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Industry News

This news section features the latest consumer and business finance issues. You will also find FLA News Releases and Media Contacts.

FLA responds to the announcement of the OFT's High Cost Credit Review Commenting on the OFT’s High Cost Credit Review, Fiona Hoyle, Head of Consumer Finance at the Finance and Leasing Association, said: more Responsible lending important, but over-regulation could harm consumers, says FLA The Finance & Leasing Association (FLA) has responded to the Consumer White Paper launched today by supporting responsible lending, but warning that too much regulation could slow down economic recovery and harm consumers. more FLA responds to Citizens Advice charging order evidence report Responding to the Citizens Advice evidence report on the use of charging orders and orders of sale, Fiona Hoyle, Head of Consumer Finance, said: more Shrinking credit market may put consumer choice at risk, says FLA The consumer credit market is shrinking and consumers could face even less choice and reduced availability in future, according to the Finance and Leasing Association (FLA), which today published its latest consumer lending figures. more FLA responds to debt sale warning from OFT Responding to the OFT’s warning on ‘debt sale’ scams, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said: more Regulation must not reduce credit choice, says FLA Director General In a keynote speech at the Money Advice Scotland annual conference in Crieff, Stephen Sklaroff, Director General of the Finance & Leasing Association, warned that the torrent of new regulation and market reviews facing the consumer credit industry risked shrinking the market and reducing choice and availability. He said: more FLA responds to Department for Business' call for evidence on business access to finance Responding to the Department for Business, Innovation and Skills’ call for evidence on business access to finance, Stephen Sklaroff, Director General of the Finance & Leasing Association, said, more Downturn continues in motor finance markets The Finance and Leasing Association’s latest statistics show that the recent slowdown in new motor finance business has continued. Consumers purchased 32% fewer new cars with dealer finance through car showrooms in April 2009 compared with April 2008. In the first four months of 2009, the volume of sales was down by 28% compared to the same period in 2008. more FLA responds to Scottish Government's Repossessions Working Group report Responding to the report from the Repossessions Working Group in the Scottish Parliament, Fiona Hoyle, Head of Consumer Finance of the Finance & Leasing Association, said: more Leasing is the way to beat the recession, FLA chief tells global businesses Stephen Sklaroff will tell an international audience that leasing can be a major component of economic recovery. more Motor finance firms beat back rising tide of attempted fraud The motor finance industry has successfully reduced the number of motor fraud cases by 35%, despite increased efforts by fraudsters to acquire cars illegally. more Finance House Base Rate (FHBR) is 1.5% for June 2009 The FHBR will be 1.5% for June 2009, which represents a decrease of 0.5% percentage points compared with May 2009. Three-month money costs in the interbank market continued to fall in May. Based on current trends, FHBR is likely to remain at 1.5% for July 2009. more New accounting standards under spotlight at international leasing conference Over 100 members of the asset finance industry and businesses from across Europe met in London last Friday, 22 May, to debate the preliminary views on lease accounting that were published recently by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). They were joined by representatives of the IASB and European standard setters, together with leaders of the U.S. Equipment Leasing and Finance Association and the Australian Equipment Lessors Association. more Consumers seek good deals in tight credit markets, says FLA Consumers continue to seek good value during the credit crunch, in what remains a tight market. The latest figures from the Finance and Leasing Association (FLA) show a 12% reduction in overall new consumer lending by its members in March 2009 compared with the same month in 2008. The total new lending figure for the year ending in March was £58 billion, some 13% down on the previous year. more Manufacturing investment suffers in Q1, says FLA In the first quarter of 2009 most categories of asset finance saw a drop in business from the levels seen last year. Finance for plant and machinery fell by 44 per cent, reflecting the impact of the recession on UK manufacturing. But finance for ships, aircraft and rolling stock was up 7 per cent on Q1 2008. more Repossessions levels held stable by responsible lenders Figures published by the Finance & Leasing Association today demonstrate the success of measures taken by second charge lenders to avoid repossession. more FLA: consumers shun '09' registrations in favour of used cars March’s motor finance figures from the Finance and Leasing Association show: more Lenders join forces with Police to reclaim illegal cars A new Vehicle Recovery Scheme launched today aims to tackle illegal driving. more Consumers shy away from unsecured loans, says FLA The latest statistics released by the Finance and Leasing Association (FLA) showed that unsecured loan business has been significantly hit by the credit crunch with new business 45% lower in February compared with February 2008. An unsecured loan is a loan where the lender does not use the customer’s house as security. more Incentives for investment must be backed by support for business and consumer lenders The 2009 Budget recognises that incentives for business and personal investment can help lift the UK out of recession. But many businesses can only access capital allowances via leasing, and the Budget does nothing to make this easier. Similarly, moves to boost car sales are welcome – but still need to be supported by ensuring that finance companies can help those customers who want to buy. Government support for specialist lenders remains key to re-booting much of the economy. more New FLA/Police partnership to reclaim illegal vehicles Regional police authorities at an ACPO conference will today hear about a new Vehicle Recovery Scheme to be launched next month. The scheme - a partnership between the Finance & Leasing Association, which represents the motor finance industry, and regional police authorities - will enable motor finance companies to reclaim illegal vehicles seized by the police. more New figures show further decline in motor dealer finance The latest statistics released by the Finance and Leasing Association show the impact of the recession on motor finance providers in the UK: more FLA calls for Chancellor to get Britain lending In its Budget Submission to the Chancellor the Finance & Leasing Association has proposed an extension of capital allowances for SMEs. more OFT review risks confusion for consumers, says FLA The FLA has responded to today’s announcement by the OFT of a further review of the consumer credit sector by voicing concern about the number of parallel reviews currently underway. more Green tax will impact on demand for 'greener' cars New tax rules introduced this week will mean that businesses operating car fleets will have to pay around £50 extra tax per year on many cars with low emissions. According to the Finance & Leasing Association (FLA), the changes will increase the cost to leasing companies and their customers of investing in company cars at a time when the industry is facing economic pressures. This could reduce demand for new cars, even those with low emissions below 160g/km of CO2. The introduction of this tax on top of existing taxes penalises businesses for making ‘green’ fleet vehicle choices. more Finance House Base Rate (FHBR) is 2.0% for April 2009 The FHBR will be 2.0% for April 2009, which represents a decrease of 0.5 percentage points on March 2009. Three-month money costs in the interbank market continued to fall in March. Based on current trends, FHBR is likely to remain at 2.0% for May 2009. more Second charge mortgages hit by downturn The latest statistics released by the Finance and Leasing Association (FLA) showed that second mortgage business has been significantly hit by the credit crunch with new business 84% lower in January compared with January 2008. more Support asset finance for SMEs in the downturn, says FLA Responding to comments made at the Federation of Small Business’ annual conference, Stephen Sklaroff, Director General of the Finance & Leasing Association, said: more Keep lease accounting rules simple, says FLA The FLA responded to the publication of the International Accounting Standards Board (IASB) discussion paper. Stephen Sklaroff, Director General of the Finance & Leasing Association, said: more The FLA responds to the National Fraud Strategy announcement Welcoming today’s announcement by the Attorney General