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Found 10 results

  1. Charity regulator finds serious failings at unregistered organisation READ MORE HERE: https://www.gov.uk/government/news/charity-regulator-finds-serious-failings-at-unregistered-organisation
  2. Regulator finds significant failures at the Presidents Club Charitable Trust READ MORE HERE: https://www.gov.uk/government/news/regulator-finds-significant-failures-at-the-presidents-club-charitable-trust
  3. The CAA's plan for airlines to sign up to ombudsman type schemes hasn't been a success. So far, only Thompson have signed up. To encourage a greater take-up, from 1 June, airlines which haven’t signed up to an ombudsman scheme will have to pay £150 for complaints made to the CAA. The change could push airlines to settle legitimate claims more quickly, to avoid incurring a charge for escalated complaints. It may also push airlines to sign up to ombudsman schemes if they’re cheaper. The complaints service will continue to be free to passengers. http://www.moneysavingexpert.com/news/travel/2016/05/caa-to-charge-airlines-150-to-investigate-flight-delay-complaints-as-ombudsman-schemes-stall?_ga=1.101036417.1454227081.1456681947
  4. Hi, What do you think I should do? I ordered Business Fibre 152mb broadband in January 2015 Virgin required a £230 deposit which I paid. It is now a year later, hundreds of emails and hours of calls and 6 missed apointments and we seem no closer to an actual installation. Costs initially escalated from £60 for the install to a couple of hundred, and 2 months in I opted for a government Connection Voucher to cover it. Since then they have continued to rise and I've continued to agree to them as they are still less than the grant. Highlights include: a 3 month wait while Virgin was emailing the wrong email address to get the installation started being asked to pay £3895 excess costs which turned out to be a basic algebra error resulting from adding the £3000 connection voucher grant and actual £895 costs together waiting for contractors to not show up to do work on 6 different weekends I made a formal complaint in October and have a reference for it, but all the complaints department do is chase their Manilla call centre to give me an update, which typically doesn't contain any information. It has been a very frustrating year and the practical and financial impact on my business is huge. There is also no sign this is going to end with Virgin actually getting round to the installation... I've thought about complaining to CISAS, which is the ombudsman Virgin Media seem to be linked to, what should i be asking them for? Is there anything else I could do?
  5. The new Financial Conduct Authority will collect and share information from mortgage borrowers that may have data protection implications, it has emerged. The regulator will share personal data with the Bank of England, and its sister organisation, the Prudential Regulation Authority. The FCA wants to harvest large amounts of data about existing and new mortgages, including information on childcare commitments and outstanding loans and credit card bills. The data will also include each borrowers' income, including bonuses and overtime pay. The enhanced data requirements were contained in proposals published this week. The FCA says it needs the data to "monitor and supervise conduct in the mortgage market" and to help it to make "quicker, bolder decisions". The FCA acknowledged in the paper that the changes will bring both the data protection act and the human rights act into play. "There will potentially be instances where we share information with law enforcement agencies in relation to suspected mortgage fraud, although these instances are likely to be limited in nature," the paper states. It adds that the "collection of the data is necessary to achieve the aims set out in this consultation paper, and any interference with the right is proportionate to those aims". Link: http://www.telegraph.co.uk/finance/personalfinance/10062273/FCA-regulator-to-collect-and-share-mortgage-borrowers-personal-data.html
  6. The Office of Fair Trading (OFT) has issued a new set of principles around the use of continuous payment authorities (CPAs) after it found evidence that customers are not always aware of what they are signing up to. It has developed the principles following a sweep of websites using CPAs revealed that traders are not making it clear to consumers that they are being signed up to a CPA, or about their rights to cancel. CPAs have come under scrutiny recently after the OFT raised concerns in its interim report published in November, as part of its review into payday lenders, into the use of CPAs by the high cost credit industry Once a customer agrees a CPA, it allows a business to take a series of payments using the customer’s debit or credit card without having to seek authorisation for every payment. CPAs are often used to collect renewal payments but do not offer the same guarantees as direct debits, as customers are able to cancel a CPA with either the company taking the payment or with the card provider. Jason Freeman, legal director in the OFT’s goods and consumer group, said: “Continuous payment authorities, used properly, provide convenience for consumers and clarity about their commitments. “However, businesses must make clear to customers what they’re signing up for, when payments will be taken, and how they can cancel. Where they do not, businesses face the risk of enforcement action. ” The principles stipulate that businesses are “fully transparent” about terms before a consumer signs up to a CPA arrangement and provide “adequate” notice of any changes to the scope of the agreed authority, such as the amount or timing of payments. The OFT stated that companies should ensure the consumer has given informed consent to the use of a CPA, and that businesses do not use “opt out” provisions or other means to automatically assume the consumer has given consent. The onus will also be on businesses to provide information on how to cancel a CPA. Following the sweep, the OFT has said that it will contact 24 companies to ensure their websites comply with the principles. Link: http://www.credittoday.co.uk/article/14670/online-news/regulator-introduces-cpa-principles http://www.oft.gov.uk/news-and-updates/press/2012/117-12
