com
Lenders court new controversy over misleading loan rates – The Independent
‘UK consumers are paying millions more than they expect for personal loans as the gap between advertised and actual interest rates on such borrowing grows.’
The Independent, 7th June 2018
Source: www.independent.co.uk
Crackdown on high-interest lending announced by FCA – BBC News
‘The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts.’
BBC News, 31st May 2018
Source: www.bbc.co.uk
Government shelves Goods Mortgages Bill – Law Commission
‘The Government has announced that it will not bring forward the Law Commission’s Goods Mortgages Bill. The Bill had been announced in last year’s Queen’s Speech and would have replaced the Victorian‑era Bills of Sale Acts – bringing greater protections to those who had taken out or who had unwittingly purchased cars with so-called “logbook loans”. But following additional consultation, the Government has said it will not bring forward reform in the area in the immediate future.’
Law Commission, 14th May 2018
Source: www.lawcom.gov.uk
Leave.EU fined £70k over breaches of electoral law – The Guardian
‘Leave.EU has been fined £70,000 and its chief officer has been referred to the Metropolitan police after the Electoral Commission found it had breached multiple counts of electoral law during the referendum to leave the European Union.’
The Guardian, 11th May 2018
Source: www.theguardian.com
Call for stricter rules on doorstep loans – BBC News
‘People who borrow money from doorstep lenders should get the same protection as those with payday loans, a charity has argued.’
BBC News, 19th March 2018
Source: www.bbc.co.uk
Doorstep lender to return £169m to customers – BBC News
‘A division of troubled lender Provident Financial has been told to pay almost £169m in compensation to customers. The Financial Conduct Authority (FCA) said Provident’s Vanquis unit failed to properly disclose charges on one of its popular repayment plans.’
BBC News, 27th February 2018
Source: www.bbc.co.uk
FCA flexes muscles with first ‘serious crime’ order – Law Society Gazette
“A money lender who ‘flouted the law’ to make more than £2 million from loan agreements despite being refused a credit licence has become the first person to be subjected to a serious crime order imposed by the Financial Conduct Authority (FCA).”
Law Society Gazette, 14th February
Source: www.lawgazette.co.uk
Barclays Bank charged by Serious Fraud Office over Qatar loan – The Independent
‘The UK’s fraud watchdog has charged Barclays Bank over making a loan to Qatar back in 2008.’
The Independent, 12th February 2018
Source: www.independent.co.uk