about the establishment of a National Fraud Strategy, Stephen Sklaroff, Director General of the Finance & Leasing Association, said: more Cost and benefit of new consumer regulation needs to be carefully weighed Responding to the Government’s announcement of a White Paper on consumer rights law, Stephen Sklaroff, Director General of the Finance & Leasing Association, said: more The FLA responds to proposed ban on credit card cheques and limit increases Responding to reports from the BBC and Sky News that the Government intends to ban automatic credit card limit increases and the issue of credit card cheques, Stephen Sklaroff, Director General at the Finance & Leasing Association said: more £123 million of motor finance fraud prevented in industry crackdown A crack down on car finance fraud last year saved the motor finance industry £123 million. Finance companies’ efforts to combat attempted frauds at the application stage resulted in a 36 per cent drop in the number of fraud cases reported in Q4 2008, compared with the same period in 2007. more London a hotspot for motor finance fraud A quarter of all motor finance fraud in England in Q4 2008 took place in the Greater London area, according to new figures released today by the Finance and Leasing Association. Greater Manchester and the West Midlands had 7 per cent of the fraud cases each. more Motor Dealer Finance under pressure in January The latest statistics released by the Finance and Leasing Association show the impact of the recession on motor finance providers in the UK: more The FLA comments on the CBI's access to finance survey Commenting on the CBI’s research into the availability of credit to businesses in the UK, the Finance and Leasing Association’s Director General, Stephen Sklaroff, said: more Finance House Base Rate (FHBR) is 2.5% for March 2009 The FHBR will be 2.5% for March 2009, which represents a decrease of 0.5 percentage points on February 2009. Three-month money costs in the interbank market fell gradually during February following the Bank of England’s announcement to cut the Bank rate by 0.5 of a percentage point. Based on current trends, FHBR is likely to remain at 2.5% for April 2009. more Retail store credit bucks the trend, says FLA The latest statistics released by the Finance and Leasing Association (FLA) showed that retail store credit grew by 3% in 2008. In particular, store instalment credit grew by 7% last year. Other sectors fared less well: more Motorists turn to dealer finance in economic downturn The latest statistics released by the Finance and Leasing Association show that the number of people buying cars on finance dropped significantly in the last three months of 2008. more Finance for SMEs hit by economic downturn The latest statistics released by the Finance and Leasing Association show that leasing and asset finance provided to businesses for capital investment dropped 19 per cent in Q4 of 2008 compared with the same period in 2007. The impact appears to be greatest on the SME sector. more Second mortgage repossessions lower than expected, say FLA New statistics released today (20 February) by the Finance and Leasing Association show that in 2008 there were 1,558 repossessions of properties originated by second-charge mortgage lenders (see note 1). This was lower than our forecast of 1,750 repossessions. more London SMEs suffer worst sales slump as the North East forges ahead Small firms in London have been hit harder by the economic downturn than those in other regions of the country, triggering widespread job losses in the capital, according to a new report published today (16 February). more The FLA responds to the Competition Commission's final ruling on PPI Responding to the Competition Commission, FLA Director General Stephen Sklaroff said: more The FLA responds to Mandelson's automotive industry announcement Responding to Lord Mandelson’s announcement on assistance for the automotive industry, the Finance and Leasing Association Director General, Stephen Sklaroff, said: more The FLA responds to Government's business loans announcement Responding to today’s (14 January) announcement of further government help for business funding, Stephen Sklaroff, Director General of the Finance and Leasing Association, said: more The FLA comments on Mandelson's Radio Four World at One interview Responding to Lord Mandelson’s comments on support for the car industry, Stephen Sklaroff, Director General of the Finance and Leasing Association said: more Finance House Base Rate (FHBR) is 4.0% for January 2009 The FHBR will be 4.0% for January 2009, which represents a decrease of 1.5 percentage points on December 2008. more Queen’s Speech and Draft Legislative Programme 2008/9 This morning (3 December), the Queen’s Speech outlined the Government’s legislative programme for the 2008/9 parliamentary session. more Insolvency Service withdraws plans to introduce simplified IVAs The Insolvency Service has withdrawn the legislative reform order which had been presented to Parliament to amend sections of the Insolvency Act 1986 aimed at simplifying IVAs (individual voluntary arrangements) and enabling authorised persons specialising in one form of voluntary arrangement i.e. individual or company. more FLA launches Good Practice Guidelines for second charge mortgage lenders The Finance & Leasing Association (FLA) today (18 November) launched new, consumer-facing, Good Practice Guidelines setting out what second charge mortgage customers encountering repayment difficulties can expect from their lenders. more PPI Provisional Remedies Report The Competition Commission has today (13 November) published its provisional decision on remedies. more FLA calls on government to support asset finance for small businesses The Finance and Leasing Association’s (FLA) Pre-Budget Report submission to the Chancellor today (22 October) called for a package of measures to help support continued investment by SMEs. more Legislative Reform Order (LRO) amending the Consumer Credit Act – approved by House of Lords The LRO (which amends the Consumer Credit Act in respect of buy-to-let lending, the provision of statements and the definition of payments) was approved by the House of Lords in debate on 8 October. more Consumer Credit Act Implementation On 1 October 2008, the final provisions of the Act came into force. These relate to post-contract transparency, time orders and new licensing categories for credit information and debt administration services. more Finance House Base Rate (FHBR) is 6.0% for October 2008 This represents no change on September 2008. more New report shows that the asset, motor and consumer finance industries support over 167,000 jobs A new report (9 September) from Oxford Economics, commissioned by the Finance and Leasing Association (FLA), shows that the asset, motor and consumer finance industries support 167,000 jobs. more Finance House Base Rate (FHBR) is 6.0% for September 2008 The FHBR will be 6.0% for September 2008, which represents no change on August 2008. The cost of three-month money in the interbank market fell over August, and is now around 75 basis points above Bank rate. Current trends in three-month money costs suggest FHBR will remain at 6.0% in October. more Financing UK Small and Medium-sized Enterprises The CBR survey into Financing UK Small and Medium-sized Enterprises was released today (29 August). more New consumer credit licensing requirements to start in October The OFT is calling on businesses to take the necessary steps to be ready for changes to the consumer credit licensing regime that come into force in the autumn. more Claims regulator and OFT issue consumer alert The MoJ and OFT have released (22 August) a joint press release warning consumers of the risks of paying Claims Management Companies (CMCs) upfront. more OFT Launches Irresponsible Lending Review The Office of Fair Trading has today (1 August 2008) published a scoping paper on a project looking at irresponsible lending in UK consumer credit markets. more Sale of leasing companies The Government stated in Chapter 4 of the Budget Report that it wished to consider the operation of the ‘Sale of Lessors’ legislation (Schedule 10, Finance Act 2006) and in particular noted that some commercially driven transactions may be being adversely affected. HMRC have prepared a discussion document that is available to interested parties. more HM Treasury publishes Sir James Crosby's interim analysis of mortgage finance HM Treasury has today (29 July) published Sir James Crosby's interim report into mortgage finance. more Finance House Base Rate (FHBR) is 6.0% for August 2008 The FHBR will be 6.0% for August 2008, which represents no change on July 2008. more Sharing Personal Data: Report on the Data Sharing Review Today (11 July), the Ministry of Justice published a Report following the independent Review of Data Sharing undertaken by Richard Thomas, Information Commissioner, and Mark Walport, Director of the Wellcome Trust. more Interest rates on hold at 5 per cent The Bank of England’s Monetary Policy Committee today (10 July) voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%. more OFT Consumer Credit Licence Register The OFT's Consumer Credit Licence Register is now live (8 July). The Consumer Credit Register provides details of applications for holders of consumer credit licences, both current and past. more New help for people managing money worries Action to give people more support to tackle their money concerns is being announced today (7 July) by Yvette Cooper MP, chief secretary to the Treasury and Hector Sants, CEO of Financial Services Authority (FSA). more Results of the Bank of England's Credit Conditions Survey - Q2 2008 Today (3 July) the Bank of England released the results of its Credit Conditions Survey for Q2 2008. This survey of bank and non-bank lenders, conducted between 27 May and 18 June 2008, provides a useful indication of current credit conditions and future trends in the supply (availability) and demand for credit. more Court of Appeal Judgement: The Financial Ombudsman Service In Heather Moor & Edgecomb Limited v Financial Ombudsman Service [2008] EWCA Civ 642, the Court of Appeal ruled that the Financial Services & Markets Act 2000, does not require the Financial Ombudsman Service to determine a complaint in accordance with the common law. more Finance House Base Rate (FHBR) is 6.0% for July 2008 The FHBR will be 6.0% for July 2008, which represents no change on June 2008. The cost of three-month money in the interbank market continued to tick up in the first half of June and in the second half has remained fairly stable at almost 95 basis points above Bank rate. Current trends in three-month money costs suggest FHBR will remain at 6.0% in August. more Competition Commission releases PPI provisional findings The Competition Commission has this morning (5 June) published their provisional findings on PPI, along with a wide-ranging list of potential remedies. more OFT warns consumers about misleading IVA mailings The OFT is warning consumers to be careful before responding to unsolicited mailings which advise them to cancel existing individual voluntary arrangements (IVAs) and which suggest they opt for an alternative debt management solution such as bankruptcy instead. more MAT, FLA and BBA launch new Common Financial Statement On 16th of June, the Money Advice Trust (MAT), the British Bankers’ Association (BBA) and the Finance and Leasing Association (FLA) will re-launch an improved and updated version of the Common Financial Statement (which standardises the way money advisers and creditors communicate with each other about repayment offers). more Finance House Base Rate (FHBR) is 6.0% for June 2008 The FHBR will be 6.0% for June 2008, which represents no change on May 2008. more Department for Business, Enterprise and Regulatory Reform: Consumer law to be simplified The Government is planning fundamental changes to UK consumer law, to benefit consumers, reduce burdens for business and help enforcers. more FSA calls for all insurance comparison websites to provide consumers with clear, fair and not misleading information A Financial Services Authority (FSA) assessment of the insurance comparison website market has found evidence of both good and bad practice, but the regulator is looking for all websites to ensure that users are treated fairly. more Bank of England Monetary Policy Committee hold Bank Rate at 5% The Bank of England's Monetary Policy Committee today (8 May) voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%. more Insolvency Service – First quarter 2008 statistics Today (2 May) the Insolvency Service issued first quarter 2008 statistics for company liquidations and personal insolvencies. The data show that the number of companies in liquidation was up 4.0% in the first quarter of 2008, when compared with the same quarter one year ago, while the number of personal insolvencies fell 13.2% over the same period. more Finance House Base Rate (FHBR) is 6.0% for May 2008 The FHBR will be 6.0% for May 2008, which represents no change on April 2008. There has been little movement in the cost of three-month money since the Bank of England announced plans to inject £50 billion into the banking system to ease liquidity problems at the beginning of this week. Current trends in three-month money costs suggest FHBR will remain at 6.0% in June. more Bank of England - Special liquidity scheme The Bank of England is today (21 April) launching a scheme to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills. more New rules target rogue lenders and debt collectors Tough new protections come into force today (7 April) to protect people from rogue lenders and debt collectors. more Finance House Base Rate (FHBR) is 6.0% for April 2008 The FHBR will be 6.0% for April 2008, which represents no change on March 2008. However, the cost of three-month money in the interbank market has increased significantly over the past month and if this trend continues then the FHBR is likely to rise in May. more FSA reports firms are adopting good practice to tackle money laundering The FSA has today (14 March) published a report into firms' management of money laundering risk. It concludes that: more FLA Budget 2008 round-up FLA has examined the Budget to draw out issues which are relevant to members. The Budget was handed down on 12 March 2008 more SAF - Dealer competence test reaches new milestone The Finance & Leasing Association (FLA) is delighted to report that John Coombes of Howards Peugeot, a Taunton-based dealership, has become the 3000th individual to gain the Certificate of Specialist Automotive Finance (SAF) Competence. more Developing financially capable young people Teaching young people to better manage their money can help prepare them for the world of bank accounts, credit cards, insurance and mortgages, according to the latest report by Ofsted, the Office for Standards in Education, Children’s Services and Skills. more Crosby report published Sir James Crosby's independent review, 'Challenges and opportunities in identity assurance', is published today (6 March). more A financial fringe benefit for MPs’ constituents The Financial Fringe has produced this guide, aimed at MPs, Councillors and members of the devolved Parliaments and Assemblies, to be used as an information tool in public surgeries. It provides guidance on the wide range of financial products and issues experienced by consumers in their everyday lives. more Consumer Protection from Unfair Trading Regulations 2008 The Consumer Protection from Unfair Trading Regulations 2008 which were laid in Parliament today (3 March). These Regulations will implement the EU Unfair Commercial Practices Directive. more Otto Thoresen sets out recommendations for a national money guidance service Otto Thoresen has today (3 March) published the final report of the Thoresen Review of Generic Financial Advice. The report sets out a high-level blueprint for a national money guidance service to provide the people of the UK with the knowledge, understanding and confidence to make better decisions about money issues. more Finance House Base Rate (FHBR) is 6.0% for March 2008 The FHBR for March 2008 will be 6.0%, down from 6.5% in February. The cost of three-month money in the interbank market has remained relatively stable over the last month and at the end of February was at similar level to that reported at the end of May 2007. more Judge rules against FOS over “unfair” case fees A County Court judge has ruled the Financial Ombudsman Service is wrong to charge an adviser a case fee when the case is rejected by the FOS. more FLA Treating Customers Fairly conference Sarah Wilson, Director of Treating Customers Fairly (TCF) at the FSA, this morning (12 February) gave a speech at a well-attended FLA conference stressing the importance of firms implementing a TCF culture. more OFT publishes credit card comparisons report The OFT has published its report into credit card comparisons, which makes a series of recommendations to help consumers choose a credit card. more Financial Services Authority publishes its 2008/9 business plan Today (6 February) the FSA has published its 2008/9 annual business plan. