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27 July, 2022

FCA to bring in new Consumer Duty that will set ‘higher and clearer’ standards of protection across financial services and ensure that firms put customers’ needs first

Firms will have 12 months to implement the rules for all new and existing products and services and 24 months for closed products and services

21 July, 2022

People who accessed Breathing Space more than three times as likely to go through full debt advice and enter into debt solution

However, StepChange survey also shows that one in four of those who took up scheme did not have debt solution in place before expiration of 60-day break from further interest, fees and new enforcement action

15 July, 2022

New guidance issued to insolvency practitioners on reducing IVA payments or offering payment breaks to support debtors during cost of living crisis

Insolvency Service encourages practitioners to use greater flexibility to support debtors maintain their debt arrangements

11 July, 2022

Government sets out plans to use curfew orders to strengthen existing child maintenance enforcement powers

Curfews would be monitored by an electronic tag and if parents fail to comply they could be referred back to court to consider extension of the curfew order or a prison sentence

11 July, 2022

Continuation of the Warm Home Discount Scheme in England and Wales until 2026

New statutory instrument also increases rebate amount to £150 to all ‘core group customers’ to be specified by the Secretary of State

7 July, 2022

Lack of understanding as to what debt advice is and who it is for are among the barriers to those in financial difficulty seeking help from advice services

New research for the Financial Conduct Authority finds that just over a third of those in financial difficulty had used or sought debt advice in the past 12 months

5 July, 2022

Money and Pensions Service outlines the next steps it will be taking to shape the future of community-based debt advice commissioning in England

First phase to gather evidence to take place over at least the next year, followed by a consultation in late 2023 and then a final mobilisation phase

5 July, 2022

Government launches call for evidence on review of personal insolvency framework in England and Wales

Views sought on issues including balance between providing debtors with fresh start and ensuring returns to creditors, and how insolvency solutions should be paid for

4 July, 2022

Scottish Government and public bodies urged to work together to develop public sector debt management strategy for Scotland

Social Justice Committee also calls for new national standards for council tax collection and for government to consider placing them on a statutory footing

30 June, 2022

More than 60,000 breathing space registrations were made in the first year of the debt respite scheme

New statistics also highlight regional variation in registrations, and that around two-thirds were made by StepChange Debt Charity

29 June, 2022

Minimum debt level that an individual must owe before a creditor can make them bankrupt in Scotland to rise to £5,000 under provisions in Bill passed by MSPs

New legislation also makes permanent the increase in the time that debtors facing bankruptcy have to seek advice without creditors pursuing their debt

24 June, 2022

Money Advice Trust calls for urgent changes to England’s council tax support and collection rules after arrears increase by more than £500 million in a year

Recommendations include ring-fencing funding for local council tax support and introducing a pre-action protocol for councils to use before progressing enforcement action

23 June, 2022

Committee of Advertising Practice warns insolvency practitioners and lead generators that they must be extremely careful to ensure their advertising is responsible and does not mislead

New Enforcement Notice outlines that debt management adverts must clearly state the risks and fees involved, and must not imply association or approval from government, charities or regulated advisory bodies

20 June, 2022

Buy Now Pay Later sector to be required to carry out affordability checks on new borrowers

Government plans outlined in response to consultation will also require lenders to be approved by the FCA, and include a new right for borrowers to complain to the Financial Ombudsman Service

16 June, 2022

Government commits to reform of ‘highly prescriptive and increasingly cumbersome and inflexible’ Consumer Credit Act

Consultation on the direction of reform, that could move much of the Act from statute to sit under the remit of the FCA, is expected to be published by the end of the year

13 June, 2022

16 May, 2022

13 May, 2022

Government launches consultation on new statutory debt solution focused on the repayment of debt, rather than debt relief

New Statutory Debt Repayment Plan scheme will be available to people in England and Wales, providing a ‘more robust and effective route out of problem debt’