- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-04-29T11:44:00
Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.
The Financial Conduct Authority (FCA), plus sectoral regulators Ofwat, Ofgem, and Ofcom, issued joint guidance last month to companies they regulate about how they pursue debts. The FCA said it fined companies a total of 90 million pounds (U.S. $113 million) for related failures in 2020 and made them pay more than £570 million (U.S. $714 million) in compensation to customers.
The FCA followed up in April with its final version of guidance for financial services firms aimed at protecting consumers in financial difficulties. The FCA said in a press release it found 7.4 million people were struggling to pay bills and credit repayments in January.
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2024-04-24T15:05:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
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Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.
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Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
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A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
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