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook which was sent to members last week. more New standards for IVA providers come into force A new set of standards to help people resolve their debt difficulties through Individual Voluntary Arrangements (IVAs) come into force today (1st February), following an agreement between IVA providers and the credit industry. more European Commission launches Consumer investigations Meglena Kuneva, the European Commissioner for Consumer Protection, has today launched a new "Consumer Market Watch" process to investigate how markets in various sectors of the economy perform from a consumer perspective. more Chancellor publishes financial stability consultation As has been widely trailed, the Chancellor of the Exchequer has today (30 January) launched a consultation on proposals to strengthen the current framework for financial stability and depositors. The consultation paper is a joint publication by HM Treasury, the Financial Services Authority and the Bank of England. more FSA Financial Risk Outlook 2008 The Financial Services Authority (FSA) today (29 January) published its Financial Risk Outlook (FRO) warning firms and consumers of the "risks inherent in a significantly less benign economic environment". It identifies the following five priority risks for the economy: more Finance House Base Rate (FHBR) is 6.5% for February 2008 The FHBR will remain at 6.5% in February 2008. The cost of three-month money in the interbank market has fallen by just over 40 basis points since the end of December. Based on the current level and trend in three-month money costs, it is likely that the FHBR will fall to the pre-credit crunch level of 6.0% for March 2008. more New tax relief for entrepreneurs A new capital gains tax relief for entrepreneurs, reflecting the Government's continued commitment to supporting small business and enterprise was announced by the Chancellor of the Exchequer today (24 January). more MoJ Consultation on Administration and Enforcement Restriction Orders The Ministry of Justice has today (16 January) published a consultation paper proposing to give people who need extra time to pay off their debts the option to go to court for a new Enforcement Restriction Order. more Consumer Credit Directive - agreement reached The European Parliament has today (16 January) adopted an amended text of the Consumer Credit Directive, which applies to credit agreements between €200 and €75,000. more OFT publishes revised consumer credit guidance The OFT has published revised guidance on fitness and requirements for Consumer Credit licence holders and applicants, as well as a statement of policy on civil penalties for failure to comply with requirements. more Justice Committee releases first report into Protection of Private Data MPs have expressed serious concerns that there are more cases involving the loss of personal data by the government which have yet to come to light. more Finance House Base Rate (FHBR) is 6.5% for January 2008 The FHBR will remain at 6.5% in January 2008. Central Banks intervened to improve liquidity in the financial markets in mid-December and since then the upward pressure on the three-month interbank rate has eased. more A message from the Financial Ombudsman Service The Financial Ombudsman Service has written to stakeholders to explain the differences in figures between the October presentation and the January plan. more Treasury launches consultation on the implementation of the Payment Services Directive Economic Secretary to the Treasury Kitty Ussher said that opening up the EU payments market to greater competition as a result of the Payment Services Directive would improve consumer choice, and make cross-border payments cheaper, easier and more efficient while also providing effective consumer protection. more Generic Financial Advice update Around 5000 people have taken advantage of a free, impartial and independent generic financial advice service as part of a 12-week trial testing out the concepts of delivering information and guidance on money matters, from jargon busting to saving for retirement. more Rolling stock market investigation - emerging thinking The Competition Commission (CC) has today (19 December) published the latest document as part of its investigation into the market for the leasing of rolling stock for franchised passenger services and related maintenance services in Great Britain. more JMLSG welcomes HM Treasury approval of new industry guidance The Joint Money Laundering Steering Group welcomes the Treasury's approval of the revised JMLSG guidance for the financial services industry. more SAF - Dealer competence test goes from strength to strength FLA is delighted to report that Glenn Trew of Blue Motor Finance has become the 2,000th individual to gain the Certificate of Specialist Automotive Finance (SAF) Competence. more New White Paper on the Integration of EU Mortgage Markets The European Commission has published a White Paper on the Integration of EU Mortgage Markets. more Financial services: Commission encourages better financial education for EU citizens The European Commission has adopted a Communication on Financial Education. The Commission stresses the importance of increasing the ability of Europe's citizens to understand and engage with financial products and services. more FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly The Financial Services Authority (FSA) today (18 December) published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers. more Business Tax Reform: draft legislation on capital allowances published The Government is today (17 December) publishing two technical notes containing draft legislation on the key new elements of the capital allowances system, announced as part of the package of reforms to the business tax system in Budget 2007. more Consultation launched into the use and sharing of personal information A consultation into how personal information is used and shared in the public and private sectors has been launched today (12 December) by Richard Thomas and Dr Mark Walport. FLA will be responding to the consultation. more Tackling over-indebtedness in Britain People struggling with debt are being helped by a range of government initiatives. The fourth cross-government Over-Indebtedness Annual Report examines action that is being taken to tackle the problem. FLA assisted with the drafting of this report, and has a place on the Over-Indebtedness Task Force. more Finance House Base Rate (FHBR) is 6.5% for December 2007 The FHBR will remain at 6.5% in December 2007. The cost of three-month money in the interbank markets remained stable throughout October and the first part of November but has started to rise again as uncertainty continues to surround the extent of losses stemming from the US sub-prime crisis. more OFT publishes statement of consumer protection enforcement principles The OFT is reviewing its enforcement methods and has drawn up an overall statement of our enforcement principles, linking to other existing guidance on more specific compliance issues. more BERR Consumer Credit Act 2006 Stakeholder notice The Stakeholder Notice provides an update on arrangements to implement the Consumer Credit Act 2006. It relates specifically to the third Commencement Order and the proposed Legislative Reform Order (LRO) to exempt buy-to-let lending from consumer credit regulation. more Commission proposes to modernise VAT rules for financial services and insurances The European Commission has today (28 November) adopted a proposal for a Directive aiming at modernising and simplifying the complex VAT rules for financial and insurance services and securing a level playing field in the pan-EU market for these services as far as VAT is concerned. more SOCA publishes the first Annual Report on the Suspicious Activity Reports (SARs) regime The first Annual Report on the Suspicious Activity Reports (SARs) regime, published today (28 November), highlights substantial progress since Sir Stephen Lander's review of the regime of March 2006. more JMLSG Board approves Money Laundering Guidance The JMLSG Board has today (13 November) approved revisions to its Guidance to reflect changes in the UK AML regime to be introduced by the Money Laundering Regulations 2007. more House of Lords report on UK Regulators The House of Lords Select Committee on Regulators today (13 November) published its report into the state of UK Regulation. more Reminder of FSA keyfacts logo transition period ending Last year, following consultation, the FSA amended the rules around the use of the FSA 'keyfacts' logo to reflect the fact it had been registered as a trademark (adding the ® symbol). more 2007 State Opening of Parliament: Queen's Speech Twenty-two Bills and seven draft Bills were included in this morning's (6 November) Queen's Speech. more Competition Commission publishes emerging thinking on PPI This morning, 6 November, the Competition Commission has published their emerging thinking on PPI, along with nine working papers and the results of a qualitative survey of PPI customers which was conducted in July 2007. more FSA publishes 'Treating Customers Fairly: Measuring Outcomes' guidance Today (6th November) the FSA have published a document setting out the intended outcomes from their Treating Customers Fairly (TCF) project and measuring progress by regulated companies in achieving them. more OFT publishes anti-money laundering guidance The OFT have published guidance for those businesses that they will supervise (estate agents and some consumer credit lenders) for anti-money laundering (AML) purposes. more Card companies lose s.75 appeal Credit card firms have been told by the House of Lords today (31 October) that they must give refunds to people who buy goods or services abroad which are undelivered or damaged. more European Parliament publishes draft report on Consumer Credit Directive Kurt Lechner MEP, the rapporteur (draftsman), has published his draft report on the