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Hi All, A petition to regulate Credit Reference Agencies to make them take responsibiity for the rubbish data they hold, please sign and pass around https://petition.parliament.uk/petitions/212110/sponsors/new?token=uVL8zQ8UufpmcsmeBQ
Budget 2016: FCA to regulate claims management companies The government has moved to make the Financial Conduct Authority (FCA) responsible for regulating claims management companies. Announced as part of today's Budget measures, the Treasury said it would introduce a ‘tougher’ regulatory regime for claims management firms. This followed a review of the claims management industry which recommended a cap on the amount such firms can charge. ‘The government is clamping down on the rogue claims management companies that provide bad service and bombard customers with nuisance calls,’ it said. ‘The new regime will be tougher and will ensure claims management company managers can be held personally accountable for the actions of their businesses.’ The Treasury said the FCA would be put in charge of the new regulation. ‘In order to ensure that the new regulatory regime is implemented effectively, the government intends to transfer responsibility for regulating claims management companies.’ The move to regulate claims management firms follows a National Audit Office report into financial mis-selling redress, which discovered claims management firms made between £3.5 billion and £5 billion from the total £22 billion paid out to victims of payment protection insurance mis-selling. City Wire High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email email@example.com to buy additional rights. http://www.ft.com/cms/s/0/1cadccd4-eb8f-11e5-bb79-2303682345c8.html#ixzz439YM4YFJ The prominence of CMCs has risen in recent years with scandals such as payment protection insurance, where banks have provisioned a total of £30bn for compensation, making it the UK’s costliest instance of mis-selling. CMCs are estimated to have received as much as £5bn of the overall £22.2bn paid out by banks in PPI compensation between 2011 and 2015, according to a recent report by the National Audit Office. Financial Times
The enforcement and advice sector were taken by surprise late this evening when news channels contacted them for interviews in connection with the Press Release issued to the media last night outlining how the Ministry of Justice plan to regulate the bailiff industry. Included in the Press Release are the following: Mandatory training scheme for bailiffs Bailiffs who do not follow the rules will be barred Stop bailiffs entering homes when children only are present Stop bailiffs using force against debtors. Bailiff will only be able to enter homes between 6am and 9pm Will also legislate on a set of rules and fees detailing when the bailiff can entry property, what goods they can take and a fees structure which will end excessive and multiple fees. Ensure vulnerable people will get assistance and advice Train bailiffs to recognise vulnerable people. The press release only provides a brief outline of the proposed changes and further details will be announced by the government in the morning. Interviews will be taking place on breakfast channels and radio stations in the morning so be sure to watch or tune in. Good night..........