Welcome to the February edition of the Technical Briefing for CICM members. In this edition read the Institute’s response to three consultations, including the Ministry of Justice paper on Default County Court Judgments and have your say on the BEIS Committee Inquiry into government support for small businesses. In other news, read a new online guide from UK Finance to help small businesses open or switch business current accounts and read an update from the FCA on the progress of its high cost credit review. All this and more, including the latest UK Money Statistics from The Money Charity, can be seen below.
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The Institute has
responded
to the
Ministry of Justice
consultation
‘Default County Court Judgments’ which aims to review the process for debt recovery through the courts, ensuring that it strikes the right balance between the legitimate right of a business or individual to pursue a money claim and the right of the debtor to know of any claim against them and the chance for them to defend that claim.
The Institute has
responded
to the
Financial Conduct Authority (FCA)
further
consultation
‘Persistent debt and earlier intervention remedies’. The paper focussed on proposed changes to the planned rules and guidance, and revisions to the original cost benefit analysis.
The Institute has
responded
to the
Financial Conduct Authority (FCA)
consultation
‘Our future approach to consumers’. The paper explored the approach to regulating, set out the FCA’s initial views on what ‘good’ looks like for all retail consumers, and explained how it will work to diagnose and remedy actual and potential harm, giving more certainty about its framework.
The
Business, Energy & Industrial Strategy (BEIS) Committee
has launched a new inquiry into Government support for small businesses to boost productivity, and whether enough is being done to protect firms from unfair treatment by large companies. Read more
here
, and, if you have any comments in relation to the questions:
1. How effective are measures in place to protect small businesses against systematic late payment practices of large companies.
2. Are the powers of the Small Business Commissioner to police poor payment practices strong enough?
UK Finance
and
Mastercard
, on behalf of the Joint Fraud Task Force, are seeking industry views on the appetite for and implications of adopting a solution to secure Mail Order and Telephone Order (MOTO) Card Not Present (CNP) transactions. To read the consultation document, click
here
. If you deal with ‘card not present’ transactions and wish to make any comments, please send them to
governance@cicm.com
by 17:00 on Friday 16 March.
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The
Information Commissioner’s Office
has published GDPR FAQs documents for the education, health and local government sectors. These can be found on the relevant sector pages
here
.
The
Financial Conduct Authority (FCA)
has published an update on progress and direction of travel in their high-cost credit review. Read more
here
.
The
Financial Conduct Authority (FCA)
has published its February issue of
Regulation round-up
, a newsletter providing details of the FCA's recent activities.
Read the latest insolvency statistics for the year ended 31 December 2017 from the
Insolvency Service
here
, and also its recent
report
on Individual Voluntary Arrangements (IVAs). The Insolvency Service also plans to change the way in which it reports its statistics - read more
here
.
The
Accountant in Bankruptcy (AiB)
has published Scotland’s insolvency
statistics
for the third quarter of 2017-18.
The
Bank of England
has published its latest ‘
PRA Regulatory Digest
’ highlighting key regulatory news and publications for the month of January.
The
Financial Conduct Authority (FCA)
and the
Information Commissioners Office (ICO)
have published an update on the EU General Data Protection Regulation (GDPR). Read more
here
.
The
Insolvency Service
has updated its guidance on ‘Getting a Debt Relief Order’ Read more
here
.
Companies House
has updated its
guidance
for companies, limited liability partnerships (LLPs) and eligible Scottish partnerships on the register of people with significant control (PSC) requirements.
Credit Kudos
and
Lending Works
have announced a partnership allowing customers to instantly verify income in support of loan applications. Read more
here
.
The
Department for Business, Energy & Industrial Strategy (BEIS)
has published a summary and government
response
following the late payment and ‘grossly unfair’ terms and practices consultations of February 2015 and October 2015, to which the Institute responded. BEIS has published revised Regulations and an impact assessment alongside its response, details of which can be seen
here
.
Citizens Advice
has launched a
report
‘Walking on Thin Ice’ which claims that people with unstable finances are five times more likely to turn to high-cost credit.
The
Federation of Small Businesses (FSB)
and the consumer association Which? have launched a new campaign aimed at protecting cash machine access across the UK. Read more
here
.
The
Competition and Markets Authority (CMA)
has announced that banks will be required to warn people before they use their overdraft facility as a result of new rules which came into effect on 2 February. Read more
here
.
A new online guide has been launched by
UK Finance
to help small businesses opening or switching business current accounts. The
online guide
provides the details and documents that most businesses will need to open an account, so those applying can be ready for their first bank meeting.
Companies House
has published
guidance
on identifying and recording the people who own or control companies.
The
Money and Mental Health Policy Institute
has published a
report
on its call to government to extend the Breathing Space offered to those in debt who are hospitalised with mental health issues.
The
Government
has announced a new charging structure for data controllers to ensure the continued funding of the Information Commissioner’s Office (ICO). The ICO has published a ‘
Guide to the Data Protection Fee.
’
Equifax
has launched a new solution to support the government Commercial Credit Data Sharing (CCDS) initiative to support SME lending. The new solution aims to enable lenders to monitor a customer’s financial status, alerting them early to any potential problems with repayments, and identifying the most suitable course of action. Read an associated press release from Equifax
here
.
CICM Mentor Hub is now live - read more
here
.
Keep informed of the great package of CICM Member Benefits
here
.
There is still time to take advantage of the early bird discount for CICM members wishing to attend the Credit Summit.
Book
to save £200 on full Creditor ticket price of £800 - offer closes at 17:00 today!
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The CICM Advisory Council influences the future direction of the Institute. Its members reflect the diverse range of skills, roles and experience amongst the Institute’s membership and bring valuable expertise and knowledge.
Being a member of the CICM Advisory Council is your opportunity to:
- Make a valuable contribution to the credit profession and the CICM
- Participate in the Institute’s governance
- Assist in raising the profile of the largest recognised professional body in the world for the credit management community
Please view and complete the nomination application online by clicking
here
.
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Office for National Statistics
-
The latest UK statistics
for GDP, debt, retail sales, public sector, inflation, population and employment.
Read the latest publications from the
Bank of England
here
, and also its latest statistical releases,
here
.
Read the latest
UK Finance
data and statistics on High Street Banking, SME lending, Mortgages, Payments, Fraud and more
here
.
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