Consumer Credit Directive. more FSA becomes UK payment services regulator Economic Secretary to the Treasury, Kitty Ussher, today (29 October) announced that the FSA will take on responsibility for regulating payment services such as direct debits, card payments, and remittances. This stems from the Payments Services Directive. more Finance House Base Rate (FHBR) will be 6.5 per cent in November. After hitting a nine-year high of 7 per cent in October, FHBR will fall back to 6.5 per cent in November as the high weekly rates associated with the summer's market turbulence fall out of the eight-week moving average on which FHBR is based. more Thoresen Review team publishes Interim Report into Generic Financial Advice Today (22 October) the Thoresen Review team have published their Interim Findings of their review into generic financial advice. FLA has responded both to Otto Thoresen and publicly, with concerns over the targeting of advice and the funding proposals more Attorney General sets out a new vision for fighting fraud Today (9 October), the Government gave the green light to a groundbreaking initiative to protect business, taxpayers and the public from fraud. FLA and its members have put a lot of effort into stamping out fraud and will continue to work with the new initiatives announced by the Attorney General today. more Pre-Budget Report and Comprehensive Spending Review Today (9 October) the Chancellor of the Exchequer presented the combined pre-Budget Report and Comprehensive Spending Review. FLA have drawn out points of interest to members, and have included these in a summary document. more FHBR - October 2007 The Finance House Base Rate (FHBR) for October 2007 is 7.0%, the FLA announced today (28 September). This is an increase on September's FHBR of 6.5%. more FSA releases Thematic update on the sale of payment protection insurance The FSA has released the report of its Third Thematic Review into the Sale of Payment Protection Insurance today (26 September). FLA has responded to the concerns commenting that improvements have been made, and that industry is working hard to improve information given to consumers. more Competition Commission makes Home Credit Order The Competition Commission has today (13 September) made an Order following written representations on the draft Order posted on 29 June 2007. more Thoresen Review announces consumer pilots of Generic Financial Advice The Thoresen Review, an independent review set up by HM Treasury to look at how Generic Financial Advice (GFA) can be provided, today (10 September) announced that Consumer Direct, in partnership with Citizens Advice Bureau, Cumbria County Council and Agilisys, and A4e will operate GFA consumer pilots in the North West, London, Staffordshire and South Yorkshire. more Industry Guidance key role in Principles-Based Regulation The Financial Services Authority's (FSA) new framework for recognising Industry Guidance comes into effect today (4 September). FLA is actively engaged in this work with FSA to make sure that any guidance in FSA regulated areas is fully compliant with regulatory requirements. more FHBR - September 2007 The Finance House Base Rate (FHBR) for September 2007 is 6.5%, an increase on August's 6.0%. more Competition Commission releases issues statement on rolling stock leasing market The Competition Commission (CC) has today (17 August) published an issues statement as part of its investigation into the market for the leasing of rolling stock for franchised passenger services and related maintenance services in Great Britain. more Conservatives publish competitiveness proposals The Conservative Party Economic Competitiveness Policy Group has today launched its report entitled 'Freeing Britain to compete.' more Sentencing Advisory Panel launches consultations on fraud offences Greater consistency is required in sentencing for fraud offences. That is the clear message set out in a consultation paper issued today (16 August) by the Sentencing Advisory Panel. more Inflation falls in July CPI inflation was 1.9 per cent in July, down from 2.4 per cent in June. more Government must act now to maintain confidence in the internet The House of Lords Science and Technology Committee have today (10 August) highlighted the threat to the future of the Internet posed by e-crime, and have argued that the Government must do more to protect individual Internet users. more Tackling Money Laundering Suspicious Activity Reports The Home Office has released a consultation paper looking at how Suspicious Activity Reports (SARs) are reported. more Financial problems? 3 million young adults would consider bankruptcy While a generation ago bankruptcy was the preserve of the failing business, many of today's young adults see declaring bankruptcy or opting for Independent Voluntary Arrangements (IVA) as an acceptable solution to their financial difficulties. more Unclaimed assets within the financial system The Treasury Committee's eleventh report on unclaimed assets within the financial system has been published today (7 August). more Local government finance: supplementary business rate The communities and local government committee has today (7 August) published its seventh report of the Session on local government finance: supplementary business rates. more Company liquidations and personal insolvencies in Q2 2007 The Insolvency Service today issued second quarter statistics for company liquidations and personal insolvencies. Highlights from the release include: more Amendment to Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2007 The Government has today (1 August) published Statutory Instrument 2165/2007 concerning an Amendment to Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2007. more FSA grants waiver to firms on complaints handling The Financial Services Authority (FSA) has today (27 July) issued a 'waiver' from its complaints handling rules that apply to unauthorised overdraft charges complaints. more OFT launches test case on unauthorised overdraft charges The OFT will today (27 July) commence proceedings in the High Court for a declaration on the application of the law in respect of unauthorised overdraft charges. more FSA issues latest publications to support delivery of TCF initiative: Culture and Management Information The Financial Services Authority (FSA) has today (26 July) issued its latest publications to support the delivery of the Treating Customers Fairly (TCF) initiative, which continues to be a key priority for the FSA's work in the retail market. more Financial Secretary to the Treasury launches consultation on business tax reform Financial Secretary to the Treasury, Jane Kennedy MP, today (26 July)launched a consultation on changes to capital allowances - part of the package of reforms to business tax announced in Budget 2007. more Next steps in tackling regulation reform John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform today (25 July) announced the next steps in tackling regulation reform and creating a dynamic business environment. more HMT publishes Money Laundering Regulations HM Treasury has today (25 July) published the Money Laundering Regulations which implement the Third Money Laundering Directive. more Management of large business Corporation Tax HMRC has made progress in changing the way it deals with Corporation Tax for the largest businesses in the UK, the NAO says today (25 July), but there are ways in which it can improve, particularly in focusing on higher amounts of tax at risk. more OFT publishes its Annual Report The OFT today (23 July) published its Annual Report. more Manufacturing lifts economy GDP rose by 0.8 per cent in the second quarter of 2007, compared with a rise of 0.7 per cent in the previous quarter. more Expanding foundation trust sector delivering real benefits to patients, says Monitor Transparent and robust regulation is helping the rapidly-expanding foundation trust sector deliver significant benefits to patients, Dr William Moyes, Executive Chairman of Monitor, the independent regulator of NHS foundation trusts said today (19 July). more Vehicle Safe Trading Advisory Group publishes consumer guide Auto Trader, eBay Motors, Exchange & Mart, FLA, Motors.co.uk, and the Metropolitan Police have joined together to form the Vehicle Safe Trading Advisory Group, VSTAG, to combat vehicle-related fraud. more Inflation falls in June The consumer price index rose by 2.4 per cent in June down from 2.5 in May. more Firms agree to change the way they sell PPI over the internet Major finance firms have agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the Financial Services Authority (FSA). more Government announces legislative programme The Government today announced its draft legislative programme for the next parliamentary session. more Conservatives publish proposals on debt The Conservative Social Justice Policy Group has published its report into the social breakdown of Britain, one volume of which concerns 'Serious Personal Debt'. more FSA publishes 'payment protection insurance and unsecured personal loan comparative