  7. Martin Wheatley announces proposals to beef up 'broken' interest rate setting system. City dealers who rig Libor should face criminal charges, the head of the review into reforming the benchmark interest rate will say on Friday as he announces proposals to beef up regulation of the "broken" rate-setting system. Martin Wheatley, a senior regulator at the Financial Services Authority, will also stress that other institutions face similar punishments to those handed out to Barclays, which was fined £290m for its attempts to manipulate the rate used to set borrowing costs for companies and households around the world. He will recommend that the FSA should regulate the Libor system. But while he will say that Libor can be preserved, he will also call for an international discussion about alternative benchmarks. Libor – the London interbank offered rate – represents the prices banks pay to borrow from each other. It is set by a panel of banks asked the prices at which they expect to borrow over 15 periods, from overnight to 12 months, in 10 currencies. The rates the banks submit are published on the same day Wheatley is proposing that those 150 benchmark rates be reduced to just 20 – in five currencies and four maturities. He says more banks should participate in making submissions – but he is proposing that the individual rates submitted should not be published for three months, to avoid a rerun of 2008 when, at the height of the banking crisis, rates were artificially reduced to avoid any stigma of appearing to be in trouble. The managers of the so-called submitters should be subjected to direct authorisation by the FSA, he will say, and a code of conduct drawn up for the operation of the rates. His hasty six-week review was sparked by the Barclays scandal which eventually led to the departure of chief executive Bob Diamond. The firms involved in Libor were regulated but not the market itself, so he will call for the law to be changed to make it offence to "make a false or misleading statement" to manipulate Libor. "This would enable the FSA to use criminal powers for the worst cases of attempted manipulation," Wheatley will tell a City audience as he publishes his review. Wheatley, who is to head the Financial Conduct Authority when it is spun out of the FSA next year, will also attack the previous "careless" way in which the rate-setting process was overseen by the British Bankers' Association, which will be stripped of any further involvement. A tender process will be started on Friday for a new body to oversee Libor in a process that will be supervised by Baroness Hogg . He will call on the banks involved to "stand up and take responsibility" too. "The reason we are here … is that we have been misled. The system is broken and needs a complete overhaul. The disturbing events we have uncovered in the manipulation of Libor have severely damaged our confidence and our trust – it has torn the very fabric that our financial system is built on," Wheatley will say. "Governance of Libor has completely failed, resulting in the sort of shameful behaviour that we have seen. This problem has been exacerbated by a lack of regulation and a comprehensive mechanism to punish those who manipulate the system." Link: http://www.guardian.co.uk/business/2012/sep/28/rigging-libor-banks-criminal-offence
  8. Standard Chartered is working on an eleventh-hour agreement with regulators in New York to avoid a potentially damaging showdown next week over Iranian transactions. Senior directors at the bank and its team of lawyers are in talks with Benjamin Lawsky’s New York State Department of Financial Services (DFS) to persuade the regulator at least to postpone the hearing and return to collective negotiations with other agencies. Sources said the bank was “desperate to avoid the hearing” set for next Wednesday, for fear it will fan more flames around the allegations. The DFS has not decided whether the hearing will take place in public or private or which of the bank’s executives it wants to see. “The DFS has invited Standard Chartered to come for an informal chat as a means to persuade the superintendent not to press official charges,” said a source. “The DFS does not legally have to offer this chance. The exact process for the hearing is therefore not yet determined.” More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9468293/Standard-Chartered-in-talks-with-New-York-regulator.html
  9. A warning that Libor needed to be better regulated was given to the Government by the City watchdog nearly two years ago – but its advice was ignored and excluded from the Coalition’s flagship financial services legislation. Disclosure that the Financial Services Authority told the Treasury of failings in Libor and the urgent need to have it monitored by the watchdog itself or by the Bank of England comes as the Government has just ordered a fresh investigation into Libor by the FSA. Insiders say this will almost certainly retread the ground of the earlier report. The fact that the Government appears to have ignored the FSA’s recommendations leaves it open to accusations of piloting a major piece of financial legislation that disregards clear failings in City practice. This is exactly what the Coalition has criticised the previous Labour government for doing. Read more: http://www.dailymail.co.uk/money/news/article-2170152/Coalition-ignored-Financial-Services-Authority-warning-rate-fixing.html#ixzz203dReFGq
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