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  1. UK ruling party’s plan to scrap the Human Rights Act has sparked harsh criticism from the UN arguing that the act would be disastrous for victims of abuses and ruin the UK’s commendable record. UN High Commissioner for Human Rights Zeid Ra'ad al-Hussein said the threat by the UK’s Conservative government to replace the act with a British Bill of Rights would leave many people unable to remedy the abuses they suffer. https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CCQQFjAAahUKEwjcgPfEo8XIAhWJXRoKHZYlAHc&url=http%3A%2F%2Fwww.theguardian.com%2Flaw%2F2015%2Foct%2F12%2Fun-official-warns-against-uk-plans-scrap-human-rights-act&usg=AFQjCNHLFJNSZcX3Iq9RMC9HDnAPoPybRg http://www.presstv.com/Detail/2015/1...-UN-criticism-
  2. The Citizens Advice Bureau has slammed the payday loan industry after it found lenders had failed to conduct any financial checks in almost two-thirds of cases. The CAB has also accused the industry of failing to stick to its customer charter, which was published in November. The charter, which is voluntary, states payday lenders that sign up must offer clear information about loans, carry out sound affordability assessments and notify customers three days in advance of recovering payments. In a survey of 1,270 loans, the CAB found that no financial checks were made in 65 per cent of cases, leading to seven in 10 being unable to repay the loan. The loans were taken out between 26 November 2012 and 31 March. Of those borrowers who experienced repayment problems, 85 per cent say they were not given the option of freezing interest and charges when the borrower agreed repayments, 71 per cent of lenders did not explain how much it will cost to extend the loan and 84 per cent of borrowers did not feel they were treated sympathetically. During the same four-month period to the end of March, over 11,000 people sought online help from CAB about payday loans. CAB chief executive Gillian Guy says: “Payday lenders are not standing by their word to treat people fairly by checking they can actually afford the loans on offer. The knock-on affect of their irresponsible lending is devastating for families as they become consumed with debt. Many find they have no money to put food on the table, pay the bills or get to work as lenders drain their bank account in a bid to claw back the debt. “Payday lenders need to prove their charter is not just an empty gesture by making sure they check the loan is affordable and help those who struggle to pay back the loan.” Link: http://www.mortgagestrategy.co.uk/latest-news/citizens-advice-slams-payday-lenders-for-failing-to-check-customers-can-afford-loans/1070709.article
  3. Conservative MP Mark Garnier has blasted the FSA for “massive failings” in dealing with senior executives at banks involved in misselling scandals. Garnier, who is a member of the Parliamentary Commission on Banking Standards, is part of a panel looking into misselling and is arguing for tougher sanctions for senior staff. He says: “The question I want to dig into is whether the senior people at an organisation can put up what amounts to a responsibility firewall around themselves. If you hire the three monkeys to hear no evil, see no evil, speak no evil, then it is fine. “It is a massive failing by the regulator to say that if a senior employee did not know what was going on then they are not responsible. My view is that if they are setting the tone from the top and it is the wrong tone then they have a responsibility. The argument that it was on their watch but they were not watching simply does not cut any ice.” More: http://www.mortgagestrategy.co.uk/insurance/tory-mp-slams-fsa-for-failing-to-tackle-misselling/1064387.article
  4. The creator of MoneySavingExpert.com has labelled proposals for a deadline on PPI mis-selling claims a “disgraceful proposition from the banks.” Industry sources confirmed to the Times today the British Bankers’ Association is proposing a deadline of next summer in return for financing a widespread advertising campaign which alerts the public to the introduction of an end-date. MoneySavingExpert.com creator Martin Lewis says the banks are playing a “dirty game” and accused them of planning a “backdoor move.” Lewis urges those reclaiming PPI to do so immediately. More: http://www.mortgagestrategy.co.uk/latest-news/moneysavingexpert-slams-asimmoral-ppi-claims-deadline-proposal/1064400.article
  5. Consumers lost £450m during 2010/11 because of problems not addressed by regulation, according to a report published today. The National Audit Office (NAO) said the Office of Fair Trading (OFT) has done a good job of regulating consumer credit with the resources it has, but is not delivering value for money because it is not minimizing harm to consumers. And in a worrying sign, the NAO said the OFT is not sufficiently resourced to supervise firms or monitor their compliance standards on a day-to-day basis. More: http://www.credittoday.co.uk/article/14681/online-news/nao-slams-oft-over-effectiveness
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