tables' The FSA has today (9 July) published payment protection insurance and unsecured personal loan comparative tables. more Bank of England raises base rate to 5.75 per cent Today (5 July) the Bank of England's Monetary Policy Committee raised the base rate 25 basis points from 5.5 per cent to 5.75 per cent more House price growth continues The latest research from Halifax show that house prices continue to increase but the rate of growth is slowing. more FSA finds poor practice by intermediaries and lenders within sub-prime market The FSA has published its latest review of the behaviour of intermediaries and lenders within the sub-prime mortgage market, and as a result of claimed poor practice has started enforcement action against five firms. more The FDA becomes the ABFA The UK trade association for invoice finance has changed its name. The FDA became the ABFA (Asset Based Finance Association) on 2 July. more Consultation on changes to Regulation of Number Plate Supply The DVLA has today (3 July) released a consultation on changes to the regulation of number plate supply. more FSA visit motor dealerships on sale of PPI The FSA has visited 150 firms in June (including 40/50 motor dealerships) to assess the quality of PPI sales and to ascertain whether accurate sales records have been kept. more Industry invites comments on changes to anti-money laundering guidance The Joint Money Laundering Steering Group (JMLSG) is inviting comments on proposed amendments to its risk-based guidance which has been updated to reflect new Money Laundering Regulations. more FSA sets out a principles-based future for general insurance regulation The Financial Services Authority (FSA) today (29 June) published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers. more Home Credit Market Investigation: Notice of intention to make an Order, Draft Order & Explanatory note published The Competition Commission has today (29 June) published some information relating to their Inquiry into the Home Credit market. more DfT publishes Capability Review The Department for Transport has published a Capability Review since its creation in 2002 which recognised the challenges facing the department and sets out its key priorities for moving forward. more Most vehicle operators have yet to plan for the London Low Emission Zone A recent survey by exhaust specialists Eminox shows that with eight months to go before the London Low Emission Zone becomes law, 62% of the 1,000 operators surveyed have yet to plan how they will deal with the LEZ. more OFT announces consumer credit consultations The OFT is today (26 June) announcing a formal consultation on the draft guidance on fitness and requirements for holders and applicants of Consumer Credit licences, as well as simultaneously consulting on a draft statement of policy on civil penalties for failure to comply with requirements. more OFT to work with the credit card industry to improve consumer information The OFT has today (26 June) announced a new programme of work with the credit card industry and consumer bodies to make the cost of credit cards easier for consumers to understand. more A guide to payment protection insurance (PPI) Insurers, banks, mortgage lenders and consumer credit providers have joined forces to produce a consumer guide to PPI. This explains how PPI works and advises customers on what they need to ask the seller to ensure the product is suitable for them. more Ministry of Justice: Consultation on Freedom of Information Fees Regulations ends Consultation on draft Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations closes today (21 June). more HM Treasury: Ed Balls publishes credit union review consultation Economic Secretary, Ed Balls signalled the government commitment to the mutual sector today (21 June) by publishing a consultation document that aims to ensure the sector has the best toolset to operate in the modern economy. more New EU cash declaration rules commence 15 June A new European Union (EU) law on travellers declaring cash comes into force tomorrow. It is being introduced to help combat money laundering. more Retail sales growth continues UK retail sales rebounded in May and underlying growth remained firm the Office for National Statistics revealed on Thursday. more FLA launches dealer competence test Leading motor finance professionals from the Board of FLA (Finance & Leasing Association) today (13 June) launched a motor finance Competence Test, aimed at helping dealerships improve their staff’s understanding of selling finance products responsibly. more Inflation falls in May CPI annual inflation was 2.5 per cent in May, down from 2.8 per cent in April. more DfT publishes fixed penalty notice consultation The Department for Transport has issued a consultation which explains how the current fixed penalty notice regime works, and why a graduated fixed penalty scheme and a deposit scheme are being introduced. more DTI consults on Scottish floating charges The DTI is consulting on the use of the power provided by the Companies Act 2006 which would enable floating charges registered in the Scottish register of floating charges to be treated as if they have been registered with the Registrar. This will remove the burden of double registration for Scottish floating charges. more DTI consults on unfair selling practices Consumer Minister, Ian McCartney today (29 May) published a consultation that will implement the Unfair Commercial Practices Directive (UCPD) aimed at outlawing aggressive and unfair trading and selling practices. more OFT publishes draft Guidance on Unfair Trading Regulations The OFT and DTI are conducting a 12 week public consultation (until 21 August) on draft Guidance on the proposed Consumer Protection from Unfair Trading Regulations implementing the Unfair Commercial Practices Directive into UK law. more Economic growth solid in first quarter 2007 GDP rose by 0.7 per cent in the first quarter of 2007, in line with its average rate over the past decade, data from the Office for National Statistics revealed today. more Business Investment down 1.3% in first quarter 2007 Business investment for the first quarter of 2007 is estimated to be 9.6 per cent higher than the same period of last year and 1.3 per cent lower than the previous quarter, according to data from the Office for National Statistics. more Financial Ombudsman Service publishes annual review of personal finance disputes The Financial Ombudsman Service - the independent organisation that settles disputes between consumers and financial companies - today (22 May) publishes its annual review for 2006/07. more Political agreement on proposed Consumer Credit Directive The Competitiveness Council today (21 May) reached political agreement on the Consumer Credit Directive. This needs to be ratified before it becomes a common position and is passed on to the European Parliament. more DTI appoints VCA as the distributor enforcement body for the WEEE regulations The Science and Innovation Minister, Malcolm Wicks, today (18 May) announced the appointment of the Vehicle Certification Agency (VCA) as the enforcement body for the distributor obligations under the Waste Electrical and Electronic Equipment (WEEE) Regulations. more OFT accepts undertakings from Inchcape instead of reference to the Competition Commission The OFT has decided to accept the undertakings offered by Inchcape plc (Inchcape) to address the competition concerns which arose from the acquisition by Inchcape of European Motor Holdings plc (EMH). more Financial Services Practitioner Panel issues its annual report for 2006-07 The Financial Services Practitioner Panel has today (17 May) published its Annual Report for the period 2006/7. more Inflation falls from last month’s record CPI annual inflation was 2.8 per cent in April, down from 3.1 per cent in March, figures from the Office for National Statistics revealed. more Competition Commission pronounces on Northern Ireland personal banking Personal banking customers in Northern Ireland will benefit from new measures to increase competition. This follows today's final report from the Competition Commission (CC) on the market for personal current account (PCA) services in Northern Ireland. The CC found that competition was limited by banks' unduly complex charging structures and practices, their failure adequately to explain them and customers' reluctance to switch to another bank. more CBI's Lambert sets up task force to examine whether UK business tax regime is still fit for purpose CBI Director-General Richard Lambert today (Monday) launched a new Tax Task Force to examine whether the UK's corporate tax regime is still fit for purpose and to make recommendations for future policy. more City Minister Ed Balls announces International Centre for Financial Regulation City Minister Ed Balls announced the next steps in the Government agenda to increase the global competitiveness of the UK's Financial Services industry at a City High-Level Group meeting, chaired by the Chancellor of the Exchequer Gordon Brown on Wednesday 9 May. more FSA announces