FCA fine Vanquis £1.96 million and orders them to pay compensation

The Financial Conduct Authority have fined Provident Group, credit card lender, Vanquis, £1.96 million and ordered them to pay compensation. The FCA found that Vanquis mis-sold its customers, from 2003, an add-on product for its credit cards, called a Repayment Option Plan (ROP). The product was intended to give Vanquis customers the option of an […]

Money Advice Performance Report Published

The Money Advice Outcomes project team in the Improvement Service have published their Money Advice Performance Management Framework (MAPMF) annual report for 2016/17. All Scotland’s 32 local authorities submitted data returns regarding the funding of money advice service in 2016/17. The key findings were: Investment by local authorities totalled c.£11.72m, representing a reduction of 5% […]

Money Advice Service Release Recommendations for Changes to UK Debt Solutions

The UK Money Advice Service have released its recommendations for change for UK debt solutions (albeit only a couple of the recommendations will impact on Scottish debt solutions). The recommendations are contained in a report that can be downloaded here and follows on from a comprehensive study that was carried out by the Money Advice […]

Panorama: Millionaire Bankrupts Exposed

BBC’s Panorama will tonight be running an investigation into the millionaire bankrupts who abuse the bankruptcy process and system. The programme will be particularly galling for many money advisers to watch when they work with clients struggling to pay their monthly contributions and make ends meet. The investigation includes convicted fraudster, Barry Hughes who the […]

A New Year: but Consumers will Struggle in 2018

The Financial Times is reporting the majority of economists they surveyed, expect UK Consumers to find 2018 as hard, if not more difficult, than 2017. The findings have been revealed after they completed their annual survey of economists. Although most agreed inflation would subside, they also worried unemployment would rise and wage levels would continue […]