Another busy week! The DRO adjustments introduced in New measures to lend a hand susceptible other folks in downside debt are my most sensible pick out, however the New Consumer Duty the FCA has began to seek the advice of on could be very attention-grabbing for the long run.
Tweet of the week
Have simply written to @CityWestminster in toughen of a plea from Great Ormond Street Hospital to lend a hand a kid with most cancers dwelling in a belongings riddled with damp and mildew. It’s no longer a letter I believe I will have to have to write down in London in 2021 but right here we’re.
— Karen Buck (@KarenPBuckMP) May 13, 2021
CP21/13: A new Consumer Duty FCA consults at the creation of a brand new Consumer Principle.
High price credit score:
OpenWrks merging with Tully, PayPlan and PayLink OpenWrks weblog: PayPlan maximum readers will know. PayLink supplies collections device eg permitting banks to let their consumers whole a virtual source of revenue & expenditure shape. OpenWrks supplies Open banking answers. Tully aimed to be an absolutely virtual DMP company, unfastened to shopper, getting rid of the desire for massive quantities of phone touch, however hasn’t ever actually taken off.
New measures to help vulnerable people in problem debt Insolvency Service annoucement of the DRO adjustments that will likely be applied by way of finish June.
‘Buy now, pay later services’ are helping to create a new generation of debtors Guardian: “BNPL … a step beyond the credit card that numbs consumers to the financial consequences of their purchases.”
We got into a debt nightmare after switch to Together Energy Guardian: two readers’ tales – botched transfers ,exchange of billing device, modified account numbers, and backbilling (which is towards regulator regulations).
In America – JPMorgan, Others Plan to Issue Credit Cards to People With No Credit Scores WSJ (paywall): The effort, if a hit, would mark an important exchange within the underwriting ways of giant banks, which for many years have enshrined credit score rankings and credit score stories as the primary equipment to resolve who will get a mortgage.
Benefits & different news
Nearly half of food bank users in debt to DWP, research finds Independent: “Benefit levels are already too low so when deductions are taken, struggle often turns into destitution.”
Detained men released following hours-long community stand-off Glasgow Live: Hundreds of activists surrounded a UK Border Agency van in Kenmure Street, containing two males from a close-by belongings. Officers surrounded the van and covered every finish of the road. Protesters chanted “these are our neighbours, let them go”.
Universal basic income to be tested in Wales BBC: “We need to make an early start on designing the pilot to make sure that we have the best chance of operating a pilot that allows us to draw the conclusions from it that we would all want to see.”
The future of cash: seven things we learned from the Which? Cash Summit Which? : “Once again, it comes down to innovation and legislation.”
News spherical-ups are revealed each and every Sunday.
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