progress made on TCF Today the FSA has released a progress report on their regulated firms commitments to Treating Customers Fairly (TCF). more Commission pushes forward with EU Business Tax Base The European Commission has adopted a Communication outlining key areas in which action should be taken in order to create a common EU corporate tax base though it confirmed that it will not make any proposal on harmonizing tax rates. more Proposed changes to individual voluntary arrangements (IVAs) The Insolvency Service began a 12 week consultation process today (8 May) looking at proposals to simplify Individual Voluntary Arrangements (IVAs). more Commission launches debate on future EU policy on retail financial services The European Commission has set out, in the form of a Green Paper, its vision for future EU policy on retail financial services, which are financial products such as bank accounts, loans, mortgages, investments and insurance provided to individual consumers. more Retail sales volume growth at three year high High street shops enjoyed strong annual growth in sales volumes, with the balance of retailers reporting a year-on-year increase the highest in almost three years, the latest CBI Distributive Trades Survey revealed. more NAO publishes report on Financial Services Authority Ed Balls, Economic Secretary, today (30 April) published the Treasury-commissioned National Audit Office (NAO) report on economy, efficiency and effectiveness of the FSA. more Regulators and the Ombudsman - the critical role of the Financial Ombudsman Service Speech by Vernon Everitt, Director, Retail Themes, FSA British & Irish Ombudsman Association Conference Friday 27 April more UK economy up by 0.7% in first quarter GDP rose by 0.7 per cent in the first quarter of 2007 figures from the Office for National Statistics revealed today. more OFT launches market study into personal current accounts The OFT has today (26 April) launched a market study into personal bank current account pricing, alongside a formal investigation into the fairness of charges for unauthorised overdrafts and returned items. more FSA tells firms to improve general insurance sales standards when cold calling The Financial Services Authority (FSA) today said firms must improve the standards of cold calling when selling general insurance over the telephone to ensure they are treating their customers fairly. more FSA publishes paper on principles-based regulation Today the FSA has published a paper, "Principles based regulation: Focusing on the outcomes that matter", that draws together its thinking on the future of regulation and its commitments to shift to a more principles-based approach. more CPI at record 3.1 per cent CPI annual inflation hit 3.1 per cent in March requiring an explanatory letter from Bank of England governor Mervyn King to Gordon Brown. more Consumer Credit final SIs The DTI have today (12 April) published final SIs relating to the Consumer Credit Act 2006. more PPI Market Investigation - Issues Statement The Competition Commission (CC) has today (12 April) published an issues statement as part of its investigation into the market for the supply of payment protection insurance (PPI) in the UK. more Consultation on revised guidance for the Unfair Terms in Consumer Contracts Regulations 1999 The Office of Fair Trading (OFT) is conducting a six week public consultation on revisions to the guidance on the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations). more Consumers get tough new protection from unfair and dishonest lenders Millions of borrowers will today benefit from the biggest shake-up in consumer protection law for more than 30 years. more Financial Ombudsman Service: Consumer credit customers covered by ombudsman for first time From this Easter-weekend, customers of up to 80,000 UK businesses will be covered by the Financial Ombudsman Service (FOS) for the first time - when the ombudsman's remit is officially extended under Consumer Credit legislation. more UK corporate profitability at record levels Figures released today by the Office for National Statistics (ONS) indicated that the net rate of return achieved by private non-financial corporations reached record levels in the final quarter of 2006. The overall rate stood at 15.5%. By sector, manufacturing reported an increase to 10.0% and the Service sector rose to 20.9%. more Treasury Select Committee publish fourth report on financial inclusion The fourth Special Report from the Treasury Committee has been published. It includes Government and other responses to the Committee's Reports on Financial inclusion. more Accelerating the Financing of Low Carbon Assets UKSIF's 'Accelerating' project examined the feasibility of accelerating the use of low carbon asset finance by business and the voluntary sector in the UK. The project was completed in March 2007 with the publication of the final report. more New rules for reporting card, cheque and online banking fraud On Sunday (1 April) new procedures came into effect in England, Wales and Northern Ireland which means that banks and financial institutions become the first point of contact for cheque, plastic card and online fraud offences. more Finance Bill published The Finance Bill has been published today (29 March). more Home Office responsibilities to change The Prime Minister announces major changes to the Home Office. more OFT announces 'quick fix' on bank charges will disadvantage consumers In response to consumer concerns over bank current account charges, the OFT has today (29 March) announced an in-depth study of retail bank pricing. This will sit alongside a formal investigation into the fairness of bank current account charges. Full details of the study will be announced in late April, and it is expected to be completed by the end of the year. more Consumers to benefit from PPI refund agreement Consumers who have bought payment protection insurance (PPI) with a single premium will benefit from a series of measures relating to the fairness and transparency of refunds agreed between the Financial Services Authority and the PPI industry. more UK economy up 2.8% despite record trade deficit The UK economy grew slightly above trend in 2006. GDP grew by 0.7 per cent in the fourth quarter of 2006. For the year 2006 as a whole GDP rose by 2.8 per cent. more Launch of Financial Inclusion strategy Financial inclusion: the way forward sets out the Government's goals for financial inclusion policy. Building on the Economic Secretary's announcement before the Budget, that there will be a new Financial Inclusion Fund for the next spending period, which will maintain the current level of intensity of action to promote financial inclusion, the document also highlights progress being made with the Government's strategy. more New EU rules to sanction maritime polluters Starting in April, the 27 Member States of the European Union will display their common determination to tackle unlawful discharges at sea by giving full effect to legislation adopted in 2005 . Europe will at long last have a sufficiently dissuasive system of penalties to prevent and deal with maritime pollution more effectively. Illicit discharges at sea are, alas, still being made and preventing them is now more than ever a priority for Europe. more Business investment records strong finish to 2006 Business investment for the fourth quarter of 2006 rose by 13.5 per cent compared to the same quarter of last year, with growth of 4.5 per cent over the previous quarter. more The 2007 Budget Gordon Brown's eleventh and presumably last Budget was considerably more interesting than some of his recent efforts. He was more relaxed in his manner and, although there were statistics aplenty, there were enough words wrapped around them to avoid the impression he was splaying them around with a machine gun. He even managed one good joke, mixed with a few backbench old favourites. more Consumer credit jurisdiction industry levy From 6 April 2007, the OFT is responsible for collecting the industry levy which will fund the Financial Ombudsman Service’s extended role in considering complaints about consumer credit products and services. more Retail sales recover in February Underlying growth in retail sales volume remained robust and close to the long-run average, as sales increased in February following a weak January, according to new figures from the Office for National Statistics. more FSA publishes interim report on ICOB Our insurance rules will be more risk-based and proportionate while continuing to meet our consumer protection objective. more Inflation climbs to 2.8 per cent in February Data from the ONS revealed that CPI annual inflation was 2.8 per cent in February, up from 2.7 per cent in January. This was the tenth consecutive month that inflation has remained above the Bank of England’s 2 per cent target. more Government publishes Consumer Credit Advertisements Regulations Statutory Instrument The Government has today (20 March) published a Statutory Instrument which amends the Consumer Credit (Advertisements) Regulations 2004 with a new definition of "the typical APR" and an amendment to regulation 8(2)(a) and (b). To view click here. more New safeguards for householders in Bailiffs' Bill New safeguards to protect householders in disputes over debts have been announced today (20 March) by Constitutional Affairs minister Vera Baird. more OFT announces findings of review of credit advertising A two year programme of work undertaken by the OFT in conjunction with its enforcement partners in Local Authority Trading Standards Services (TSS) has resulted in significant improvements in compliance of credit adverts with the Consumer Credit (Advertisements) Regulations (CCARs) and the Consumer Credit Act. more 'Fighting fraud together' - Government sets out comprehensive strategy to combat fraud Steps to create a national fraud body and reporting centre, an increased role for the City of London Police, and further study of plea negotiations are among a package of anti-fraud measures unveiled by the Attorney General, Lord Goldsmith, today (15 March). more Kuneva launches new Consumer Strategy and backs plans for collective redress Commissioner Meglena Kuneva today (13 March) set out more than 20 legislative and non legislative initiatives to boost the retail side of the Single Market by 2013. more FSA launches £2 million campaign to help consumers get a grip on insurance The Financial Services Authority (FSA) has launched a £2m campaign, reaching across radio, newspapers and websites, to help consumers feel more capable and confident about buying insurance. more New fees for consumer credit licences announced Consumer credit licence fees will change with effect from 6 April 2007. more ACPO publishes report on cost of fraud Fraud is costing the UK economy a minimum of £13.9 billion a year, a specially commissioned report has revealed. more Competition Commission publishes PPI inquiry timetable The Competition Commission has published an administrative timetable for its inquiry into Payment Protection Insurance (PPI). more Treasury Committee announces Competition in banking and the future of 'free' banking inquiry The Treasury Committee is announcing today (6 March) that it intends to undertake an inquiry into Competition in banking and the future of ‘free’ banking, seven years after the publication of Don Cruickshank’s review of Competition in UK Banking on 20 March 2000. more FSA tackles financial crime in the insurance industry The Financial Services Authority (FSA) has set up a reporting system designed to reduce the level of financial crime in the insurance industry. more Competition Commission: Northern Ireland personal banking investigation The Competition Commission (CC) has today (6 March) published for consultation its proposed final remedies package designed to increase competition in the market for personal current account (PCA) banking services in Northern Ireland. more EC Directive on Waste Electrical and Electronic Equipment (WEEE) The Waste Electrical and Electronic Equipment Directive (WEEE Directive) aims to minimise the impact of electrical and electronic goods on the environment, by increasing re-use and recycling and reducing the amount of WEEE going to landfill. It seeks to achieve this by making producers responsible for financing the collection, treatment, and recovery of waste electrical equipment, and by obliging distributors to allow consumers to return their waste equipment free of charge. more Margaret Hodge announces Companies Act Implementation timetable The full implementation timetable for the Companies Act 2006 was announced today by Industry and Regions Minister Margaret Hodge. All of the Act will be in place by October 2008 with many elements implemented earlier. more Launch of anti-money laundering and counter-terrorist finance strategy Today (28 February), the Economic Secretary to the Treasury, Ed Balls, and Home Office Minister, Tony McNulty, launched the Government's strategy to combat money laundering and the financing of terrorism. more Government announces progress on reform of enforcement agents Vulnerable people who have fallen into debt will be better protected from unscrupulous bailiffs thanks to Government reforms. more Government publishes reports on NHS Finance The Secretary of State for Health, Patricia Hewitt, has today (20 February 2007) published the National Health Service financial report for the third quarter of 2006/07. This report shows that the NHS as a whole is forecasting a £13 million surplus for the year. more OFT sets out proposals to ensure customers are treated fairly by banks The OFT has submitted a range of recommendations to raise standards of fairness in the way British banks treat their personal and businesses customers. more DfT failing five public service commitment targets The Transport Select Committee has reported today (15 February) that the DfT is only meeting two of its public service agreement targets:road safety and rail punctuality. more Commission proposes guidance on cross-border vehicle registration The European Commission has today proposed a broad package of more Consumers: Commission acts to boost confidence in digital world A major new drive to fundamentally overhaul core EU consumer rules – including guarantees, refunds, cooling off periods - to adapt them to the challenges of a fast changing digital world has been launched today (8 February) with the adoption of a European Commission Green Paper reviewing the existing rules. more Competition Commission invites evidence in PPI inquiry Following the Office of Fair Trading's (OFT) decision to refer the market for the supply of payment protection insurance (PPI) in the UK to the Competition Commission (CC) for investigation, the CC is inviting evidence from all interested parties. more Tougher penalties for misuse of personal data For the first time courts will be able to jail people who trade in - or deliberately misuse - the personal data of others, in a move to crack down on the illegal trade in personal information announced by the Department for Constitutional Affairs today (7 February 2007). more FLA announces new Director General FLA (Finance & Leasing Association) today announced that Stephen Sklaroff will take over as its Director General, following Martin Hall's retirement in summer 2007 after 12 years at the helm. Stephen joins FLA on 21 May. more OFT refers the PPI market to the Competition Commission The OFT has referred the UK payment protection insurance (PPI) market to the Competition Commission (CC) for further investigation. This decision comes after a period of public consultation following the OFT's earlier proposal to refer the PPI market to the CC on 19 October 2006. more Government announces roll out of projects tackling loan sharks Today (25 January 2007) the Chancellor of the Exchequer, Gordon Brown, announced new funding to enable the national roll out of a scheme to tackle loan sharks, with a base in every region. Schemes tackling loan sharks have already been successfully piloted in the West Midlands and Scotland and work by improving support for people targeted by loan sharks and exposing and prosecuting the people illegally charging exorbitant rates of interest. more HM Treasury publishes draft Money Laundering Regulations The Treasury Minister, Ed Balls, has today (22 January) published draft money laundering regulations for consultation. The proposals aim to ensure that the UK's response to money laundering at home and abroad is effective and engages all key stakeholders. more OFT warns IVA providers over misleading adverts The OFT has warned 17 financial management businesses promoting Individual Voluntary Arrangements (IVAs) that it considers their adverts and websites potentially mislead consumers. This follows a compliance sweep undertaken by the OFT in November 2006 of 124 adverts in national newspapers and 57 websites promoting and marketing IVAs. more Home Office publishes Serious Crime Bill Proposals for strong new measures to crack down on serious crime were set out today as the Home Office published the Serious Crime Bill. more Ed Balls launches new financial capability strategy Today (15 January) Ed Balls, the Economic Secretary to the Treasury, launched the Government's long-term approach to financial capability, with James Purnell, Pensions Reform Minister, at the Anne Taylor Children's Centre in Hackney. more OFT unfair relationships guidance This guidance explains how the OFT expects to use its enforcement powers under Part 8 of the Enterprise Act 2002 in relation to the unfair relationships provisions introduced by the Consumer Credit Act 2006. It is intended principally as advice and information for businesses, their legal advisers or representatives, and for consumer organisations. more FLA launches consultation on Consumer Guide to PPI The Finance & Leasing Association (FLA) is seeking comments on a consumer guide it has drafted on payment protection insurance (PPI). more FHBR - January 2007 The Finance House Base Rate (FHBR) for January 2007 remains at 5.5%. more

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